0001386716
2014-06-30
0001386716
2013-12-31
0001386716
2014-01-01
2014-06-30
0001386716
2013-01-01
2013-06-30
0001386716
2012-12-31
0001386716
us-gaap:AdditionalPaidInCapitalMember
2012-12-31
0001386716
us-gaap:AdditionalPaidInCapitalMember
2013-01-01
2013-06-30
0001386716
us-gaap:AdditionalPaidInCapitalMember
2013-12-31
0001386716
us-gaap:AdditionalPaidInCapitalMember
2014-01-01
2014-06-30
0001386716
us-gaap:AdditionalPaidInCapitalMember
2014-06-30
0001386716
us-gaap:RetainedEarningsMember
2012-12-31
0001386716
us-gaap:RetainedEarningsMember
2013-01-01
2013-06-30
0001386716
us-gaap:RetainedEarningsMember
2013-12-31
0001386716
us-gaap:RetainedEarningsMember
2014-01-01
2014-06-30
0001386716
us-gaap:RetainedEarningsMember
2014-06-30
0001386716
sblk:StarAuroraMember
2014-06-30
0001386716
sblk:StarBigMember
2014-06-30
0001386716
sblk:StarBorealisMember
2014-06-30
0001386716
sblk:StarMegaMember
2014-06-30
0001386716
sblk:StarPolarisMember
2014-06-30
0001386716
sblk:StarSigmaMember
2014-06-30
0001386716
sblk:StarCosmoMember
2014-06-30
0001386716
sblk:StarDeltaMember
2014-06-30
0001386716
sblk:StarEpsilonMember
2014-06-30
0001386716
sblk:StarGammaMember
2014-06-30
0001386716
sblk:StarKappaMember
2014-06-30
0001386716
sblk:StarOmicronMember
2014-06-30
0001386716
sblk:StarThetaMember
2014-06-30
0001386716
sblk:StarZetaMember
2014-06-30
0001386716
sblk:StarAlphaMember
2014-06-30
0001386716
sblk:StarBetaMember
2014-06-30
0001386716
sblk:StarYpsilonMember
2014-06-30
0001386716
sblk:InterchartShippingMember
2013-12-31
0001386716
sblk:InterchartShippingMember
2014-06-30
0001386716
us-gaap:ManagementMember
2013-12-31
0001386716
us-gaap:ManagementMember
2014-06-30
0001386716
sblk:OceanbulkMaritimeMember
2013-01-01
2013-06-30
0001386716
sblk:OceanbulkMaritimeMember
2014-01-01
2014-06-30
0001386716
sblk:InterchartShippingMember
2013-01-01
2013-06-30
0001386716
sblk:InterchartShippingMember
2014-01-01
2014-06-30
0001386716
us-gaap:ExecutiveOfficerMember
2013-01-01
2013-06-30
0001386716
us-gaap:ExecutiveOfficerMember
2014-01-01
2014-06-30
0001386716
us-gaap:ManagementMember
2013-01-01
2013-06-30
0001386716
us-gaap:ManagementMember
2014-01-01
2014-06-30
0001386716
sblk:CombineMarineLtdMember
2013-01-01
2013-06-30
0001386716
sblk:CombineMarineLtdMember
2014-01-01
2014-06-30
0001386716
sblk:StarBigMember
2014-01-01
2014-06-30
0001386716
sblk:StarMegaMember
2014-01-01
2014-06-30
0001386716
us-gaap:PreferredStockMember
2013-12-31
0001386716
us-gaap:PreferredStockMember
2014-06-30
0001386716
sblk:StarCosmoMember
2014-01-01
2014-06-30
0001386716
sblk:StarSigmaMember
2014-01-01
2014-06-30
0001386716
sblk:OceanbulkMaritimeMember
2013-12-31
0001386716
sblk:OceanbulkMaritimeMember
2014-06-30
0001386716
us-gaap:ChiefExecutiveOfficerMember
2011-01-01
2011-02-07
0001386716
us-gaap:ChiefOperatingOfficerMember
2014-01-01
2014-06-30
0001386716
us-gaap:ChiefOperatingOfficerMember
2013-01-01
2013-06-30
0001386716
us-gaap:CommonStockMember
2013-01-01
2013-06-30
0001386716
us-gaap:CommonStockMember
2012-12-31
0001386716
sblk:HullAndMachineryClaimMember
2013-01-01
2013-06-30
0001386716
sblk:HullAndMachineryClaimMember
2014-01-01
2014-06-30
0001386716
sblk:StarFighterMember
2014-06-30
0001386716
sblk:ProductShippingTradingMember
2013-12-31
0001386716
sblk:ProductShippingTradingMember
2014-06-30
0001386716
sblk:ProductShippingTradingMember
2013-01-01
2013-06-30
0001386716
sblk:ProductShippingTradingMember
2014-01-01
2014-06-30
0001386716
us-gaap:ChiefExecutiveOfficerMember
2013-01-01
2013-05-03
0001386716
us-gaap:ChiefFinancialOfficerMember
2013-01-01
2013-05-03
0001386716
sblk:OceanbulkMaritimeMember
2013-11-25
0001386716
sblk:ProductShippingTradingMember
2013-06-07
0001386716
sblk:OceanbulkMaritimeMember
2013-11-24
2013-11-25
0001386716
sblk:EquityIncentivePlan2013Member
2013-03-21
0001386716
sblk:InterestRateSwapsMember
2014-06-30
0001386716
sblk:InterestRateSwapsMember
2013-12-31
0001386716
sblk:NineNewbuildingVesselsMember
2014-01-01
2014-06-30
0001386716
sblk:NineNewbuildingVesselsMember
2014-06-30
0001386716
sblk:NineNewbuildingVesselsMember
2013-12-31
0001386716
sblk:CombineMarineLtdMember
2014-06-30
0001386716
sblk:CombineMarineLtdMember
2013-12-31
0001386716
us-gaap:CommonStockMember
2013-12-31
0001386716
sblk:StarBorealisMember
2014-01-01
2014-06-30
0001386716
sblk:Hull1342Member
2014-06-30
0001386716
sblk:Hull1343Member
2014-06-30
0001386716
sblk:HullNE198Member
2014-06-30
0001386716
sblk:Hull1338Member
2014-06-30
0001386716
sblk:Hull1339Member
2014-06-30
0001386716
sblk:HullNE196Member
2014-06-30
0001386716
sblk:HullNE197Member
2014-06-30
0001386716
sblk:Hull5040Member
2014-06-30
0001386716
sblk:Hull5043Member
2014-06-30
0001386716
sblk:KymopoliaMember
2014-06-30
0001386716
sblk:ObelixMember
2014-06-30
0001386716
sblk:PantagruelMember
2014-06-30
0001386716
sblk:BigBangMember
2014-06-30
0001386716
sblk:BigFishMember
2014-06-30
0001386716
sblk:MartoMember
2014-06-30
0001386716
sblk:StrangeAttractorMember
2014-06-30
0001386716
sblk:MaidenVoyageCopyMember
2014-06-30
0001386716
sblk:SerenityIMember
2014-06-30
0001386716
sblk:FormerDirectorMember
2013-03-20
2013-03-21
0001386716
sblk:CompanyAndSubsidiariesDirectorsOfficersAndEmployeesMember
2013-03-20
2013-03-21
0001386716
sblk:FirstInstallmentMember
us-gaap:ChiefExecutiveOfficerMember
2012-02-07
0001386716
sblk:SecondInstallmentMember
us-gaap:ChiefExecutiveOfficerMember
2013-02-07
0001386716
sblk:ThirdInstallmentMember
us-gaap:ChiefExecutiveOfficerMember
2014-02-07
0001386716
sblk:FirstInstallmentMember
us-gaap:ChiefExecutiveOfficerMember
2014-05-03
0001386716
sblk:SecondInstallmentMember
us-gaap:ChiefExecutiveOfficerMember
2015-05-03
0001386716
sblk:ThirdInstallmentMember
us-gaap:ChiefExecutiveOfficerMember
2016-05-03
0001386716
sblk:OceanbulkMaritimeMember
2013-12-01
2013-12-31
0001386716
sblk:StarSigmaMember
2013-04-10
0001386716
sblk:CommonStock1Member
2009-11-22
0001386716
sblk:CommonStock1Member
2009-11-23
0001386716
us-gaap:CommonStockMember
2014-01-01
2014-06-30
0001386716
2010-09-28
2010-09-29
0001386716
sblk:StarYpsilonMember
2014-01-01
2014-06-30
0001386716
2013-06-30
0001386716
us-gaap:CommonStockMember
2013-06-30
0001386716
us-gaap:AdditionalPaidInCapitalMember
2013-06-30
0001386716
us-gaap:RetainedEarningsMember
2013-06-30
0001386716
us-gaap:CommonStockMember
2014-06-30
0001386716
sblk:StarAuroraMember
2014-01-01
2014-06-30
0001386716
sblk:StarPolarisMember
2014-01-01
2014-06-30
0001386716
sblk:StarDeltaMember
2014-01-01
2014-06-30
0001386716
sblk:StarEpsilonMember
2014-01-01
2014-06-30
0001386716
sblk:StarGammaMember
2014-01-01
2014-06-30
0001386716
sblk:StarKappaMember
2014-01-01
2014-06-30
0001386716
sblk:StarOmicronMember
2014-01-01
2014-06-30
0001386716
sblk:StarThetaMember
2014-01-01
2014-06-30
0001386716
sblk:StarZetaMember
2014-01-01
2014-06-30
0001386716
sblk:StarFighterMember
2014-01-01
2014-06-30
0001386716
sblk:StarAlphaMember
2014-01-01
2014-06-30
0001386716
sblk:StarBetaMember
2014-01-01
2014-06-30
0001386716
sblk:Hull1342Member
2014-01-01
2014-06-30
0001386716
sblk:Hull1343Member
2014-01-01
2014-06-30
0001386716
sblk:HullNE198Member
2014-01-01
2014-06-30
0001386716
sblk:Hull1338Member
2014-01-01
2014-06-30
0001386716
sblk:Hull1339Member
2014-01-01
2014-06-30
0001386716
sblk:HullNE196Member
2014-01-01
2014-06-30
0001386716
sblk:HullNE197Member
2014-01-01
2014-06-30
0001386716
sblk:Hull5040Member
2014-01-01
2014-06-30
0001386716
sblk:Hull5043Member
2014-01-01
2014-06-30
0001386716
sblk:KymopoliaMember
2014-01-01
2014-06-30
0001386716
sblk:ObelixMember
2014-01-01
2014-06-30
0001386716
sblk:PantagruelMember
2014-01-01
2014-06-30
0001386716
sblk:BigBangMember
2014-01-01
2014-06-30
0001386716
sblk:BigFishMember
2014-01-01
2014-06-30
0001386716
sblk:MartoMember
2014-01-01
2014-06-30
0001386716
sblk:StrangeAttractorMember
2014-01-01
2014-06-30
0001386716
sblk:MaidenVoyageCopyMember
2014-01-01
2014-06-30
0001386716
sblk:SerenityIMember
2014-01-01
2014-06-30
0001386716
sblk:CommercialClaim1Member
2013-01-01
2013-06-30
0001386716
us-gaap:ChiefExecutiveOfficerMember
2013-01-01
2013-06-30
0001386716
us-gaap:ChiefFinancialOfficerMember
2013-01-01
2013-06-30
0001386716
sblk:OceanbulkMaritimeMember
2014-03-22
0001386716
sblk:OceanbulkMaritimeMember
2013-01-01
2013-12-31
0001386716
sblk:StarSigmaMember
2013-01-01
2013-06-30
0001386716
sblk:NineNewbuildingVesselsMember
2013-01-01
2013-12-31
0001386716
sblk:MadredeusMember
2014-06-30
0001386716
sblk:AmamiMember
2014-06-30
0001386716
sblk:PendulumMember
2014-06-30
0001386716
sblk:MercurialVirgoMember
2014-06-30
0001386716
sblk:MadredeusMember
2014-01-01
2014-06-30
0001386716
sblk:AmamiMember
2014-01-01
2014-06-30
0001386716
sblk:PendulumMember
2014-01-01
2014-06-30
0001386716
sblk:MercurialVirgoMember
2014-01-01
2014-06-30
0001386716
sblk:HullNo1372Member
2014-06-30
0001386716
sblk:HullNo1371Member
2014-06-30
0001386716
sblk:HullNo1372Member
2014-01-01
2014-06-30
0001386716
sblk:HullNo1371Member
2014-01-01
2014-06-30
0001386716
sblk:HshNordbankAgMember
2014-02-06
0001386716
sblk:StarChallengerMember
2014-01-01
2014-06-30
0001386716
sblk:StarChallengerMember
2014-06-30
0001386716
sblk:DeutscheBankMember
2014-03-14
0001386716
sblk:CompanyAndSubsidiariesDirectorsOfficersAndEmployeesMember
2014-02-19
2014-02-20
0001386716
sblk:EquityIncentivePlan2014Member
2014-02-20
0001386716
2014-02-20
0001386716
sblk:CEOIncentiveAwardMember
2014-05-03
0001386716
sblk:FirstInstallmentMember
2014-02-16
2014-02-17
0001386716
sblk:HullNo1371AndHullNo1372Member
2014-02-16
2014-02-17
0001386716
2014-02-25
0001386716
2014-02-24
2014-02-25
0001386716
sblk:StarBigAndStarMegaMember
2013-01-01
2013-06-30
0001386716
sblk:StarBigAndStarMegaMember
2014-01-01
2014-06-30
0001386716
sblk:OceanbulkMaritimeMember
2014-04-01
2014-04-30
0001386716
sblk:OceanbulkMaritimeMember
2014-06-01
0001386716
sblk:StarSigmaMember
2013-06-30
0001386716
sblk:StarSiriusStarVega2Member
2014-01-01
2014-06-30
0001386716
sblk:StarSiriusStarVega2Member
2014-06-30
0001386716
sblk:StarVega2Member
2014-01-01
2014-06-30
0001386716
sblk:StarSirius2Member
2014-01-01
2014-06-30
0001386716
sblk:StarSirius2Member
2014-06-30
0001386716
sblk:StarVega2Member
2014-06-30
0001386716
sblk:Hull1371FinancedBySwsOwnerMember
2014-02-17
0001386716
sblk:Hull1372FinancedBySwsOwnerMember
2014-02-17
0001386716
sblk:DeutscheBankMember
2014-01-01
2014-06-30
0001386716
sblk:HshNordbankAgMember
2014-01-01
2014-06-30
0001386716
sblk:DeutscheBankMember
2013-12-31
0001386716
sblk:DeutscheBankMember
2014-06-30
0001386716
sblk:HshNordbankAgMember
2014-02-05
2014-02-06
0001386716
sblk:DeutscheBankMember
2014-03-13
2014-03-14
0001386716
sblk:FirstInstallmentMember
us-gaap:ChiefExecutiveOfficerMember
2014-05-26
2014-05-27
0001386716
sblk:ManagedVesselsOceanBulkShippingMember
2013-12-31
0001386716
sblk:ManagedVesselsOceanBulkShippingMember
2014-06-30
0001386716
sblk:ManagedVesselsOceanBulkShippingMember
2013-01-01
2013-06-30
0001386716
sblk:ManagedVesselsOceanBulkShippingMember
2014-01-01
2014-06-30
0001386716
sblk:PreviousManningAgentMember
2014-01-01
2014-06-30
0001386716
2013-03-21
0001386716
sblk:TwoCompanysDirectorsMember
2014-02-19
2014-02-20
0001386716
sblk:BareboatCapitalLeasesMember
2014-06-30
0001386716
sblk:BareboatCommitmentsCharterHireMember
2014-06-30
0001386716
sblk:TotalMember
2014-06-30
0001386716
sblk:InterestRateSwap1Member
2013-06-30
0001386716
sblk:InterestRateSwap2Member
2013-06-30
0001386716
sblk:InterestRateSwapsMember
2013-01-01
2013-06-30
0001386716
sblk:InterestRateSwapsMember
2014-01-01
2014-06-30
0001386716
sblk:FixForwardFloatingInterestRateForLiabilityMember
2014-04-28
0001386716
sblk:FixForwardFloatingInterestRateForLiabilityMember
2014-04-27
2014-04-28
0001386716
sblk:InterestRateSwap1Member
2013-01-01
2013-06-30
0001386716
sblk:InterestRateSwap2Member
2013-01-01
2013-06-30
0001386716
sblk:DiorigaFacilityMember
2014-07-10
2014-07-11
0001386716
sblk:DiorigaFacilityMember
2014-07-11
0001386716
sblk:CompanysDirectorsMrSoftelandMrSchmitzMember
2014-07-10
2014-07-11
0001386716
sblk:NibcFacilityMember
2014-07-15
2014-07-16
0001386716
sblk:NibcFacilityMember
2014-07-16
0001386716
sblk:Peloreus2Member
2014-07-22
0001386716
sblk:Peloreus2Member
2014-07-21
2014-07-22
0001386716
sblk:PeloreusFinancedByLoanFacilityMember
2014-07-21
2014-07-22
0001386716
sblk:PeloreusFinancedByExistingCashMember
2014-07-21
2014-07-22
0001386716
sblk:BnpFacilityMember
2014-07-30
2014-07-31
0001386716
sblk:BnpFacilityMember
2014-07-31
0001386716
sblk:FormerCeoMember
2014-08-03
2014-08-04
0001386716
sblk:CompanysDirectorsMrSoftelandMrSchmitzMember
2014-07-11
0001386716
sblk:ProductShippingTradingMember
2013-10-01
0001386716
sblk:HullNo1371Member
2014-02-16
2014-02-17
0001386716
sblk:HshNordbankAgMember
2013-12-31
0001386716
sblk:HshNordbankAgMember
2014-06-30
0001386716
sblk:OaktreeMember
2014-07-11
0001386716
sblk:PappasShareholdersMember
2014-07-11
0001386716
sblk:OceanbulkMember
2014-07-11
0001386716
sblk:HeronVesselsMember
2014-07-11
0001386716
sblk:HeronVesselsMember
2014-07-10
2014-07-11
0001386716
sblk:HeldInEscrowHeronVesselsMember
2014-07-11
0001386716
sblk:Peloreus2Member
2014-07-10
2014-07-11
0001386716
sblk:OaktreeMember
2014-07-10
2014-07-11
0001386716
sblk:PappasShareholdersMember
2014-07-10
2014-07-11
0001386716
2014-07-10
2014-07-11
0001386716
us-gaap:ChiefExecutiveOfficerMember
2011-01-07
2011-02-07
0001386716
us-gaap:ChiefFinancialOfficerMember
2011-04-02
2011-05-02
0001386716
sblk:HullNo1372Member
2014-02-17
0001386716
sblk:HullNo1371Member
2014-02-17
0001386716
sblk:AdditionalFinancingMember
2014-07-11
0001386716
sblk:RenewalConsultingAgreementMember
sblk:CeoCfoMember
2014-01-01
2014-06-30
0001386716
sblk:RenewalConsultingAgreementMember
sblk:CeoCfoMember
2013-01-01
2013-06-30
0001386716
sblk:ExcelVesselsMember
2014-08-01
2014-08-31
0001386716
sblk:ExcelVesselsMember
2014-08-31
0001386716
sblk:ExcelVesselsCapesizeMember
2014-08-31
0001386716
sblk:ExcelVesselsKamsarmaxMember
2014-08-31
0001386716
sblk:ExcelVesselsPanamaxMember
2014-08-31
0001386716
sblk:ExcelVesselsHandymaxMember
2014-08-31
0001386716
sblk:OaktreeExcelInvestorsMember
2014-08-31
0001386716
sblk:AngeloGordonExcelInvestorsMember
2014-08-31
0001386716
sblk:OaktreeMember
2014-12-31
0001386716
sblk:AngeloGordonInvestorMember
2014-12-31
0001386716
sblk:PappasShareholdersMember
2014-12-31
0001386716
sblk:OaktreeMember
2014-08-01
2014-08-31
0001386716
sblk:PappasShareholdersMember
2014-08-01
2014-08-31
0001386716
sblk:ExcelVesselBridgeFacilityMember
2014-08-31
0001386716
sblk:ExcelVesselsMember
2014-09-05
0001386716
sblk:ExcelVesselsMember
2014-09-04
2014-09-05
0001386716
sblk:ExcelVesselBridgeFacilityMember
2014-09-05
shares
iso4217:USD
iso4217:USD
shares
pure
iso4217:EUR
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>16.      Subsequent Events:</b></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On July 3, 2014, the Company received a notice of termination of the management agreement for the vessel Marto, 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 is 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:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On July 11, 2014, the Company 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 into Oceanbulk's holding companies (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 (one of which, Peloreus was delivered on July 22, 2014) 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="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;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 the Company incorporated in Malta. The Company issued 2,115,706 of its common shares into escrow as consideration for the Heron Vessels. The common shares will be released from escrow to the Sellers at the time Heron distributes its vessels to its equity holders, whereupon the two Heron Vessels will be transferred to the Company, and the Company expects to pay $25,000 in cash (for which it may seek financing). </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;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 (the “Pappas Shareholders”). The Pappas Companies owned and operated a dry bulk carrier vessel (Tsu Ebisu) and had a contract for the construction of a newbuilding dry bulk carrier vessel, HN 5016 (tbn Indomitable). The Merger, the Heron Transaction and the Pappas Transaction are referred to, together, as the “July 2014 Transactions”. </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;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, of which 45,460,324 shares were issued to Oaktree, and 8,643,876 were issued to the Pappas Shareholders and Millennia Holdings. As a result, Oaktree became the beneficial owner of approximately 61.3% of the Company's outstanding common shares, and the Pappas Shareholders and Millennia Holdings became the beneficial owners of approximately 12.6% of the Company's outstanding common shares. </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">In July 2014 and in connection with the July 2014 Transactions, the Company's Board of Directors, or the Board, increased the number of directors constituting the Board to nine and, following the resignation of Mrs. Milena - Maria Pappas, appointed Mr. Rajath Shourie and Mses. Emily Stephens and Renee Kemp and Mr. Stelios Zavvos pursuant to the terms and subject to the conditions of the July 2014 Transactions. </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">During July 2014, the Company obtained the consent of the various relevant lenders to complete the July 2014 Transactions. </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">In July 2014 and in connection with the July 2014 Transactions, Mr. Petros Pappas was appointed Chief Executive Officer, Mr. Hamish Norton was appointed President, Mr. Christos Begleris was appointed Co-Chief Financial Officer, Mr. Nicos Rescos was appointed Chief Operating Officer, and Sophia Damigou was appointed Co-General Counsel. Mr. Spyros Capralos resigned as Chief Executive Officer and will remain the Company's Chairman and Zenon Kleopas will continue as the Company's Executive Vice President - Technical Operations. </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">As a result of the July 2014 Transactions, the Company assumed an additional $208,237 aggregate principal amount of vessel financing, all of which is secured by the vessels financed, some of which is guaranteed either by the Company or by certain of its subsidiaries. All of the vessel financing agreements have various negative and financial maintenance covenants. In addition, the Company also assumed bareboat charters with respect to four newbuilding vessels being built at New Yangzijiang and five newbuilding vessels being built at SWS. </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Of the $208,237 aggregate principal amount of vessel financing that the Company assumed, $20,000 is outstanding under a facility (the “Dioriga Facility”) provided by HSBC Bank plc to Dioriga Shipping Co. (“Dioriga”) to partially finance the construction cost of Tsu Ebisu, which was delivered in April 2014. The Company assumed the Dioriga Facility when it purchased all of the outstanding equity of Dioriga in the Pappas Transaction. The Dioriga Facility will mature in March 2019 and will be repayable in 20 quarterly installments of $350 each, commencing three months after the drawdown, plus a balloon payment of $13,000 due together with the last installment. The loan bears interest at LIBOR plus a margin of 3.2% per annum (as long as ACR exceeds 143%) or 4.30% per annum (if ACR falls below 143%). The Dioriga Facility is secured by a first priority mortgage over the financed vessel and general and specific assignments. The Dioriga Facility includes certain negative covenants, including covenants against (i) changes in the management or legal or beneficial ownership of Dioriga and (ii) encumbrance on the assets of Dioriga. The Dioriga Facility includes the following financial maintenance covenants: </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">•      a market value of the vessel to loan (including interest rate swap exposure) ratio to exceed 130%; and </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">•      minimum liquidity to exceed $700, to be maintained in an account with HSBC Bank plc. </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On July 11, 2014, 15,000 common shares were granted to the Company's directors, Mr. Softeland and Mr. Schmitz, and vested on the same date. The Company plans to issue the shares in connection with these grants during the third quarter of 2014. </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On July 16, 2014, the Company executed a binding term sheet with NIBC Bank N.V. (the “NIBC Facility”) for financing an aggregate amount of $32,000, which will be available in two tranches of $16,000, to partially finance the construction cost of two Ultramax bulk carriers currently under construction by Japan Marine United Corporation (Hulls HN 5040, tbn Star Acquarius and HN 5043, tbn Star Pisces), with expected delivery in June 2015 and September 2015, respectively. Execution of the definitive agreements relating to this facility is scheduled on or before September 15, 2014. The facility will mature six years after the signing date. Each tranche is expected to be drawn with the delivery of the relevant vessel and will be repayable in consecutive quarterly installments of $268, commencing three months after the drawdown, plus a balloon payment of $10,650, for HN 5040, and $10,918, for HN 5043, both due in September 2020. The NIBC Facility will bear interest at LIBOR plus a margin of 2.80% per annum. It will be secured by a first priority cross collateralized mortgage over the financed vessels and general and specific assignments and will be guaranteed by the Company. The definitive agreements of the NIBC Facility will contain negative and financial covenants customary for facilities of this type. </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On July 22, 2014, Peloreus, a Capesize vessel with a capacity of 182,000 dwt, was delivered to us by JMU. The delivery installment payment of $34,625 was partially financed by $32,500 drawn under a loan facility with Deutsche Bank AG, and the remaining amount of $2,125 was financed by existing cash. </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">In July, 2014, Positive Shipping Company executed a binding term sheet with BNP Paribas (the “BNP Facility”) for financing an amount of $32,500 to partially finance the construction cost of its Capesize bulk carrier currently under construction by Japan Marine United Corporation (Hull HN 5016, tbn Indomitable), with expected delivery in October 2014. Execution of the definitive agreement relating to this facility is scheduled on or before September 30, 2014. The facility is expected to be drawn with the delivery of the vessel and will be repaid in 20 equal, consecutive, quarterly principal payments of $537.5 each with the first becoming due and payable three months from the drawdown date together with a balloon installment of $21,750 payable simultaneously with the 20th installment. The BNP Facility will bear interest at LIBOR plus a margin of 2.50% per annum. It will be secured by a first priority mortgage over the financed vessel and general and specific assignments and will be guaranteed by the Company. The definitive agreement of the BNP Facility will contain negative and financial covenants customary for facilities of this type. </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On August 4, 2014, pursuant to a termination agreement between the Company and Mr. Spyros Capralos, former Chief Executive Officer and current Non-Executive Chairman, dated July 31, 2014, the Company made a severance payment of 168,842 common shares and €644,000 of cash to Mr. Capralos.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">In August 2014, the Company entered into definitive agreements with Excel Maritime Carriers Ltd. (“Excel”), pursuant to which the Company will acquire 34 dry bulk carrier vessels, consisting of six Capesize vessels, 14 sistership Kamsarmax vessels, 12 Panamax vessels and two Handymax vessels (collectively, the “Excel Vessels”) for an aggregate of 29,917,312 common shares (the “Excel Vessel Share Consideration”) and $288,391 in cash. The Excel Vessels will be transferred to the Company in a series of closings, on a vessel-by-vessel basis, in general upon reaching port after their current voyages and cargoes are discharged.  In the case of three Excel Vessels (Christine (tbn Star Marsha), Sandra (tbn Star Pauline) and Lowlands Beilun (tbn Star Despoina)) which are being transferred subject to existing charters, the Company will receive the outstanding equity interests of the vessel-owning subsidiaries that own those Excel Vessels (although no liabilities and other assets of such vessel-owning subsidiaries will be transfered).  The Company expects to complete all of the Excel Vessel closings by the end of 2014.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Entities affiliated with Oaktree (the “Oaktree Excel Investors”) and entities affiliated with Angelo, Gordon & Co. (the “Angelo, Gordon Excel Investors”) are holders of 48.1% and 24.3%, respectively, of the outstanding equity of Excel. The Excel Transactions were approved by the disinterested members of the Company's board of directors, based upon the recommendation of a transaction committee of disinterested directors, which considered the Excel Transactions on the Company's behalf in coordination with the Company's management team.  The total consideration was determined based on the average of three vessel appraisals by independent vessel appraisers.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">At the transfer of each Excel Vessel, the Company will pay the cash and share consideration for such Excel Vessel to Excel.  The Company expects to use cash on hand, together with borrowings under a new $231,000 secured bridge loan facility (the “Excel Vessel Bridge Facility”) extended to the Company by entities affiliated with Oaktree and entities affiliated with Angelo, Gordon & Co. to fund the cash consideration for the Excel Vessels. Excel will use the cash consideration to cause an amount of outstanding indebtedness under its senior secured credit agreement to be repaid, such that all liens and obligations with respect to the transferred Excel Vessels (or vessel-owning subsidiary) are released upon the transfer to the Company. The Company has been informed that Excel expects to distribute the Excel Vessel Share Consideration to its equity holders, including the Oaktree Excel Investors and the Angelo, Gordon Excel Investors.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">The Company refers to the foregoing transactions relating to the acquisition of the Excel Vessels as the ” Excel Transactions”, and the Company refers to the Excel Transactions and the July 2014 Transactions as the “Transactions”.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;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, of which 45,460,324 shares were issued to Oaktree, and 8,643,876 shares were issued to owners of the Pappas Companies and Millennia Holdings. After the July 2014 Transactions, Oaktree was the beneficial owner of approximately 61.3% of the Company's outstanding common shares, and the Pappas Shareholders and Millennia Holdings were the beneficial owners of approximately 12.6% of the Company's outstanding common shares.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Giving effect to the completion of the Excel Transactions (which we expect to occur by the end of 2014), and assuming the full distribution of the Excel Vessel Share Consideration to Excel's equity holders, Oaktree will beneficially own 57.3% of the Company's outstanding common shares, and the Angelo Gordon Investors will beneficially own 7.8% of the Company's outstanding common shares.  As a result of the issuance of the Excel Vessel Share Consideration, the Pappas Shareholders will beneficially own 9.3% of the Company's outstanding common shares.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Under the Oaktree Shareholders Agreement, with certain limited exceptions, Oaktree effectively cannot vote more than 33% of the Company's outstanding common shares (subject to adjustment under certain circumstances), and the Pappas Shareholders are subject to a similar limitation under the Pappas Shareholders Agreement of 15% (subject to adjustment under certain circumstances).  For more information regarding these voting limitations, see Exhibit 99.3 to this Report on Form 6-K. </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">As of September 5, 2014, five Excel Vessels had been delivered to the Company in exchange for 3,548,372 common shares and 3,678 of cash. As of the same date, there was $29,240 of outstanding borrowings under the Excel Vessel Bridge Facility. </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>Developments Relating to Heron</b></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On September 5, 2014, Oceanbulk Shipping, which is now a subsidiary of the Company as a result of the July 2014 Transactions, entered into a term sheet with ABY Group Holdings Limited (“ABY Group”) and Heron. The term sheet provides for the conversion of the existing convertible notes (the “Convertible Notes”) issued by Heron to Oceanbulk into 50% of the equity of Heron (with the remaining 50% of Heron's equity to be held by ABY Group). Among other things, the term sheet contains customary governance provisions and provisions relating to the liquidation of Heron following the conversion of the Convertible Notes. Under the term sheet, as soon as practicable, Oceanbulk Shipping will receive as a distribution the ABYO Gwyneth and the ABYO Angelina (two Kamsarmax vessels of 82,790 dwt and 82,987 dwt, respectively), and ABY Group will receive as a distribution the ABYO Audrey (a Capesize vessel of 175,125 dwt) and the ABYO Oprah (a Kamsarmax vessel of  82,551 dwt). Subject to the lender's approval, the remaining amount of debt under Heron's existing credit facility (the “CiT Facility”), will be assigned to each equity holder based on the amount of the CiT facility corresponding to the vessels being distributed to such equity holder. The conversion of the Convertible Notes is expected to occur during September 2014, as soon as all customary conditions precedent are satisfied. </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Pursuant to the Merger Agreement, the Company expects the Sellers will remain as the ultimate beneficial owners of Heron, until Heron is dissolved. In addition, upon the distribution of the Heron Vessels to its equity holders, the Company will be required to pay $25,000 in cash in respect of the debt secured by the Heron Vessels and instruct the Escrow Agent to release the 2,115,706 common shares held in escrow in order to acquire the two vessels distributed to Oceanbulk. The Company expects that the transfer of the two Heron Vessels to it will be completed within the second half of 2014.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b> </b></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>15.      Fair value measurements:</b></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">ASC 815, "Derivatives and Hedging" requires companies to recognize all derivative instruments as either assets or liabilities at fair value in the statement of financial position.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;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.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Changes in the fair value of derivative instruments that have not been designated as hedging instruments are reported in the accompanying unaudited interim condensed consolidated statements of operations.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b> </b></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b><u>Fair value on a recurring basis</u></b></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>Interest rate swaps</b></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;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. The Company's interest rate swaps did not qualify for hedge accounting and therefore resulting gains or losses are recognized in the accompanying unaudited interim condensed consolidated statements of operations.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">In June 2013, the Company entered into two interest rate swap agreements of $26,840 and $28,628 notional amount, which will be effective by November and August 2014, respectively, and mature in August and November 2018, respectively. </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On April 28, 2014, the Company entered into two interest rate swap agreements to fix forward 50% of its floating interest rate liabilities for the $35,000 loan facility with HSH Nordbank AG (see Note 8 a)), which will be in effect by September 30, 2014 and mature in September 2018 respectively. Under the terms of the respective interest rate swap agreements, the Company will be paying on a quarterly basis a fixed rate of 1.765% per annum, while receiving a variable amount equal to the three month U.S. LIBOR rate, both applied on the notional amount of the swaps outstanding at each settlement date. </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">As of December 31, 2013, the Company had two interest rate swap transactions outstanding, and the Company had four interest rate swap transactions outstanding as of June 30, 2014.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">The change in the fair market value of the respective swaps for the six month periods ended June 30, 2013 and 2014 resulted in a gain of $438 and in a loss of $819, respectively and are included in “Gain / (loss) on derivative financial instruments, net” in the accompanying unaudited interim condensed consolidated statement of operations.<br/></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:140px;height:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" colspan="5" style=" border:solid #000000 0.0px;width:301px;"><div style="text-align:center;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">SIx month period ended<br/>June 30,</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:140px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:111px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:128px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:140px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border-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;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>2013</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:128px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>2014</b></font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:140px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" 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;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" 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:128px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:140px;height:29px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Gain/ (loss) on interest rate swaps</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
<td valign="top" style=" border-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;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">438</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:128px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(819</font></div></td><td valign="top"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">)</font></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:140px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>  </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
<td valign="top" 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;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>438  </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
<td valign="top" 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:128px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>(819)  </b></font></div></td>
</tr>
<tr>
<td style="width:140px;"></td>
<td style="width:18px;"></td>
<td style="width:21px;"></td>
<td style="width:111px;"></td>
<td style="width:18px;"></td>
<td style="width:21px;"></td>
<td style="width:128px;"></td>
</tr>
</table>
<div><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;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="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Level 1: Quoted market prices in active markets for identical assets or liabilities</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Level 3: Unobservable inputs that are not corroborated by market data</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">The following table summarizes the valuation of the Company's financial instruments as of December 31, 2013 and June 30, 2014.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:238px;height:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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:250px;"><div style="text-align:center;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Significant Other Observable Inputs <br/>(Level 2)</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:238px;height:28px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>December 31,<br/>2013</b></font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" 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:87px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>June 30,<br/>2014</b></font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:238px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>ASSETS</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:102px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:238px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:102px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:238px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Interest rate swaps - asset position</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
<td valign="top" style=" border-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;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">91</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:87px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:238px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Total</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
<td valign="top" 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;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>91</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
<td valign="top" 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:87px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>-</b></font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:238px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:102px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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:87px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:238px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>LIABILITIES</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:102px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:238px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:102px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:238px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Interest rate swaps - liability position</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
<td valign="top" style=" border-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;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:87px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">728</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:238px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Total</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
<td valign="top" 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;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>-</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
<td valign="top" 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:87px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>728</b></font></div></td>
</tr>
<tr>
<td style="width:238px;"></td>
<td style="width:18px;"></td>
<td style="width:21px;"></td>
<td style="width:102px;"></td>
<td style="width:17px;"></td>
<td style="width:21px;"></td>
<td style="width:87px;"></td>
</tr>
</table>
<div><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;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 and non-current restricted cash balances, bearing interest at variable interest rates, approximate their recorded values as of June 30, 2014.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>14.      Commitments and Contingencies:</b></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>a)      Future minimum contractual charter revenue</b></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Future minimum contractual charter revenue, based on vessels committed to non-cancelable, time charter contracts net of address commission which amounted to $657, as of June 30, 2014, will be:</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:217px;height:35px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Twelve month periods ending </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:107px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:209px;"><div style="text-align:center;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Amount*</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:217px;height:20px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30, 2015</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:107px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
<td valign="top" 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:209px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">24,419</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:217px;height:20px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30, 2016</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:107px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:209px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">14,541</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:217px;height:20px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30, 2017</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:107px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:209px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">765</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:217px;height:20px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30, 2018</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:107px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:209px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:217px;height:20px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30, 2019</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:107px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:209px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:217px;height:20px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30, 2020 and thereafter</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:107px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:209px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:217px;height:20px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Total</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:107px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
<td valign="top" 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:209px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>39,725</b></font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:217px;height:20px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:107px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" 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:209px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:217px;height:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:107px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:209px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" colspan="4" style=" border:solid #000000 0.0px;width:603px;height:35px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(*)      These amounts do not include any assumed off-hire except for the scheduled dry-docking intermediate and special surveys of the vessels.</font></div><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
</tr>
</table>
<div><font style="font-family:Georgia;font-size:13.3px;color:#000000;"> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>b)      Contractual obligations</b></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">The following table sets forth the Company's contractual obligations and their maturity as June 30, 2014.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" colspan="18" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:527px;"><div style="text-align:center;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Twelve month periods ending June 30,</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;height:28px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #968c6d 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #968c6d 1.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #968c6d 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #968c6d 1.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Total</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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:69px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2015</font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" colspan="2" 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:78px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2016</font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" colspan="2" 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:62px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2017</font></div></td>
<td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2018</font></div></td>
<td valign="top" 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:33px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" colspan="2" 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:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2019</font></div></td>
<td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:25px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" colspan="3" 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="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2020 and thereafter</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #968c6d 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #968c6d 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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:69px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:78px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:62px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:33px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:25px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" colspan="3" style=" border:solid #000000 0.0px;width:86px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;height:37px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Shipbuilding contracts & agreed extra costs </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> $</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">303,934</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$ 81,747</font></div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:75px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$ 222,187</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:56px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$ -</font></div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:28px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:57px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$ -</font></div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:38px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:47px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$ -</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" colspan="3" style=" border:solid #000000 0.0px;width:87px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> $-</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;height:37px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Bareboat capital leases - upfront hire & handling fees</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">13,080</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">12,024</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:78px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1,056</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:62px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:33px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:25px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" colspan="3" style=" border:solid #000000 0.0px;width:86px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
</tr>
<tr>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:150px;height:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Bareboat commitments charter hire <sup>(1)</sup></font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #968c6d 1.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">124,739</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:69px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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:78px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">6,588</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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:62px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">9,266</font></div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">9,249</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:33px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">9,232</font></div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:25px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" colspan="3" style=" border-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="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">90,404</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Total</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$ </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #968c6d 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">441,753</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" 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:69px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$93,771</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" colspan="2" 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:78px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$229,831</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" colspan="2" 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:62px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$9,266</font></div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" 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:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$9,249</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:33px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" colspan="2" 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:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$9,232</font></div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:25px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" colspan="3" 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="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$90,404</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" 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:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" 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="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" 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:69px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" colspan="2" 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="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" colspan="2" 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="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" 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:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:33px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" colspan="2" 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:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:25px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" colspan="3" 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="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:78px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:62px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:33px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:25px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" colspan="3" style=" border:solid #000000 0.0px;width:86px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:78px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:62px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:33px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:25px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" colspan="3" style=" border:solid #000000 0.0px;width:86px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" colspan="22" style=" border:solid #000000 0.0px;width:761px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(1) The bareboat charter hire is comprised of fixed and variable portion, the variable portion is calculated based on the 6-month Libor rate of 0.327%, as of June 30, 2014 (please refer to Note 6).</font></div></td>
</tr>
<tr>
<td style="width:125px;"></td>
<td style="width:24px;"></td>
<td style="width:58px;"></td>
<td style="width:24px;"></td>
<td style="width:69px;"></td>
<td style="width:24px;"></td>
<td style="width:3px;"></td>
<td style="width:75px;"></td>
<td style="width:24px;"></td>
<td style="width:56px;"></td>
<td style="width:5px;"></td>
<td style="width:22px;"></td>
<td style="width:5px;"></td>
<td style="width:52px;"></td>
<td style="width:33px;"></td>
<td style="width:5px;"></td>
<td style="width:46px;"></td>
<td style="width:0px;"></td>
<td style="width:24px;"></td>
<td style="width:77px;"></td>
<td style="width:9px;"></td>
<td style="width:0px;"></td>
</tr>
</table>
<div><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>c)      Legal proceedings</b></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;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="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">The Company's vessels are covered for pollution in the amount of $1 billion per vessel per incident, by the 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="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>13.      Equity Incentive Plan:</b></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On March 21, 2013, the Company's Board of Directors adopted the 2013 Equity Incentive Plan (the 2013 Plan) and reserved for issuance 240,000 common shares thereunder. The Plan is designed to provide certain key persons, whose initiative and efforts are deemed to be important to the successful conduct of the business of the Company with incentives to enter into and remain in the service of the Company, acquire an interest in the success of the Company, maximize their performance and enhance the long-term performance of the Company. As of June 30, 2014, all of the respective shares have been granted and vested.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On March 21, 2013, 239,333 restricted common shares were granted to certain directors, officers, employees of the Company, the respective shares were issued on September 11, 2013, and vested on March 21, 2014. Additionally, on the same day, 12,000 restricted common shares were granted to the Company's former director Mr. Espig, the respective shares vested immediately and were issued on June 27, 2013. The fair value of each share was $6.46 and was determined by reference to the closing price of the Company's common stock on the grant date.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On February 20, 2014, the Company's Board of Directors adopted the 2014 Equity Incentive Plan (the 2014 Plan) and reserved for issuance 430,000 common shares thereunder. The terms and conditions of the 2014 Plan are substantially similar to the terms and conditions of Company's previous equity incentive plans. </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On February 20, 2014, 394,167 restricted common shares were granted to certain directors, officers, employees of the Company, the respective shares will vest on March 20, 2015. Additionally, on the same day, 8,000 restricted common shares were granted to two Company's directors Mr. Softeland and Mr. Erhardt, which vested immediately. The fair value of each share was $10.86, based on the closing price of the Company's common stock on the grant date. The respective shares were issued in May 2014 along with 9,333 common shares to the Company's Chief Executive Officer, representing the first installment of his minimum guaranteed incentive award in accordance with his consultancy agreement dated May 3, 2013.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">All non-vested shares vest based on upon the grantee's continued service as an employee of the Company, or as a director until the applicable vesting date. The grantee does not have the right to vote such non-vested shares until they vest or exercise any right as a shareholder of these shares, although, the issued and non-vested shares pay dividends as declared. The dividends of these shares are forfeitable.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">The Company estimates that there will be no forfeitures of non-vested shares. The shares which are issued in accordance with the terms of the Company's equity incentive plans remain restricted until they vest. For the six month periods ended June 30, 2013 and 2014, stock based compensation cost was $600 and $1,903, respectively, and is included under “General and administrative expenses” in the accompanying unaudited interim condensed consolidated statements of operations.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">A summary of the status of the Company's non-vested shares as of June 30, 2014 and the movement during the year ended December 31, 2013 and the six month period ended June 30, 2014, is presented below.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:335px;height:43px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:66px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-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="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Number of shares</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:123px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Weighted Average Grant Date Fair Value</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:335px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:66px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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:123px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:335px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Unvested as at January 1, 2013</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:66px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">18,667</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:123px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">36.75</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:335px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Granted</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:66px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">279,333</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:123px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">6.43</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:335px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Vested</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:66px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-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="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(21,333</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">) </font></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:123px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">19.71</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:335px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Unvested as at June 30, 2013</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:66px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">276,667</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:123px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">7.46</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:335px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:66px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:123px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:335px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Unvested as at January 1, 2014</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:66px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">276,667</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:123px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">7.46</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:335px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Granted</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:66px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">402,167</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:123px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">10.86</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:335px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Vested</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:66px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-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="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(266,000</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">) </font></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:123px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">7.65</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:335px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Unvested as at June 30, 2014</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:66px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">412,834</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:123px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">10.65</font></div></td>
</tr>
</table>
<div><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">As of June 30, 2014, there was $2,917 of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the Equity Incentive Plans. The cost is expected to be recognized over a weighted-average period of 0.74 years.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>12.      Earnings / Loss per Share:</b></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">All shares issued (including the restricted shares issued under the Company's equity incentive plan) are the Company's common stock and have equal rights to vote and participate in dividends, subject to forfeiture provisions set forth in the applicable award agreement. The calculation of basic earnings per share does not consider the non-vested shares as outstanding until the time-based vesting restriction has lapsed.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">The Company calculates basic and diluted earnings per share as follows:</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:353px;height:28px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:101px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" colspan="5" style=" border:solid #000000 0.0px;width:244px;"><div style="text-align:center;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Six month period ended<br/>June 30,</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:92px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:353px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:101px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:82px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>2013</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:26px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:92px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>2014</b></font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:92px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:353px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Income:</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:101px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:82px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:26px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:92px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:92px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:353px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Net income / (loss)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:101px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1,964</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:26px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
<td valign="top" 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:92px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(3,870</font></div></td>
<td valign="top" 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:92px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">) </font></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:353px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:101px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:26px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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:92px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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:92px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:353px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Basic earnings / (loss) per share:</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:101px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:26px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:92px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:92px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:353px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Weighted average common shares outstanding, basic </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:101px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">5,414,998  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:26px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:92px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">28,973,621  </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:92px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:353px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Basic earnings/(loss) per share</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:101px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">0.36  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:26px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
<td valign="top" 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:92px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(0.13</font></div></td>
<td valign="top" 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:92px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">) </font></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:353px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:101px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:26px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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:92px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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:92px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:353px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Effect of dilutive securities:</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:101px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:26px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:92px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:92px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:353px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Dilutive effect of non-vested shares</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:101px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">28,641  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:26px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:92px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:92px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:353px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Weighted average common shares outstanding, diluted</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:101px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">5,443,639  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:26px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:92px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">28,973,621  </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:92px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:353px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Diluted earnings / (loss) per share</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:101px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">0.36</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:26px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
<td valign="top" 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:92px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(0.13</font></div></td>
<td valign="top" 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:92px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">) </font></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:353px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:101px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:82px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:26px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" 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:92px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" 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:92px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:353px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:101px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:82px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:26px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:92px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:92px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td style="width:353px;"></td>
<td style="width:101px;"></td>
<td style="width:21px;"></td>
<td style="width:82px;"></td>
<td style="width:26px;"></td>
<td style="width:21px;"></td>
<td style="width:92px;"></td>
<td style="width:92px;"></td>
</tr>
</table>
<div><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">The weighted average diluted common shares outstanding for the six month period ended June 30, 2013 includes the effect of 28,641 shares being the number of incremental shares assumed to be issued under the treasury stock method and 6,807 shares has been excluded from this calculation due to their anti-dilutive effect. For the six month period ended June 30, 2014, and on the basis that the Company incurred a net loss, the effect of 412,834 non- vested shares would be anti-dilutive; therefore basic equals diluted loss per share.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:353px;height:28px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:101px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" colspan="5" style=" border:solid #000000 0.0px;width:244px;"><div style="text-align:center;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Six month period ended<br/>June 30,</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:353px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:101px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:82px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>2013</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:26px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:92px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>2014</b></font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:353px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Income:</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:101px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:82px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:26px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:92px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:353px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Net income / (loss)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:101px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1,964</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:26px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
<td valign="top" 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:92px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(3,870</font></div></td><td valign="top"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">)</font></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:353px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:101px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:26px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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:92px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:353px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Basic earnings / (loss) per share:</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:101px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:26px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:92px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:353px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Weighted average common shares outstanding, basic </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:101px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">5,414,998  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:26px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:92px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">28,973,621  </font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:353px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Basic earnings/(loss) per share</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:101px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">0.36  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:26px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
<td valign="top" 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:92px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(0.13</font></div></td><td valign="top"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">)</font></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:353px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:101px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:26px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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:92px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:353px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Effect of dilutive securities:</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:101px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:26px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:92px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:353px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Dilutive effect of non-vested shares</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:101px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">28,641  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:26px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:92px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:353px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Weighted average common shares outstanding, diluted</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:101px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">5,443,639  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:26px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:92px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">28,973,621  </font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:353px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Diluted earnings / (loss) per share</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:101px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">0.36</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:26px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
<td valign="top" 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:92px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(0.13</font></div></td><td valign="top"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">)</font></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:353px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:101px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:82px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:26px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" 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:92px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:353px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:101px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:82px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:26px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:92px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td style="width:353px;"></td>
<td style="width:101px;"></td>
<td style="width:21px;"></td>
<td style="width:82px;"></td>
<td style="width:26px;"></td>
<td style="width:21px;"></td>
<td style="width:92px;"></td>
</tr>
</table>
<div></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>11.      Other Operational Loss:</b></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On September 29, 2010, the Company agreed with a third party to sell a 45% interest in the future proceeds related to the recovery of certain of the commercial claims against a consideration of $5,000. During the six month period ended June 30, 2013, an expense amounted to $562 incurred by the Company towards the third party based on the agreement mentioned above. The expense of $562 was incurred in connection to the settlement amount of $1,250, described in Note 10 “Other Operational Gain”, above. This amount is presented in “Other operational loss” in the accompanying unaudited interim condensed consolidated statement of operations for the period ended June 30, 2013. Other operational loss for the six month period ended June 30, 2014, amounted to $94. </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>10.      Other Operational Gain:</b></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Other operational gain for the six month period ended June 30, 2013, totaled $1,647 and represented non-recurring revenue of $1,250 from the settlement of a commercial claim and a gain from hull & machinery claim of $397. For the six month period ended June 30, 2014, other operational gain totaling $407 consisted of a gain from a hull and machinery claim of $237 and a $170 rebate from Company's previous manning agent.  </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>9.      Preferred, Common Stock and Additional Paid in Capital:</b></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>Preferred Stock:</b> Star Bulk is authorized to issue up to 25,000,000 shares of preferred stock, $0.01 par value with such designations, as voting, and other rights and preferences, as determined by the Board of Directors. As of June 30, 2014 the Company has not issued any preferred stock.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>Common Stock:</b> Until 2009, Star Bulk was authorized to issue 100,000,000 registered common shares, par value $0.01. On November 23, 2009 at the Company's annual meeting of shareholders, the Company's shareholders voted to approve an amendment to the Amended and Restated Articles of Incorporation increasing the number of common shares that the Company was authorized to issue from 100,000,000 registered common shares, par value $0.01 per share, to 300,000,000 registered common shares, par value $0.01 per share.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Each outstanding share of the Company's common stock entitles the holder to one vote on all matters submitted to a vote of shareholders. Subject to preferences that may be applicable to any outstanding shares of preferred stock, holders of shares of common stock are entitled to receive ratably all dividends, if any, declared by the Company's Board of Directors out of funds legally available for dividends. Holders of common stock do not have conversion, redemption or preemptive rights to subscribe to any of the Company's securities. All outstanding shares of common stock are fully paid and non-assessable. The rights, preferences and privileges of holders of common stock are subject to the rights of the holders of any shares of preferred stock which the Company may issue in the future.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>8.      Long-term Debt:</b></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Details of the Company's loan and credit facilities are discussed in Note 9 of the Company's consolidated financial statements for the year ended December 31, 2013, included in the Company's annual report on Form 20-F, except for two new loan agreements signed during the six months ended June 30, 2014, as noted below:</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>a)      HSH Nordbank AG $35,000 facility:</b></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On February 6, 2014, the Company entered into a new $35,000 secured term loan agreement with HSH Nordbank AG. The borrowing under this new loan agreement is used to partially finance the acquisition of the vessels Star Challenger and Star Fighter, which also provide the security for this loan agreement. Under this senior secured credit facility, the wholly-owned subsidiaries that own these two vessels are the borrowers, and the Company is the corporate guarantor. This senior secured credit facility will mature in February 2021 and is repayable in 28 consecutive quarterly installments, which commence in May 2014 and amount to $312.5 and $291.7, and a final balloon payment of $8,750 and $9,332.4, payable together with the last installments, for Star Challenger and Star Fighter respectively. This senior secured credit facility bears interest at LIBOR plus a margin of 3.25%.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">This loan agreement contains financial and other customary covenants, under which the Company as corporate guarantor shall ensure the following : (i) the market value adjusted leverage ratio shall not be greater than 75%, (ii) a ratio of EBITDA to interest expense, no less than 2.0:1.0, (iii) minimum liquidity of $500 shall be maintained for each of the Company's vessels, (iv) a minimum market adjusted net worth shall not be less than $100,000, (v) an actual pledged amount of $300 shall be maintained per mortgaged vessel (the “ Mandatory Minimum Amount”), and (vi) an additional actual pledged amount of $600 shall be maintained per vessel (the “Additional Liquidity Amount”), in case there is no time charter employment in place (as defined in the loan agreement) on the drawdown date. The respective amounts pledged will be gradually reduced by $150 per annum per vessel on each anniversary of the drawdown date with respect to the relevant vessel. The borrowers may not pay any dividends or make similar distributions if breach of covenant and/or event of default or will occur after such dividend or distribution. This senior secured credit facility also requires the borrowers to maintain an aggregate charter-free fair market value of Star Challenger and Star Fighter of at least 125% of the amount outstanding including the Mandatory Minimum Amount and excluding the Additional Liquidity Amount.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">As of December 31, 2013 and June 30, 2014, the Company had outstanding borrowings of $0 and $34,396, respectively, under this loan agreement.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>b)      Deutsche Bank AG $39,000 facility:</b></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On March 14, 2014, the Company entered into a new $39,000 secured term loan agreement with Deutsche Bank AG. The borrowings under this new loan agreement were used to partially finance the two Post Panamax vessels, Star Sirius and Star Vega, which are the collateral for this facility. Under this secured credit facility, the wholly-owned subsidiaries that own these two vessels are the borrowers, and the Company is the corporate guarantor. This senior secured credit facility consists of two tranches of $19,500 each. This senior secured credit facility will mature in March 2021. Each tranche is repayable in 28 consecutive installments of $390 each which commence in June 2014 and a final balloon payment of $8,580. Both tranches bear interest at LIBOR, plus a margin of 3.35%.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">This loan agreement contains financial and other covenants under which the Company is the corporate guarantor shall maintain the following: (i) a market value adjusted leverage ratio of not greater than 70%; (ii) a minimum market adjusted net worth of not less than $100,000; (iii) a minimum interest coverage ratio of not less than 2.0:1.0; (iv) minimum liquidity of $500 per vessel for each of the Company's vessels; (v) an actual pledged amount of $500 for each mortgaged vessel under this credit facility; and (vi) a minimum fair market value of the vessels plus the pledged amount of cash of no less than 130% of the outstanding amount under that facility. In addition, the borrowers will not pay any dividends or make similar distributions if the Company is in breach of a covenant and/or an event of default exists or will occur after such dividend or distribution.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">As of December 31, 2013 and June 30, 2014, the Company had outstanding borrowings of $0 and $38,220, respectively, under this loan agreement. </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">The principal payments required to be made after June 30, 2014, for all outstanding debt, are as follows:</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:235px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Twelve month periods ending</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:31px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:60px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Amount</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:235px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30, 2015</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:31px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> $</font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:60px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">29,250</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:235px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30, 2016</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:31px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:60px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">41,252</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:235px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30, 2017</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:31px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:60px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">82,257</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:235px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30, 2018</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:31px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:60px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">9,477</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:235px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30, 2019</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:31px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:60px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">46,714</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:235px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30, 2020 and thereafter</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:31px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:60px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">44,932</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:235px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Total</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:31px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:60px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>253,882</b></font></div></td>
</tr>
</table>
<div><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">As of June 30, 2014, the Company was in compliance with the amended financial and other covenants contained in its loan agreements. </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">At June 30, 2014, all of the Company's vessels, having a net carrying value of $376,643, are first-priority mortgaged as collateral to its loan facilities.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Interest expense for the six month periods ended June 30, 2013 and 2014, amounted to $3,455, and $2,684, respectively, amortization of deferred finance fees amounted to $292 and $284, respectively, and other finance fees amounted to $47 and $89, respectively, and are included under “Interest and finance costs” in the accompanying unaudited interim condensed consolidated statements of operations as of June 30, 2013, and 2014, respectively.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>7.      Fair value of Above Market Acquired Time Charters:</b></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">The amortization of fair value of above-market acquired time charters related to the vessels Star Big and Star Mega, which were acquired in 2011, amounted to $3,150 and $3,149  for the six months ended June 30, 2013 and 2014, respectively, and is included under "Voyage revenues" in the accompanying unaudited interim condensed consolidated statements of operations.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;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="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:201px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Twelve month periods ending</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:60px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Amount</font></div></td>
</tr>
<tr>
<td valign="top" 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:201px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30, 2015</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> $</font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:60px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">3,525</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:201px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30, 2016</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:60px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1,304</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:201px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Total</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
<td valign="top" 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:60px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>4,829</b></font></div></td>
</tr>
</table>
<div></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>6.      Advances for Vessels Acquisitions:</b></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:306px;height:29px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-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;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">December 31,<br/>2013</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30,<br/>2014</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:306px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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:94px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:306px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Pre-delivery Yard installments </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">66,780</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">66,780</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:306px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Bareboat capital leases - upfront hire & handling fees</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">12,012</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:306px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Capitalized interest and finance costs</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">633</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1,885</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:306px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Other capitalized costs (Note 3)  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-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;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">519</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1,117</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:306px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Total</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:94px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>67,932</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
<td valign="top" 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:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>81,794</b></font></div></td>
</tr>
</table>
<div><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On July 5, 2013, Star Bulk through two wholly-owned subsidiaries, Star Cape I LLC and Star Cape II LLC, contracted with Shanghai Waigaoqiao Shipbuilding Co. Ltd., or SWS, shipyard to build two 180,000 dwt eco-type, fuel efficient Capesize dry bulk vessels, Hull 1338 and Hull 1339. </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On September 23, 2013, Star Bulk through two wholly-owned subsidiaries, Star Castle I LLC and Star Castle II LLC, contracted with SWS, to build two 208,000 dwt eco-type, fuel efficient Newcastlemax dry bulk vessels, Hull 1342 and Hull 1343</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On September 27, 2013, Star Bulk through three wholly-owned subsidiaries, Star Axe I LLC, Star Axe II LLC and Star Ennea LLC, contracted with Nantong COSCO KHI Ship Engineering Co., or NACKS, shipyard to build two 61,000 dwt eco-type, fuel efficient Ultramax dry bulk vessels, Hull NE 196 and Hull NE 197 and one 209,000 dwt eco-type, fuel efficient Newcastlemax dry bulk vessel, Hull NE 198.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On October 22, 2013, Star Bulk through two wholly-owned subsidiaries, Star Asia I LLC and Star Asia II LLC, contracted with Japan Marine United Corporation, or JMU, shipyard to build two 60,000 dwt eco-type,fuel efficient Ultramax dry bulk vessels, Hull 5040 and Hull 5043.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">The total aggregate contracted price for all nine newbuilding vessels is $367,400 plus agreed extras costs of $3,314, payable in periodic installments up to their deliveries. During the year ended December 31, 2013, and for the six month period ended June 30, 2014, the Company paid advances to the shipyards amounting to $66,780.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On February 17, 2014, the Company entered into agreements, or the “Bareboat Charters”, with CSSC (Hong Kong) Shipping Company Limited, or CSSC, an affiliate of SWS, to bareboat charter for ten years, two fuel efficient newbuilding Newcastlemax dry bulk vessels, Hull 1372 and Hull 1371, or the “CSSC Vessels”, each with a cargo carrying capacity of 208,000 dwt, which are under construction. 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. An amount of $47,200 and $46,400, respectively, for the construction cost of each vessel will be financed by the relevant SWS Owner, to whom the Company will pay a daily bareboat charter hire rate payable monthly plus a variable amount corresponding to the LIBOR rate payable every six months. In addition, the Company will pay for Hull 1371 an installment of $300 plus an additional amount of $378 per vessel for agreed extra costs. 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 exercisable on a monthly basis against a predetermined, amortizing balance payment whilst it has a respective obligation of purchasing the vessels at the expiration of the bareboat term. 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="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Based on ASC Topic 840, the Company determined that the bareboat charters should be classified as capital leases. In addition, based on the lease agreement provisions, the Company is deemed to have substantially all of the construction period risk and therefore is considered the owner of the vessels during the construction period. Therefore the amount of $12,012 paid during the six months ended June 30, 2014, representing the first installment of upfront hire and the handling fees for the two newbuilding vessels, has been capitalized and is included under “Advances for vessel acquisitions” in the accompanying unaudited consolidated balance sheets.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Each of the above Bareboat Charters is considered a sales type lease and will be accounted for as a sale and leaseback transaction upon the delivery of each newbuilding to the Company and the beginning of the lease term. At that time the financial liability and the financial asset will be recognized in accordance with the applicable capital lease accounting guidance. </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">The amounts of $67,932 and $81,794 are included in “Advances for vessel acquisitions” in the accompanying consolidated balance sheets, and represent amounts paid to shipyards for newbuilding vessels, upfront hire payments and handling fees payments for the bareboat charters, capitalized interest and finance costs and other capitalized costs, as analyzed in the table in this Note.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;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:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">The amounts in the accompanying consolidated balance sheets are analyzed as follows:</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:238px;height:29px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">December 31,<br/>2013</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30,<br/>2014</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:238px;height:20px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Cost</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:238px;height:20px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Vessels</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">481,086</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">541,141</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:238px;height:20px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Other fixed assets</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-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="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1,083</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-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="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1,433</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:238px;height:20px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Total cost</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" 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="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">482,169</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">542,574</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:238px;height:20px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Accumulated depreciation</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(155,495</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">) </font></td>
<td valign="top" 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="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(165,272</font></div></td><td valign="top"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">)</font></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:238px;height:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Vessels and other fixed assets, net</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" 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="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
<td valign="top" 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:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>326,674</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" 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="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
<td valign="top" 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:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>377,302</b></font></div></td>
</tr>
</table>
<div><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><i><b>Vessels acquired / disposed during the six month period ended June 30, 2013</b></i></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On March 14, 2013, the Company entered into an agreement with a third party to sell the Star Sigma, for a contracted price of $9,044 less address commission of 3% and brokerage commission of 2%.<i> </i>The vessel was delivered to its purchasers on April 10, 2013. The net carrying amount of Star Sigma as of the date of its delivery was $8,354 and the resulting loss of $81 is included under "Loss on sale of vessel" in the accompanying unaudited interim condensed consolidated statement of operations for the six month period ended June 30, 2013.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">No vessel acquisitions took place in the six month period ended June 30, 2013.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><i><b> </b></i></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;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="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;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 98,000 dwt Post Panamax vessels, Star Vega and Star Sirius, built 2011, for an aggregate purchase price of $60,000. The vessels Star Vega and Star Sirius, 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="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> No vessel disposals took place in the six month period ended June 30, 2014.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>4.      Inventories:</b></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">The amounts shown in the accompanying consolidated balance sheets are analyzed as follows:</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:112px;height:29px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:156px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">December 31,<br/>2013</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30,<br/>2014</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:112px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Lubricants</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
<td valign="top" 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:156px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1,726</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
<td valign="top" 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:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2,099</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:112px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Bunkers</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:156px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">3,128</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:112px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Total</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
<td valign="top" 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:156px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>1,726</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
<td valign="top" 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:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>5,227</b></font></div></td>
</tr>
</table>
<div><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>3.      Transactions with Related Parties:</b></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Transactions and balances with related parties are analyzed as follows:</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Balance Sheet</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:136px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>December 31, 2013</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:99px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>June 30, 2014</b></font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Assets</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" 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:136px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" 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:99px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Combine Marine Ltd (c)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Oceanbulk Maritime S.A. (d)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">9</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">176</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Managed Vessels of Oceanbulk Shipping LLC (e)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">420</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1,752</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Product Shipping & Trading S.A. (f)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">56</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">25</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Total Assets</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>486</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
<td valign="top" 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:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>1,953</b></font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Liabilities</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Interchart Shipping Inc. (a)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">58</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">77</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Management and Directors Fees (b)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">111</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">71</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Managed Vessels of Oceanbulk Shipping LLC (e)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">390</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1,328</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Total Liabilities</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>559</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
<td valign="top" 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:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>1,476</b></font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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:99px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Capitalized Expenses</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>December 31, 2013</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:99px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>June 30, 2014</b></font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:28px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Advances for vessels under construction and acquisition of vessels and other assets</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" 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:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" 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:99px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:28px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Oceanbulk Maritime S.A.- commision fee for newbuilding vessels (d)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">519</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1,038</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Statements of Operations</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" colspan="4" style=" border:solid #000000 0.0px;width:276px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" colspan="4" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:276px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Six month period ended June 30,</b></font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" 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:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>2013</b></font></div></td>
<td valign="top" 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:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" 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="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" 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:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>2014</b></font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Commision on sale of vessel - Oceanbulk Maritime S.A.</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" 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:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(90)  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>-</b></font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Executive directors consultancy fees (b)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(246)  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(286)  </font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Non-executive directors compensation (b)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(51)  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(71)  </font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Office rent - Combine Marine Ltd. (c)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(20)  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(21)  </font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Voyage expenses-Interchart (a)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(397)  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(385)  </font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Management fee income - Oceanbulk Maritime S.A. (d)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">93</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:28px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Management fee income - Managed Vessels of Oceanbulk Shipping LLC (e)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">272  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1,299</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Management fee income Product Shipping & Trading S.A. (f)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">40  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">62</font></div></td>
</tr>
</table>
<div><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b> </b></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>(a)      Interchart Shipping Inc. or Interchart:</b> On February 25, 2014, the Company acquired 33% of the total outstanding common stock of Interchart for a consideration of $200 in cash and 22,598 of the Company's restricted common shares. The common shares were issued on April 1, 2014, and the fair value per share of $14.51 was determined by reference to the closing price of the Company's common share on the issuance date. This transaction is considered an equity method accounted investment. On February 25, 2014, the Company entered into a services agreement (the “Services Agreement”) with Interchart, for chartering, brokering and commercial services for all the Company's vessels for an annual fee of €500,000 (approx. $685, using the exchange rate as of June 30, 2014, which was $1.37 per euro). This fee is adjustable for changes in Company's fleet pursuant to the terms of the Services Agreement. Under the Services Agreement, all previously agreed upon brokerage commissions due to Interchart were cancelled retroactively from January 1, 2014. Previous to this Agreement, Interchart acted as chartering broker of all the Company's vessels. As of December 31, 2013 and June 30, 2014, the Company had an outstanding payable of $58 and $77, respectively, to Interchart. During the six months ended June 30, 2013 and 2014, the brokerage commission charged by Interchart amounted to $397 and $385, respectively, and is included in “Voyage expenses” in the accompanying unaudited interim condensed consolidated statements of operations.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>(b)      Management and Directors Fees:</b> On February 7, 2011, Mr. Spyros Capralos was appointed as the Company's President and Chief Executive Officer, to succeed Mr. Akis Tsirigakis who resigned from those positions on that date, and resigned from the Company's Board of Directors on March 31, 2012. Effective February 7, 2011, the Company entered into a consulting agreement with a company owned and controlled by the Company's Chief Executive Officer, Mr Spyros Capralos. This agreement had a term of three years unless terminated earlier in accordance with its terms. Under this agreement the Company paid the Chief Executive Officer a base fee at an annual rate of not less than €160,000 (approx. $219, using the exchange rate as of June 30, 2014, which was $1.37 per euro), additionally, the Chief Executive Officer was entitled to receive an annual discretionary bonus, as determined by the Company's Board of Directors in its sole discretion and a minimum guaranteed incentive award of 28,000 shares of stock. These shares vested in three equal annual installments, the first installment of 9,333 shares vested on February 7, 2012, the second installment of 9,333 shares vested on February 7, 2013 and the last installment of 9,334 shares vested on February 7, 2014. During the six months ended June 30, 2013, the consultancy fees under the specific consulting agreement with the Company's Chief Executive Officer amounted to $79.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On May 2, 2011, the Company entered into a consulting agreement with a company owned and controlled by Mr. Simos Spyrou, the Company's Chief Financial Officer. This agreement had a term of three years unless terminated earlier in accordance with its terms. Under this agreement the Company paid the Chief Financial Officer a base fee at an annual rate of not less than €56,000 (approx. $77, using the exchange rate as of June 30, 2014, which was $1.37 per euro). Additionally, the Chief Financial Officer is entitled to receive an annual discretionary bonus, as determined by the Company's Board of Directors in its sole discretion. During the six months ended June 30, 2013, the consultancy fees under the specific consulting agreement with the Chief Financial Officer amounted to $25.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On May 3, 2013, the Company entered into separate renewal consulting agreements with companies owned and controlled by the Company's Chief Executive Officer and Chief Financial Officer. Under these agreements, each company controlled by the Company's Chief Executive Officer and Chief Financial Officer will receive an annual consulting fee of not less than €174,600 (approx. $239, using the exchange rate as of June 30, 2014, which was $1.37 per euro) and €102,000 (approx. $140), respectively. The respective agreements have a term of three years and will be renewed for a successive year unless terminated earlier in accordance with their terms. Both the Company's Chief Executive Officer and Chief Financial Officer are entitled to receive an annual discretionary bonus, as determined by the Company's Board of Directors in its sole discretion. In addition, under his renewed consulting agreement, the Company's Chief Executive Officer is entitled to receive a minimum guaranteed incentive award of 28,000 shares of stock. These shares vest in three equal annual installments, the first installment of 9,333 shares vested on May 3, 2014, the second installment of 9,333 shares vests on May 3, 2015 and the last installment of 9,334 shares vests on May 3, 2016. On May 27, 2014, the Company issued the first installment of 9,333 shares. During the six months ended June 30, 2013 and 2014, the consultancy fees in aggregate, under the renewal consulting agreements with the Company's Chief Executive Officer and Chief Financial Officer amounted to $63 and $202, respectively.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On July 1, 2011, the Company entered into a consulting agreement with a company owned and controlled by Mr. Zenon Kleopas, the Company's Chief Operating Officer. This agreement has an indefinite term and each party may terminate the agreement giving one month's notice. Under this agreement, the Company pays the Chief Operating Officer a base fee at an annual rate of not less than €117,519 (approx. $161, using the exchange rate as of June 30, 2014, which was $1.37 per euro). During the six months ended June 30, 2013 and 2014, the consultancy fees under the specific consulting agreement with the Chief Operating Officer amounted to $79, and $84, respectively.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">The related expenses for the Company's executive officers for the six months ended June 30, 2013 and 2014 were $246 and $286, respectively, and are included under “General and administrative expenses” in the accompanying unaudited interim condensed consolidated statements of operations. As of December 31, 2013 and June 30, 2014, Star Bulk had an outstanding payable balance of $111 and $71 respectively, with its Management and Directors, representing unpaid fees for their participation in the Board of Directors of the Company and the other special committees of the Board of Directors. The related expenses of Non-executive directors for the six months ended June 30, 2013 and 2014 amounted to $51 and $71, respectively and are included under “General and administrative expenses” in the accompanying unaudited interim condensed consolidated statements of operations.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>(c)      Combine Marine Ltd., or Combine Ltd.:</b> On January 1, 2012, Starbulk S.A., entered into a one year lease agreement for office space with Combine Ltd., a company controlled by one of the Company's directors, Mrs. Milena - Maria Pappas and by Mr. Alexandros Pappas, children of the Company's Chairman, Mr. Petros Pappas. The lease agreement provides for a monthly rental of €2,500 (approximately $3.4, using the exchange rate as of June 30, 2014, which was $1.37 per euro). On January 1, 2013, the agreement was renewed and unless terminated by either party, it will expire in eleven years. The related expense for the rent for the six months ended June 30, 2013 and 2014 was $20 and $21, respectively, and is included under “General and administrative expenses” in the accompanying unaudited interim condensed consolidated statements of operations. As of December 31, 2013 and as of June 30, 2014, the Company had an outstanding receivable of $1 and nil, respectively, with Combine Marine Ltd.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>(d)      Oceanbulk Maritime S.A., or Oceanbulk:</b> Oceanbulk Maritime S.A., is a ship management company and is controlled by one of the Company's directors, Mrs. Milena-Maria Pappas. During the six months ended June 30, 2013, the Company paid to Oceanbulk a brokerage commission of $90 relating to the sale of the vessel Star Sigma. </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On November 25, 2013, Company's Board of Directors approved to pay Oceanbulk Maritime S.A. a commission fee relative to the negotiations with the shipyards on the construction of the Company's contracted newbuilding vessels (Note 6). The agreement is to pay a commission of 0.5% of the shipbuilding contract price for the two newbuilding Capesize vessels and the three newbuilding Newcastlemax vessels and a flat fee of $200 per vessel for the four newbuilding Ultramax vessels. For the respective nine newbuilding vessels the total commission will amount to $2,077. The commission has been agreed to be paid in four equal installments, the first two installments will be paid in cash and the remaining two installments will be paid with the issuance of common shares. The first and the second installment of $519 each were paid in cash in December 2013 and in April 2014, respectively. The total amount of $1,038 was capitalized and is included in the “Advances for vessel under construction and acquisition of vessels” in the accompanying consolidated balance sheets. The last two installments, to be paid with the issuance of common shares are due in June 2015 and in April 2016, respectively.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On March 22, 2014, Starbulk S.A. entered into an agreement with Oceanbulk, under which, the Company provides certain management services including crewing, purchasing, arranging insurance, vessel telecommunications and Master general accounts supervision, to the vessels which are under the management of Oceanbulk. Pursuant to the terms of this agreement, Starbulk S.A. received a fixed management fee of $0.17 per day, per vessel, which as of June 1, 2014, was changed to $0.11 per day, per vessel, based on an addendum signed on May 22, 2014. As of June 30, 2014, the Company provided the respective services to six dry bulk carrier vessels. The related income for the six months ended June 30, 2014, was $93 and is included under “Management fee income” in the accompanying unaudited interim condensed consolidated statement of operations. As of December 31, 2013 and June 30, 2014, the Company had an outstanding receivable of $9 and $176, respectively, with Oceanbulk.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>(e)       Managed vessels of Oceanbulk Shipping LLC:</b> Oceanbulk Shipping LLC is a company minority owned by one of the Company's directors, Mrs. Milena-Maria Pappas. Starbulk S.A. has entered into vessel management agreements with Maiden Voyage LLC, Premier Voyage LLC, OOCAPE1 Holdings LLC, Sea Cape Shipping LLC, Sky Cape Shipping LLC, Glory Supra Shipping LLC, Pacific Cape Shipping LLC, Global Cape Shipping LLC, Majestic Shipping LLC, Nautical Shipping LLC, Mineral Shipping LLC and Grain Shipping LLC, entities owned and controlled by Oceanbulk Shipping LLC. Pursuant to the terms of these agreements, Starbulk S.A. receives a fixed management fee of $0.75 per day, per vessel. The related income for the six months ended June 30, 2013 and 2014, was $272 and $1,299, respectively, and is included under “Management fee income” in the accompanying unaudited interim condensed consolidated statement of operations. As of December 31, 2013, and as of June 30, 2014, the Company had an outstanding receivable of $420 and $1,752, respectively, and an outstanding liability of $390 and $1,328, respectively, with the companies owned and controlled by Oceanbulk Shipping LLC.  </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b> (f)      Product Shipping & Trading S.A.:</b> Product Shipping & Trading S.A. is controlled by family members of the Company's Chairman, Mr. Petros Pappas. On June 7, 2013, Starbulk S.A. entered into an agreement with Product Shipping & Trading S.A., a Marshall Islands company, under which, the Company provides certain management services including crewing, purchasing and arranging insurance to the vessels which are under the management of Product Shipping & Trading S.A. Pursuant to the terms of this agreement, Starbulk S.A. receives a fixed management fee of $0.13 per day, per vessel. In October, 2013 the Company decided to gradually cease providing the above mentioned services to the vessels managed by Product Shipping & Trading S.A., except for arranging insurance services, and, as a result, the management fee decreased to $0.02 per day, per vessel. As of June 30, 2014, the Company provided insurance services for 17 product tankers. The related income for the six months ended June 30, 2013 and 2014 was $40 and $62, respectively, and is included under “Management fee income” in the accompanying unaudited interim condensed consolidated statement of operations. As of December 31, 2013 and June 30, 2014, the Company had an outstanding receivable of $56 and $25, respectively, with Product Shipping & Trading S.A.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><i><b><u>Merger Agreement with Oceanbulk</u></b></i></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">On June 16, 2014, the Company entered into an Agreement and Plan of Merger, (as amended from time to time, the “Merger Agreement”) among Oceanbulk, Star Synergy LLC, a Marshall Islands limited liability company and a wholly-owned subsidiary of the Company (“Oaktree Holdco Merger Sub”), Star Omas LLC a Marshall Islands limited liability company and a wholly-owned subsidiary of the Company (“Pappas Holdco Merger Sub” and together with Oaktree Holdco Merger Sub, the “Merger Subs”), Oaktree and, Millennia, pursuant to which Oaktree and Millennia would merge with and into one of the Merger Subs (the “Merger”), with the Merger Subs continuing as the surviving companies and wholly-owned subsidiaries of the Company.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">The Merger Agreement also provided for the acquisition (the “Heron Transaction”) by the Company of two Kamsarmax vessels (the “Heron Vessels”), from Heron Ventures Ltd. (“Heron”), a limited liability company incorporated in Malta. The Merger Agreement provided that the Company would issue 2,115,706 of its common shares into escrow as consideration for the Heron Vessels, which common shares will be released from escrow when Heron distributes its vessels to its equity holders, whereupon the two Heron Vessels will be transferred to the Company.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>2.      Significant Accounting Policies:</b></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">A summary of the Company's significant accounting policies is identified in Note 2 on the Company's consolidated financial statements included in the Annual Report on Form 20-F for the fiscal year ended December 31, 2013, filed with the SEC on March 21, 2014. There have been no changes to the Company's significant accounting policies in the six month period ended June 30, 2014.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><i><b>Revenue from Contracts with Customers:</b></i>  In May 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. ASU 2014-09 will eliminate transaction- and industry-specific revenue recognition guidance under current U.S. GAAP and replace it with a principles-based approach for determining revenue recognition. ASU 2014-09 will require that companies recognize revenue based on the value of transferred goods or services as they occur in the contract. ASU 2014-09 will also require additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016. Early application is not permitted. Entities can transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. Presently, the Company is assessing what effect the adoption of ASU 2014-09 will have on its financial statements and accompanying notes.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><b>1.      Basis of Presentation and General Information:</b></font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Star Bulk Carriers Corp. (“Star Bulk”) is a public 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="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Star Bulk 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 complete financial statements.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the annual 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, 2014, are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2014.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;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, 2013, filed with the SEC on March 21, 2014.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Below is the list of Star Bulk's subsidiaries, all wholly-owned, as of June 30, 2014:</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:43px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Wholly Owned Subsidiaries</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Vessel Name</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-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="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">DWT</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Date<br/>Delivered to Star Bulk</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Year Built</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" 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:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Bulk Management Inc.</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">—</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">—</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">—</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">—</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Starbulk S.A.</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">—</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">—</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">—</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">—</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Bulk Manning LLC </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">—</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">—</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">—</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">—</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Vessels in operation at June 30, 2014</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Aurora LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Aurora</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">171,199</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">September 8, 2010</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2000</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Big LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Big</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">168,404</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">July 25, 2011</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1996</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Borealis LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Borealis</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">179,678</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">September 9, 2011</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2011</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Mega LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Mega</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">170,631</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">August 16, 2011</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1994</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Polaris LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Polaris</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">179,600</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">November 14, 2011</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2011</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Sirius LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Sirius</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">98,681</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">March 7, 2014</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2011</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Vega LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Vega</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">98,681</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">February 13, 2014</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2011</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Challenger I LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Challenger</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">61,462</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">December 12, 2013</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2012</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Challenger II LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Fighter</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">61,455</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">December 30, 2013</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2013</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Cosmo LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Cosmo</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">52,247</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">July 1, 2008</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2005</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Delta LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Delta (ex F Duckling)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">52,434</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">January 2, 2008</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2000</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Epsilon LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Epsilon (ex G Duckling)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">52,402</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">December 3, 2007</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2001</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Gamma LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Gamma (ex C Duckling)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">53,098</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">January 4, 2008</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2002</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Kappa LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Kappa (ex E Duckling)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">52,055</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">December 14, 2007</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2001</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Omicron LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Omicron</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">53,489</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">April 17, 2008</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2005</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Theta LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Theta (ex J Duckling)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">52,425</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">December 6, 2007</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2003</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Zeta LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Zeta (ex I Duckling)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">52,994</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">January 2, 2008</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2003</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Vessels disposed*</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Lamda LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Sigma</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">184,403</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">April 15, 2008</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1991</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Alpha LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Alpha (ex A Duckling)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">175,075</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">January 9,2008</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1992</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Beta LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Beta (ex B Duckling)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">174,691</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">December 28, 2007</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1993</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star  Ypsilon LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Ypsilon</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">150,940</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">September 18, 2008</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1991</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:12.0px;color:#000000; ">*For vessels disposed refer to Note 5.</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
</table>
<div><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" colspan="6" style=" border:solid #000000 0.0px;width:389px;"><div style="text-align:center;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Newbuildings at June 30, 2014</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Wholly Owned Subsidiaries</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:180px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Newbuildings Name</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-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="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Type</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-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="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>DWT</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Expected Delivery Date</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" 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:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:180px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" 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:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">STAR CAPE I LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:180px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">HN 1338  (tbn Star Aries)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Capesize</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">180,000</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 2015 <sup>(1)</sup></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">STAR ASIA I LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:180px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">HN 5040 (tbn Star Aquarius)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Ultramax</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">60,000</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 2015</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">STAR SEEKER</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:180px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">HN 1372 (tbn Star Libra)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Newcastlemax</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">208,000</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">July 2015 <sup>(1)</sup></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">STAR ASIA II LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:180px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">HN 5043 (tbn Star Pisces)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Ultramax</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">60,000</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">September 2015</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">STAR AXE I LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:198px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">HN NE 196 (tbn Star Antares)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Ultramax</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">61,000</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">September 2015 <sup>(1)</sup></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">STAR AXE II LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:180px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">HN NE 197 (tbn Star Lutas)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Ultramax</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">61,000</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">October 2015 <sup>(1)</sup></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">STAR BREEZER</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:180px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">HN 1371 (tbn Star Virgo)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Newcastlemax</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">208,000</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">December 2015 <sup>(1)</sup></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">STAR CAPE II LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:180px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">HN 1339 (tbn Star Taurus)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Capesize</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">180,000</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">December 2015 <sup>(1)</sup></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">STAR CASTLE I LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:180px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">HN 1342 (tbn Star Gemini)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Newcastlemax</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">208,000</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">January 2016</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">STAR ENNEA LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:198px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">HN NE 198 (tbn Star Poseidon)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Newcastlemax</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">209,000</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">February 2016 <sup>(1)</sup></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">STAR CASTLE II LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:180px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">HN 1343 (tbn Star Leo)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Newcastlemax</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">208,000</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">April 2016</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:180px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:180px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" colspan="9" style=" border:solid #000000 0.0px;width:679px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(1)      The indicated expected delivery dates for the respective newbuilding vessels reflect delivery dates that are earlier than the respective contracted delivery dates.</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td style="width:19px;"></td>
<td style="width:133px;"></td>
<td style="width:18px;"></td>
<td style="width:180px;"></td>
<td style="width:18px;"></td>
<td style="width:94px;"></td>
<td style="width:18px;"></td>
<td style="width:58px;"></td>
<td style="width:18px;"></td>
<td style="width:137px;"></td>
<td style="width:17px;"></td>
</tr>
</table>
<div><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; ">Below is the list of the vessels which are under commercial and technical management by the Star Bulk's wholly owned subsidiary Starbulk S.A. as of June 30, 2014. For each vessel Starbulk S.A. receives a fixed management fee of $0.75 per day.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:42px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Vessel Owning Company</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-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="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Vessel Name</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-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="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">DWT</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Effective Date<br/>of Management Agreement</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Year Built</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" 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:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Global Cape Shipping LLC*</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Kymopolia</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">176,990</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">January 30, 2014</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2006</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">OOCAPE1 Holdings LLC *</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Obelix</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">181,433</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">October 19, 2012</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2011</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Pacific Cape Shipping LLC*</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Pantagruel</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">180,181</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">October 24, 2013</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2004</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Sea Cape Shipping LLC*</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Big Bang</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">174,109</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">August 30, 2013</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2007</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Sky Cape Shipping LLC*</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Big Fish</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">177,662</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">October 18, 2013</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2004</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Majestic Shipping LLC*</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Madredeus</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">98,681</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">February 4, 2014</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2011</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Nautical Shipping LLC*</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Amami</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">98,681</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">February 4, 2014</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2011</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Grain Shipping LLC*</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Pendulum</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">82,619</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">February 17, 2014</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2006</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Mineral Shipping LLC*</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Mercurial Virgo</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">81,545</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">February 17, 2014</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2011</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Hamon Shipping Inc</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Marto</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">74,470</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">August 2, 2013</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2001</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Glory Supra Shipping LLC*</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Strange Attractor</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">55,742</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">September 24, 2013</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2006</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Premier Voyage LLC *</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Maiden Voyage</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">58,722</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">September 28, 2012</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2012</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Serenity Maritime Inc.</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Serenity I</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">53,688</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 11, 2011</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2006</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" colspan="5" style=" border:solid #000000 0.0px;width:355px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Arial;font-size:14.7px;color:#000000; ">*</font><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">The respective companies are related parties, please refer to Note 3 </font></div><div style="margin-bottom:12.0px;text-indent:0.0px;"></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
</table>
<div><font style="font-family:Georgia;font-size:13.3px;color:#000000;"> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "> </font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:13.3px;color:#000000; "><i><b>Revenue from Contracts with Customers:</b></i>  In May 2014, the FASB issued Accounting Standards Update (ASU) No. 2014-09, Revenue from Contracts with Customers. ASU 2014-09 will eliminate transaction- and industry-specific revenue recognition guidance under current U.S. GAAP and replace it with a principles-based approach for determining revenue recognition. ASU 2014-09 will require that companies recognize revenue based on the value of transferred goods or services as they occur in the contract. ASU 2014-09 will also require additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016. Early application is not permitted. Entities can transition to the standard either retrospectively or as a cumulative-effect adjustment as of the date of adoption. Presently, the Company is assessing what effect the adoption of ASU 2014-09 will have on its financial statements and accompanying notes.</font></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:238px;height:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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:250px;"><div style="text-align:center;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Significant Other Observable Inputs <br/>(Level 2)</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:238px;height:28px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>December 31,<br/>2013</b></font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" 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:87px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>June 30,<br/>2014</b></font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:238px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>ASSETS</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:102px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:238px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:102px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:238px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Interest rate swaps - asset position</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
<td valign="top" style=" border-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;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">91</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:87px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:238px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Total</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
<td valign="top" 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;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>91</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
<td valign="top" 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:87px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>-</b></font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:238px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:double #000000 3.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:102px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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:87px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:238px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>LIABILITIES</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:102px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:238px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:102px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:87px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:238px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Interest rate swaps - liability position</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
<td valign="top" style=" border-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;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:87px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">728</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:238px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Total</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
<td valign="top" 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;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>-</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
<td valign="top" 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:87px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>728</b></font></div></td>
</tr>
<tr>
<td style="width:238px;"></td>
<td style="width:18px;"></td>
<td style="width:21px;"></td>
<td style="width:102px;"></td>
<td style="width:17px;"></td>
<td style="width:21px;"></td>
<td style="width:87px;"></td>
</tr>
</table>
<div></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:140px;height:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" colspan="5" style=" border:solid #000000 0.0px;width:301px;"><div style="text-align:center;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">SIx month period ended<br/>June 30,</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:140px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:111px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:128px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:140px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border-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;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>2013</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:128px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>2014</b></font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:140px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" 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;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" 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:128px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:140px;height:29px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Gain/ (loss) on interest rate swaps</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
<td valign="top" style=" border-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;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">438</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:128px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(819</font></div></td><td valign="top"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">)</font></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:140px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>  </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
<td valign="top" 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;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>438  </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
<td valign="top" 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:128px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>(819)  </b></font></div></td>
</tr>
<tr>
<td style="width:140px;"></td>
<td style="width:18px;"></td>
<td style="width:21px;"></td>
<td style="width:111px;"></td>
<td style="width:18px;"></td>
<td style="width:21px;"></td>
<td style="width:128px;"></td>
</tr>
</table>
<div></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" colspan="18" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:527px;"><div style="text-align:center;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Twelve month periods ending June 30,</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;height:28px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #968c6d 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #968c6d 1.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #968c6d 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #968c6d 1.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Total</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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:69px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2015</font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" colspan="2" 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:78px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2016</font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" colspan="2" 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:62px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2017</font></div></td>
<td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2018</font></div></td>
<td valign="top" 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:33px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" colspan="2" 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:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2019</font></div></td>
<td valign="top" colspan="2" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:25px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" colspan="3" 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="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2020 and thereafter</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #968c6d 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #968c6d 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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:69px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:78px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:62px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:33px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:25px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" colspan="3" style=" border:solid #000000 0.0px;width:86px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;height:37px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Shipbuilding contracts & agreed extra costs </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> $</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">303,934</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$ 81,747</font></div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:75px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$ 222,187</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:56px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$ -</font></div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:28px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:57px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$ -</font></div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:38px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:47px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$ -</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" colspan="3" style=" border:solid #000000 0.0px;width:87px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> $-</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;height:37px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Bareboat capital leases - upfront hire & handling fees</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">13,080</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">12,024</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:78px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1,056</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:62px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:33px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:25px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" colspan="3" style=" border:solid #000000 0.0px;width:86px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
</tr>
<tr>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:150px;height:16px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Bareboat commitments charter hire <sup>(1)</sup></font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #968c6d 1.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">124,739</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:69px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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:78px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">6,588</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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:62px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">9,266</font></div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">9,249</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:33px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">9,232</font></div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:25px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" colspan="3" style=" border-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="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">90,404</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Total</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$ </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #968c6d 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">441,753</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" 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:69px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$93,771</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" colspan="2" 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:78px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$229,831</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" colspan="2" 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:62px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$9,266</font></div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" 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:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$9,249</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:33px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" colspan="2" 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:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$9,232</font></div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:25px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" colspan="3" 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="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$90,404</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" 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:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" 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="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" 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:69px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" colspan="2" 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="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" colspan="2" 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="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" 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:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:33px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" colspan="2" 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:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:25px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" colspan="3" 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="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:78px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:62px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:33px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:25px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" colspan="3" style=" border:solid #000000 0.0px;width:86px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:78px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:24px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:62px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:33px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:52px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:25px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" colspan="3" style=" border:solid #000000 0.0px;width:86px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" colspan="22" style=" border:solid #000000 0.0px;width:761px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(1) The bareboat charter hire is comprised of fixed and variable portion, the variable portion is calculated based on the 6-month Libor rate of 0.327%, as of June 30, 2014 (please refer to Note 6).</font></div></td>
</tr>
<tr>
<td style="width:125px;"></td>
<td style="width:24px;"></td>
<td style="width:58px;"></td>
<td style="width:24px;"></td>
<td style="width:69px;"></td>
<td style="width:24px;"></td>
<td style="width:3px;"></td>
<td style="width:75px;"></td>
<td style="width:24px;"></td>
<td style="width:56px;"></td>
<td style="width:5px;"></td>
<td style="width:22px;"></td>
<td style="width:5px;"></td>
<td style="width:52px;"></td>
<td style="width:33px;"></td>
<td style="width:5px;"></td>
<td style="width:46px;"></td>
<td style="width:0px;"></td>
<td style="width:24px;"></td>
<td style="width:77px;"></td>
<td style="width:9px;"></td>
<td style="width:0px;"></td>
</tr>
</table>
<div></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:217px;height:35px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Twelve month periods ending </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:107px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:209px;"><div style="text-align:center;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Amount*</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:217px;height:20px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30, 2015</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:107px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
<td valign="top" 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:209px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">24,419</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:217px;height:20px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30, 2016</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:107px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:209px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">14,541</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:217px;height:20px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30, 2017</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:107px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:209px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">765</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:217px;height:20px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30, 2018</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:107px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:209px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:217px;height:20px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30, 2019</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:107px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:209px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:217px;height:20px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30, 2020 and thereafter</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:107px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:209px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:217px;height:20px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Total</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:107px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
<td valign="top" 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:209px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>39,725</b></font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:217px;height:20px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:107px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" 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:209px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:217px;height:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:107px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:69px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:209px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" colspan="4" style=" border:solid #000000 0.0px;width:603px;height:35px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(*)      These amounts do not include any assumed off-hire except for the scheduled dry-docking intermediate and special surveys of the vessels.</font></div><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
</tr>
</table>
<div></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:335px;height:43px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:66px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-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="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Number of shares</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:123px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Weighted Average Grant Date Fair Value</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:335px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:66px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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:123px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:335px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Unvested as at January 1, 2013</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:66px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">18,667</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:123px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">36.75</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:335px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Granted</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:66px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">279,333</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:123px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">6.43</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:335px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Vested</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:66px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-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="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(21,333</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">) </font></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:123px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">19.71</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:335px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Unvested as at June 30, 2013</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:66px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">276,667</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:123px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">7.46</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:335px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:66px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:123px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:335px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Unvested as at January 1, 2014</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:66px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">276,667</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:123px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">7.46</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:335px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Granted</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:66px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">402,167</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:123px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">10.86</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:335px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Vested</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:66px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-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="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(266,000</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">) </font></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:123px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">7.65</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:335px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Unvested as at June 30, 2014</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:66px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">412,834</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:123px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">10.65</font></div></td>
</tr>
</table>
<div></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:235px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Twelve month periods ending</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:31px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:60px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Amount</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:235px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30, 2015</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:31px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> $</font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:60px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">29,250</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:235px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30, 2016</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:31px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:60px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">41,252</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:235px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30, 2017</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:31px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:60px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">82,257</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:235px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30, 2018</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:31px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:60px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">9,477</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:235px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30, 2019</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:31px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:60px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">46,714</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:235px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30, 2020 and thereafter</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:31px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:60px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">44,932</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:235px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Total</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:31px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:60px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>253,882</b></font></div></td>
</tr>
</table>
<div></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:201px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Twelve month periods ending</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:60px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Amount</font></div></td>
</tr>
<tr>
<td valign="top" 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:201px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30, 2015</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> $</font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:60px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">3,525</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:201px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30, 2016</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:60px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1,304</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:201px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Total</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
<td valign="top" 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:60px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>4,829</b></font></div></td>
</tr>
</table>
<div></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:306px;height:29px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-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;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">December 31,<br/>2013</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30,<br/>2014</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:306px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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:94px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:306px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Pre-delivery Yard installments </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">66,780</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">66,780</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:306px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Bareboat capital leases - upfront hire & handling fees</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">12,012</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:306px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Capitalized interest and finance costs</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">633</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1,885</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:306px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Other capitalized costs (Note 3)  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-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;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">519</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1,117</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:306px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Total</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:94px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>67,932</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
<td valign="top" 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:82px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>81,794</b></font></div></td>
</tr>
</table>
<div></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:238px;height:29px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">December 31,<br/>2013</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30,<br/>2014</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:238px;height:20px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Cost</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:238px;height:20px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Vessels</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">481,086</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">541,141</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:238px;height:20px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Other fixed assets</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-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="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1,083</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-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="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1,433</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:238px;height:20px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Total cost</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" 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="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">482,169</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">542,574</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:238px;height:20px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Accumulated depreciation</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(155,495</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">) </font></td>
<td valign="top" 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="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(165,272</font></div></td><td valign="top"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">)</font></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:238px;height:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Vessels and other fixed assets, net</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" 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="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>326,674</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
<td valign="top" 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:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>377,302</b></font></div></td>
</tr>
</table>
<div></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:112px;height:29px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:156px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">December 31,<br/>2013</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 30,<br/>2014</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:112px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Lubricants</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 0.0px;width:156px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1,726</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
<td valign="top" 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:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2,099</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:112px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Bunkers</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:156px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">3,128</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:112px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Total</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:156px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>1,726</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
<td valign="top" 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:114px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>5,227</b></font></div></td>
</tr>
</table>
<div></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Balance Sheet</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:136px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>December 31, 2013</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:99px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>June 30, 2014</b></font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Assets</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" 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:136px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" 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:99px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Combine Marine Ltd (c)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Oceanbulk Maritime S.A. (d)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">9</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">176</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Managed Vessels of Oceanbulk Shipping LLC (e)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">420</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1,752</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Product Shipping & Trading S.A. (f)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">56</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">25</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Total Assets</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>486</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
<td valign="top" 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:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>1,953</b></font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Liabilities</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Interchart Shipping Inc. (a)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">58</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">77</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Management and Directors Fees (b)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">111</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">71</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Managed Vessels of Oceanbulk Shipping LLC (e)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">390</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1,328</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Total Liabilities</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 1.0px; border-right:solid #000000 0.0px; border-bottom:double #000000 3.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>559</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>$</b></font></div></td>
<td valign="top" 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:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>1,476</b></font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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:99px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Capitalized Expenses</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>December 31, 2013</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:99px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>June 30, 2014</b></font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:28px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Advances for vessels under construction and acquisition of vessels and other assets</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" 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:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" 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:99px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:28px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Oceanbulk Maritime S.A.- commision fee for newbuilding vessels (d)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">519</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">$</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1,038</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Statements of Operations</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" colspan="4" style=" border:solid #000000 0.0px;width:276px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" colspan="4" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:276px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Six month period ended June 30,</b></font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" 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:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>2013</b></font></div></td>
<td valign="top" 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:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" 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="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" 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:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>2014</b></font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Commision on sale of vessel - Oceanbulk Maritime S.A.</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" 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:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(90)  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>-</b></font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Executive directors consultancy fees (b)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(246)  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(286)  </font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Non-executive directors compensation (b)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(51)  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(71)  </font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Office rent - Combine Marine Ltd. (c)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(20)  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(21)  </font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Voyage expenses-Interchart (a)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(397)  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(385)  </font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Management fee income - Oceanbulk Maritime S.A. (d)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">-</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">93</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:28px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Management fee income - Managed Vessels of Oceanbulk Shipping LLC (e)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">272  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1,299</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:343px;height:27px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Management fee income Product Shipping & Trading S.A. (f)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:136px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">40  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:21px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:99px;"><div style="text-align:right;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">62</font></div></td>
</tr>
</table>
<div></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:42px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Vessel Owning Company</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-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="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Vessel Name</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-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="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">DWT</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Effective Date<br/>of Management Agreement</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Year Built</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" 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:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Global Cape Shipping LLC*</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Kymopolia</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">176,990</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">January 30, 2014</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2006</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">OOCAPE1 Holdings LLC *</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Obelix</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">181,433</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">October 19, 2012</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2011</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Pacific Cape Shipping LLC*</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Pantagruel</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">180,181</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">October 24, 2013</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2004</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Sea Cape Shipping LLC*</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Big Bang</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">174,109</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">August 30, 2013</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2007</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Sky Cape Shipping LLC*</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Big Fish</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">177,662</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">October 18, 2013</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2004</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Majestic Shipping LLC*</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Madredeus</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">98,681</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">February 4, 2014</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2011</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Nautical Shipping LLC*</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Amami</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">98,681</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">February 4, 2014</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2011</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Grain Shipping LLC*</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Pendulum</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">82,619</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">February 17, 2014</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2006</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Mineral Shipping LLC*</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Mercurial Virgo</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">81,545</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">February 17, 2014</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2011</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Hamon Shipping Inc</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Marto</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">74,470</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">August 2, 2013</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2001</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Glory Supra Shipping LLC*</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Strange Attractor</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">55,742</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">September 24, 2013</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2006</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Premier Voyage LLC *</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Maiden Voyage</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">58,722</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">September 28, 2012</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2012</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Serenity Maritime Inc.</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Serenity I</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">53,688</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 11, 2011</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2006</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:154px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:106px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" colspan="5" style=" border:solid #000000 0.0px;width:355px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Arial;font-size:14.7px;color:#000000; ">*</font><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">The respective companies are related parties, please refer to Note 3 </font></div><div style="margin-bottom:12.0px;text-indent:0.0px;"></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:120px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:17px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:63px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
</table>
<div></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" colspan="6" style=" border:solid #000000 0.0px;width:389px;"><div style="text-align:center;margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Newbuildings at June 30, 2014</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">  </font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Wholly Owned Subsidiaries</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:180px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Newbuildings Name</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-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="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Type</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-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="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>DWT</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Expected Delivery Date</b></font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" 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:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:180px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" 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:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">STAR CAPE I LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:180px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">HN 1338  (tbn Star Aries)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Capesize</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">180,000</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 2015 <sup>(1)</sup></font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">STAR ASIA I LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:180px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">HN 5040 (tbn Star Aquarius)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Ultramax</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">60,000</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">June 2015</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">STAR SEEKER</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:180px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">HN 1372 (tbn Star Libra)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Newcastlemax</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">208,000</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">July 2015 <sup>(1)</sup></font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">STAR ASIA II LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:180px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">HN 5043 (tbn Star Pisces)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Ultramax</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">60,000</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">September 2015</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">STAR AXE I LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:198px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">HN NE 196 (tbn Star Antares)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Ultramax</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">61,000</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">September 2015 <sup>(1)</sup></font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">STAR AXE II LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:180px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">HN NE 197 (tbn Star Lutas)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Ultramax</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">61,000</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">October 2015 <sup>(1)</sup></font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">STAR BREEZER</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:180px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">HN 1371 (tbn Star Virgo)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Newcastlemax</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">208,000</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">December 2015 <sup>(1)</sup></font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">STAR CAPE II LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:180px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">HN 1339 (tbn Star Taurus)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Capesize</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">180,000</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">December 2015 <sup>(1)</sup></font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">STAR CASTLE I LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:180px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">HN 1342 (tbn Star Gemini)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Newcastlemax</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">208,000</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">January 2016</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:15px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">STAR ENNEA LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" colspan="2" style=" border:solid #000000 0.0px;width:198px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">HN NE 198 (tbn Star Poseidon)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Newcastlemax</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">209,000</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">February 2016 <sup>(1)</sup></font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">STAR CASTLE II LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:180px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">HN 1343 (tbn Star Leo)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Newcastlemax</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">208,000</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">April 2016</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:180px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:180px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:94px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:58px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:137px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:19px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" colspan="9" style=" border:solid #000000 0.0px;width:679px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">(1)      The indicated expected delivery dates for the respective newbuilding vessels reflect delivery dates that are earlier than the respective contracted delivery dates.</font></div></td>
</tr>
<tr>
<td style="width:19px;"></td>
<td style="width:133px;"></td>
<td style="width:18px;"></td>
<td style="width:180px;"></td>
<td style="width:18px;"></td>
<td style="width:94px;"></td>
<td style="width:18px;"></td>
<td style="width:58px;"></td>
<td style="width:18px;"></td>
<td style="width:137px;"></td>
</tr>
</table>
<div></div>
<div style="margin-bottom:12.0px;text-indent:0.0px;"></div>
<table border="0" cellspacing="0" cellpadding="0" style="border-collapse: collapse; border: none">
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:43px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Wholly Owned Subsidiaries</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Vessel Name</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-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="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">DWT</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Date<br/>Delivered to Star Bulk</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border-left:solid #000000 0.0px; border-top:solid #000000 0.0px; border-right:solid #000000 0.0px; border-bottom:solid #000000 1.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Year Built</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" 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:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Bulk Management Inc.</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">—</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">—</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">—</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" 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:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">—</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Starbulk S.A.</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">—</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">—</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">—</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">—</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Bulk Manning LLC </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">—</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">—</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">—</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">—</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">  </font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Vessels in operation at June 30, 2014</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">  </font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Aurora LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Aurora</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">171,199</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">September 8, 2010</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2000</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Big LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Big</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">168,404</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">July 25, 2011</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1996</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Borealis LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Borealis</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">179,678</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">September 9, 2011</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2011</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Mega LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Mega</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">170,631</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">August 16, 2011</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1994</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Polaris LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Polaris</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">179,600</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">November 14, 2011</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2011</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Sirius LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Sirius</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">98,681</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">March 7, 2014</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2011</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Vega LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Vega</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">98,681</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">February 13, 2014</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2011</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Challenger I LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Challenger</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">61,462</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">December 12, 2013</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2012</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Challenger II LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Fighter</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">61,455</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">December 30, 2013</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2013</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Cosmo LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Cosmo</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">52,247</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">July 1, 2008</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2005</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Delta LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Delta (ex F Duckling)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">52,434</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">January 2, 2008</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2000</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Epsilon LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Epsilon (ex G Duckling)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">52,402</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">December 3, 2007</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2001</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Gamma LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Gamma (ex C Duckling)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">53,098</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">January 4, 2008</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2002</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Kappa LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Kappa (ex E Duckling)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">52,055</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">December 14, 2007</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2001</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Omicron LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Omicron</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">53,489</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">April 17, 2008</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2005</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Theta LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Theta (ex J Duckling)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">52,425</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">December 6, 2007</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2003</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Zeta LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Zeta (ex I Duckling)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">52,994</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">January 2, 2008</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">2003</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b>Vessels disposed*</b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">  </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">  </font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Lamda LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Sigma</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">184,403</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">April 15, 2008</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1991</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Alpha LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Alpha (ex A Duckling)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">175,075</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">January 9,2008</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1992</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Beta LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Beta (ex B Duckling)</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">174,691</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">December 28, 2007</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1993</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star  Ypsilon LLC</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "><b> </b></font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">Star Ypsilon</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">150,940</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">September 18, 2008</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:14.7px;color:#000000; "> </font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;text-align:right"><font style="font-family:Calibri;font-size:14.7px;color:#000000; ">1991</font></div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
<tr>
<td valign="top" style=" border:solid #000000 0.0px;width:28px;height:14px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:133px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"><font style="font-family:Calibri;font-size:12.0px;color:#000000; ">*For vessels disposed refer to Note 5.</font></div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:240px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:67px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:125px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:18px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
<td valign="top" style=" border:solid #000000 0.0px;width:41px;"><div style="margin-bottom:12.0px;text-indent:0.0px;"> </div></td>
</tr>
</table>
<div></div>
3548372
3678000
29240000
5
642000
0
231000000
0.15
0.33
0.093
0.078
0.573
0.243
0.481
2
12
14
6
34
288391000
29917312
378000
56000
77000
6-month Libor rate of 0.327%
208237000
54104200
8643876
45460324
1433000
1083000
0.0335
0.0325
2014-07-22
14.51
0.126
0.613
2115706
25000000
25
2
12
4
2
34396000
0
168842
644000000
The definitive agreement of the BNP Facility will contain negative and financial covenants customary for facilities of this type.
The definitive agreements of the NIBC Facility will contain negative and financial covenants customary for facilities of this type.
2.50% per annum
LIBOR
The facility is expected to be drawn with the delivery of the vessel and will be repaid in 20 equal, consecutive, quarterly principal payments of $537.5 each with the first becoming due and payable three months from the drawdown date together with a balloon installment of $21,750 payable simultaneously with the 20th installment.
32500000
2125000
32500000
34625000
182000
2.80% annum
LIBOR
The facility will mature six years after the signing date. Each tranche is expected to be drawn with the delivery of the relevant vessel and will be repayable in consecutive quarterly installments of $268, commencing three months after the drawdown, plus a balloon payment of $10,650, for HN 5040, and $10,918, for HN 5043, both due in September 2020.
16000000
2
32000000
15000
15000
LIBOR
a margin of 3.2% per annum (as long as ACR exceeds 143%) or 4.30% per annum (if ACR falls below 143%)
The Dioriga Facility includes certain negative covenants, including covenants against (i) changes in the management or legal or beneficial ownership of Dioriga and (ii) encumbrance on the assets of Dioriga. The Dioriga Facility includes the following financial maintenance covenants:
- a market value of the vessel to loan (including interest rate swap exposure) ratio to exceed 130%; and
- minimum liquidity to exceed $700, to be maintained in an account with HSBC Bank plc.
20000000
The Dioriga Facility will mature in March 2019 and will be repayable in 20 quarterly installments of $350 each, commencing three months after the drawdown, plus a balloon payment of $13,000 due together with the last installment
January 4, 2008
2018-09-30
2018-11-30
2018-08-31
2
0.01765
LIBOR
-819000
438000
90404000
9232000
9249000
9266000
229831000
93771000
441753000
90404000
9232000
9249000
9266000
6588000
0
124739000
0
0
0
0
1056000
12024000
13080000
0
0
0
0
222187000
81747000
303934000
170000
3314000
378000
412834
1299000
272000
750
1328000
390000
1752000
420000
LIBOR
6807
February 13,2014
March 7,2014
2011
2011
12950000
38220000
0
This loan agreement contains financial and other covenants under which the Company is the corporate guarantor shall maintain the following: (i) a market value adjusted leverage ratio of not greater than 70%; (ii) a minimum market adjusted net worth of not less than $100,000; (iii) a minimum interest coverage ratio of not less than 2.0:1.0; (iv) minimum liquidity of $500 per vessel for each of the Company's vessels; (v) an actual pledged amount of $500 for each mortgaged vessel under this credit facility; and (vi) a minimum fair market value of the vessels plus the pledged amount of cash of no less than 130% of the outstanding amount under that facility. In addition, the borrowers will not pay any dividends or make similar distributions if the Company is in breach of a covenant and/or an event of default exists or will occur after such dividend or distribution.
This loan agreement contains financial and other customary covenants, under which the Company as corporate guarantor shall ensure the following : (i) the market value adjusted leverage ratio shall not be greater than 75%, (ii) a ratio of EBITDA to interest expense, no less than 2.0:1.0, (iii) minimum liquidity of $500 shall be maintained for each of the Company's vessels, (iv) a minimum market adjusted net worth shall not be less than $100,000, (v) an actual pledged amount of $300 shall be maintained per mortgaged vessel (the ' Mandatory Minimum Amount'), and (vi) an additional actual pledged amount of $600 shall be maintained per vessel (the 'Additional Liquidity Amount'), in case there is no time charter employment in place (as defined in the loan agreement) on the drawdown date. The respective amounts pledged will be gradually reduced by $150 per annum per vessel on each anniversary of the drawdown date with respect to the relevant vessel. The borrowers may not pay any dividends or make similar distributions if breach of covenant and/or event of default or will occur after such dividend or distribution. This senior secured credit facility also requires the borrowers to maintain an aggregate charter-free fair market value of Star Challenger and Star Fighter of at least 125% of the amount outstanding including the Mandatory Minimum Amount and excluding the Additional Liquidity Amount.
This senior secured credit facility consists of two tranches of $19,500 each. This senior secured credit facility will mature in March 2021. Each tranche is repayable in 28 consecutive installments of $390 each which commence in June 2014 and a final balloon payment of $8,580.
This senior secured credit facility will mature in February 2021 and is repayable in 28 consecutive quarterly installments, which commence in May 2014 and amount to $312.5 and $291.7, and a final balloon payment of $8,750 and $9,332.4, payable together with the last installments, for Star Challenger and Star Fighter respectively.
0
98681
98681
2014-03-07
2014-02-13
60000000
15000
0.0125
81000
8354000
110
519000
0
-90000
200000
0
-81000
215000
0
3149000
1250000
3150000
500000
200000
22598
685000
0.33
8000
376643000
462000
936000
300000
12012000
20
9334
9333
0
0
-3871000
1964000
438000
-819000
728000
0
9333
10.86
6.46
394167
430000
7.46
276667
47200000
367400000
46400000
LIBOR
Star Sirius and Star Vega
39000000
Star Challenger and Star Fighter
35000000
397000
237000
81545
82619
98681
98681
December 2015
July 2015
208000
208000
2011
2006
2011
2011
February 17, 2014
February 17, 2014
February 4, 2014
February 4, 2014
67932000
67932000
170
3400
2500
84000
79000
161000
117519
25000
79000
219000
160000
93000
0
750
September 8, 2010
86000
0
1000
0
529000
0
295000
12000
253882000
44932000
46714000
9477000
82257000
41252000
29250000
1304000
3525000
1.37
December 3, 2007
September 2015
June 2015
October 2015
September 2015
December 2015
June 2015
February 2016
April 2016
January 2016
January 2, 2008
July 1, 2008
December 12, 2013
November 14, 2011
August 16, 2011
September 9, 2011
July 25, 2011
January 2, 2008
2003
2003
2005
2001
2002
2001
2013
2005
2012
2011
1996
2000
2000
119310000
-402290000
521546000
54000
5412810
29059671
29059671
300000000
0.01
29493769
29493769
300000000
0.01
18330000
9044000
5000000
-0.13
0.36
-0.13
0.36
174600
450
130
2
28641
0
4000
411500
22598
0.01
300000000
100000000
0.01
519000
1038000
519000
0.005
9333
9334
9333
9333
9333
12000
239333
3150000
3149000
2006
June 11, 2011
2012
September 28, 2012
2006
September 24, 2013
2001
August 2, 2013
2004
October 18, 2013
2007
August 30, 2013
2004
October 24, 2013
2011
October 19, 2012
2006
January 30, 2014
53688
58722
55742
74470
177662
174109
180181
181433
176990
60000
60000
61000
61000
180000
180000
209000
208000
208000
291000
1000
0
66780000
66780000
633000
1885000
519000
1117000
81794000
28628000
26840000
28973621
0
91000
91000
240000
0.02
0.03
2013-04-10
2077000
200000
102000
28000
63000
202000
28000
140000
239000
7614000
22000
0
1899000
600000
600000
1903000
62000
40000
9000
56000
176000
25000
April 15, 2008
September 18, 2008
January 9, 2008
December 28, 2007
December 30, 2013
December 6, 2007
April 17, 2008
December 14, 2007
184403
61455
61462
1991
81794000
5443639
28973621
5414998
328000
328000
4102000
0
5400810
54000
4829000
7978000
150940
0.01
0.01
0
0
0
0
25000000
25000000
3369000
2540000
74267000
827000
1000000000
116746000
89000
47000
657000
2684000
3455000
284000
292000
412834
2917000
1903000
600000
P0Y8M26D
1467000
-129000
174691
1993
266000
21333
94000
165272000
155495000
914000
271000
377302000
326674000
-406274000
670446000
-3870000
-402404000
668219000
1964000
-404254000
520946000
1726000
2099000
0
3128000
481086000
541141000
482169000
542574000
39725000
0
0
0
765000
14541000
24419000
10.65
7.65
19.71
10.86
6.43
7.46
36.75
402167
279333
276667
18667
-3870000
1964000
3794000
3057000
0
1647000
407000
-4257000
1223000
112000
3501000
-151000
602000
25601000
10452000
397000
237000
438000
-819000
-21000
-20000
-71000
-51000
-286000
-246000
-385000
-397000
175075
52247
53098
52402
179600
52055
52425
168404
179678
52994
171199
53489
52434
170631
29493769
0001386716
71000
111000
77000
58000
1953000
486000
1991
1992
1994
2011
-4878000
5380000
62634000
-25872000
74000000
0
-77997000
16290000
550000
1230000
0
8273000
10485000
14962000
54000
-441000
2207000
-608000
917000
139000
2060000
-1875000
-3855000
-3270000
21000
86000
-16000
5234000
44941000
30584000
562000
10215000
4709000
9777000
8070000
1264000
572000
16062000
13732000
7721000
4505000
44925000
35818000
1861000
456000
43064000
35362000
5227000
81000
468088000
39420000
1862000
2442000
3203000
4211000
1726000
81000
2773000
3061000
54429000
56395000
394606000
459096000
1114000
1744000
9870000
13370000
535963000
18286000
29250000
6638000
8698000
559000
1476000
3501000
5591000
750000
804000
29734000
46461000
172048000
224632000
200000
317000
201982000
271496000
291000
295000
668219000
670446000
-402404000
-406274000
266106000
264467000
468088000
535963000
44298000
2014-06-30
2014
Q2
No
Accelerated Filer
--12-31
No
Yes
Star Bulk Carriers Corp.
false
6-K