{\rtf1\deflang1033\deflangfe1033\margl720\margr720\margt360\margb360{\stylesheet{\fs20\lang1033\snext0 Normal;} {\s1\sb240\keepn{\*\pn \pnlvl1\pndec\pnprev1\pnstart1\pnsp144}\b\f0\fs30\lang1033 \sbasedon0\snext0 heading 1;} {\s2\sb200\keepn{\*\pn \pnlvl2\pndec\pnprev1\pnstart1\pnsp144{\pntxtb.}}\b\f0\fs26\lang1033 \sbasedon0\snext0 heading 2;} {\s3\sb180\keepn{\*\pn \pnlvl3\pndec\pnprev1\pnstart1\pnsp144{\pntxtb.}}\b\f0\fs22\lang1033 \sbasedon0\snext0 heading 3;} {\s4\sb160\keepn{\*\pn \pnlvl4\pnucltr\pnprev1\pnstart1\pnsp144{\pntxtb.}}\b\f0\fs22\lang1033 \sbasedon0\snext0 heading 4;} {\s5\sb140\keepn{\*\pn \pnlvl5\pncltr\pnprev1\pnstart1\pnsp144}\b\f0\fs20\lang1033 \sbasedon0\snext0 heading 5;} {\s6\tqc\lang1033\sbasedon0\snext6 footer;} {\*\cs16 \additive\super\sbasedon10 footnote reference;} {\*\cs18 \additive\sbasedon10 page number;}} {\fonttbl{\f0\fnil Times New Roman;}{\f1\fnil Courier New}{\f2005\fnil Courier New;}{\f2010\fnil Wingdings;}{\f2020\fnil Webdings;}{\f2\fnil 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doc_1_1}\par\pard\plain\f0\fs4\par\pard\plain\f0\fs2\brdrt\brdrs\brdrw15\brdrcf2\brdrsp0\par\pard\plain\f0\fs4\par\par\pard\plain\f0\fs4\par\pard\plain\f0\fs2\brdrt\brdrs\brdrw15\brdrcf2\brdrsp0\par\pard\plain\f0\fs4\par{\*\bkmkstart PARA1357}{\*\bkmkend PARA1357}\par\pard\plain\cf1\f51\fs20\li150\ql \~\par\pard\plain\cf1\f51\fs20\b\qc UNITED STATES SECURITIES AND EXCHANGE COMMISSION{\*\bkmkstart PARA1358}{\*\bkmkend PARA1358}\par\pard\plain\cf1\f51\fs20\b\qc Washington, D.C. 20549{\*\bkmkstart PARA1359}{\*\bkmkend PARA1359}\par\pard\plain\cf1\f51\fs20\qc ________________{\*\bkmkstart PARA1360}{\*\bkmkend PARA1360}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA1361}{\*\bkmkend PARA1361}\par\pard\plain\cf1\f51\fs36\b\qc FORM 10-Q{\*\bkmkstart PARA1362}{\*\bkmkend PARA1362}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA1363}{\*\bkmkend PARA1363}\par\pard\plain\cf1\f51\fs20\qc (Mark One){\*\bkmkstart TBL1366}{\*\bkmkend TBL1366} \par\pard\plain {\trowd\cellx663\cellx10202\trrh495 {\*\bkmkstart PARA1364}{\*\bkmkend PARA1364}\pard\plain\intbl\cf1\f51\fs20\b\ql [X]\cell{\*\bkmkstart PARA1365}{\*\bkmkend PARA1365}\pard\plain\intbl\cf1\f51\fs20\b\ql QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE\plain\intbl\cf1\f51\fs20\b\ql ACT OF 1934\cell{ {\trowd\cellx663\cellx10202\trrh495\row}}}{\*\bkmkstart PARA1367}{\*\bkmkend PARA1367}\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA1368}{\*\bkmkend PARA1368}\par\pard\plain\cf1\f51\fs20\qc For the quarterly period ended March 31, 2017{\*\bkmkstart PARA1369}{\*\bkmkend PARA1369}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA1370}{\*\bkmkend PARA1370}\par\pard\plain\cf1\f51\fs20\qc OR{\*\bkmkstart PARA1371}{\*\bkmkend PARA1371}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart TBL1374}{\*\bkmkend TBL1374} \par\pard\plain {\trowd\cellx663\cellx10202\trrh495 {\*\bkmkstart PARA1372}{\*\bkmkend PARA1372}\pard\plain\intbl\cf1\f51\fs20\b\ql [\~ ]\cell{\*\bkmkstart PARA1373}{\*\bkmkend PARA1373}\pard\plain\intbl\cf1\f51\fs20\b\ql TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE\plain\intbl\cf1\f51\fs20\b\ql ACT OF 1934\cell{ {\trowd\cellx663\cellx10202\trrh495\row}}}{\*\bkmkstart PARA1375}{\*\bkmkend PARA1375}\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA1376}{\*\bkmkend PARA1376}\par\pard\plain\cf1\f51\fs20\qc For the transition period from to{\*\bkmkstart PARA1377}{\*\bkmkend PARA1377}\par\pard\plain\cf1\f51\fs20\qc ________________{\*\bkmkstart PARA1378}{\*\bkmkend PARA1378}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA1379}{\*\bkmkend PARA1379}\par\pard\plain\cf1\f51\fs20\b\qc Commission File Number 001\u8211?33831{\*\bkmkstart PARA1380}{\*\bkmkend PARA1380}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA1381}{\*\bkmkend PARA1381}\par\pard\plain\cf1\f51\fs36\b\qc EAGLE BULK SHIPPING INC.{\*\bkmkstart PARA1382}{\*\bkmkend PARA1382}\par\pard\plain\cf1\f51\fs20\qc (Exact name of Registrant as specified in its charter){\*\bkmkstart PARA1383}{\*\bkmkend PARA1383}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~\~{\*\bkmkstart TBL1390}{\*\bkmkend TBL1390} \par\pard\plain {\trowd\cellx4591\cellx5611\cellx10202\trrh248 {\*\bkmkstart PARA1384}{\*\bkmkend PARA1384}\pard\plain\intbl\cf1\f51\fs20\b\qc Republic of the Marshall Islands\cell{\*\bkmkstart PARA1385}{\*\bkmkend PARA1385}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA1386}{\*\bkmkend PARA1386}\pard\plain\intbl\cf1\f51\fs20\b\qc 98\u8211?0453513\cell{ {\trowd\cellx4591\cellx5611\cellx10202\trrh248\row}}} {\trowd\cellx4591\cellx5611\cellx10202\trrh495 {\*\bkmkstart PARA1387}{\*\bkmkend PARA1387}\pard\plain\intbl\cf1\f51\fs20\qc (State or other jurisdiction of incorporation or\plain\intbl\cf1\f51\fs20\qc organization)\cell{\*\bkmkstart PARA1388}{\*\bkmkend PARA1388}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA1389}{\*\bkmkend PARA1389}\pard\plain\intbl\cf1\f51\fs20\qc (I.R.S. Employer Identification No.)\cell{ {\trowd\cellx4591\cellx5611\cellx10202\trrh495\row}}}{\*\bkmkstart PARA1391}{\*\bkmkend PARA1391}\pard\plain\cf1\f51\fs20\b\qc \~{\*\bkmkstart TBL1395}{\*\bkmkend TBL1395} \par\pard\plain {\trowd\cellx10202\trrh742 {\*\bkmkstart PARA1392}{\*\bkmkend PARA1392}\pard\plain\intbl\cf1\f51\fs20\b\qc 300 First Stamford Place, 5\plain\intbl\cf1\f51\fs18\b\qc\super th\plain\intbl\cf1\f51\fs20\b\qc floor{\*\bkmkstart PARA1393}{\*\bkmkend PARA1393}\par\pard\plain\intbl\cf1\f51\fs20\b\qc Stamford, Connecticut 06902{\*\bkmkstart PARA1394}{\*\bkmkend PARA1394}\par\pard\plain\intbl\cf1\f51\fs20\qc (Address of principal executive offices)(Zip Code)\cell{ {\trowd\cellx10202\trrh742\row}}}{\*\bkmkstart PARA1396}{\*\bkmkend PARA1396}\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PARA1397}{\*\bkmkend PARA1397}\par\pard\plain\cf1\f51\fs20\qc Registrant\u8217?s telephone number, including area code:\plain\cf1\f51\fs20\b\qc (203) 276\u8211?8100{\*\bkmkstart PARA1398}{\*\bkmkend PARA1398}\par\pard\plain\fi1012\cf1\f51\fs20\ql \~{\*\bkmkstart PARA1399}{\*\bkmkend PARA1399}\par\pard\plain\fi1012\cf1\f51\fs20\qj Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of\plain\cf1\f51\fs20\qj the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required\plain\cf1\f51\fs20\qj to file such reports), and (2) has been subject to such filing requirements for the past 90 days.{\*\bkmkstart PARA1400}{\*\bkmkend PARA1400}\par\pard\plain\cf1\f51\fs20\qc YES\plain\cf1\f51\fs20\ul\qc \~\~\~\plain\cf1\f51\fs20\b\ul\qc X\plain\cf1\f51\fs20\ul\qc \~\~\~\~\plain\cf1\f51\fs20\qc \~\~\~\~\~\~\~\~\~\~\~\~\~NO{\*\bkmkstart PARA1401}{\*\bkmkend PARA1401}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PARA1402}{\*\bkmkend PARA1402}\par\pard\plain\fi1012\cf1\f51\fs20\qj Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if\plain\cf1\f51\fs20\qj any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405\plain\cf1\f51\fs20\qj of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post\plain\cf1\f51\fs20\qj such files).{\*\bkmkstart PARA1403}{\*\bkmkend PARA1403}\par\pard\plain\cf1\f51\fs20\qc YES\plain\cf1\f51\fs20\ul\qc \~\~\~ X\~\~\~\~\plain\cf1\f51\fs20\qc \~\~\~\~\~\~\~\~\~\~\~\~ NO{\*\bkmkstart PARA1404}{\*\bkmkend PARA1404}\par\pard\plain\cf1\f51\fs20\ql \~{\*\bkmkstart PARA1405}{\*\bkmkend PARA1405}\par\pard\plain\fi792\cf1\f51\fs20\ql Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer,\plain\cf1\f51\fs20\ql smaller reporting company, or an emerging growth company. See the definitions of \u8220?large accelerated filer,\u8221?\plain\cf1\f51\fs20\ql \u8220?accelerated filer,\u8221? \u8220?smaller reporting company,\u8221? and \u8220?emerging growth company\u8221? in\plain\cf1\f51\fs20\ql Rule 12b-2 of the Exchange Act.{\*\bkmkstart PARA1406}{\*\bkmkend PARA1406}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart TBL1412}{\*\bkmkend TBL1412} \par\pard\plain {\trowd\cellx3383\cellx6766\cellx10149\trrh248 {\*\bkmkstart PARA1407}{\*\bkmkend PARA1407}\pard\plain\intbl\cf1\f51\fs20\ql Large accelerated filer\u9744?\cell{\*\bkmkstart PARA1408}{\*\bkmkend PARA1408}\pard\plain\intbl\cf1\f51\fs20\ql Accelerated filer\u9744?\cell{\*\bkmkstart PARA1409}{\*\bkmkend PARA1409}\pard\plain\intbl\cf1\f51\fs20\ql Emerging growth company \u9744?\cell{ {\trowd\cellx3383\cellx6766\cellx10149\trrh248\row}}} {\trowd\cellx3383\cellx6766\cellx10149\trrh248 {\*\bkmkstart PARA1410}{\*\bkmkend PARA1410}\pard\plain\intbl\cf1\f51\fs20\ql Non-Accelerated filer\u9744?\cell{\*\bkmkstart PARA1411}{\*\bkmkend PARA1411}\pard\plain\intbl\cf1\f51\fs20\ql Smaller reporting company\u9746?\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\cellx3383\cellx6766\cellx10149\trrh248\row}}}{\*\bkmkstart PARA1413}{\*\bkmkend PARA1413}\pard\plain\cf1\f51\fs20\ql (Do not check if a smaller reporting company){\*\bkmkstart PARA1414}{\*\bkmkend PARA1414}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA1415}{\*\bkmkend PARA1415}\par\pard\plain\fi792\cf1\f51\fs20\qj If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition\plain\cf1\f51\fs20\qj period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the\plain\cf1\f51\fs20\qj Exchange Act. \u9744?{\*\bkmkstart PARA4910_2}{\*\bkmkend PARA4910_2}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA1418}{\*\bkmkend PARA1418}\par\pard\plain\li154\ri154\fi1012\cf1\f51\fs20\ql Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).{\*\bkmkstart PARA1419}{\*\bkmkend PARA1419}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA1420}{\*\bkmkend PARA1420}\par\pard\plain\cf1\f51\fs20\qc \~YES\plain\cf1\f51\fs20\ul\qc \~\~\~\~\~\plain\cf1\f51\fs20\qc \~\~\~\~\~\~\~\~\~\~\~\~\~\~\~\~\~\~ NO\~\plain\cf1\f51\fs20\ul\qc \~X\~\~{\*\bkmkstart PARA1421}{\*\bkmkend PARA1421}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PARA1422}{\*\bkmkend PARA1422}\par\pard\plain\fi792\cf1\f51\fs20\ql Number of shares of registrant\u8217?s common stock outstanding as of May 8, 2017: 74,103,956.{\*\bkmkstart PARA1423}{\*\bkmkend PARA1423}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA1424}{\*\bkmkend PARA1424}\par\pard\plain\cf1\f51\fs20\ql Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or\plain\cf1\f51\fs20\ql 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.\plain\cf1\f51\fs20\ql Yes\u9746? No\u9744?\plain\cf1\f51\fs20\b\ql \~ \par\pard\plain\fs16\pard\plain\cf1\f51\fs20\ql \~{\*\bkmkstart PGBK4932}{\*\bkmkend PGBK4932}{\*\bkmkstart PGFTR4932}{\*\bkmkend PGFTR4932}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PGNUM4932}{\*\bkmkend PGNUM4932}\par\pard\plain\cf1\f51\fs20\qc \~\par\pard\plain\f0\fs4\par\pard\plain\f0\fs2\brdrt\brdrs\brdrw15\brdrcf2\brdrsp0\par\pard\plain\f0\fs4\par \page{\*\bkmkstart PGHDR4932}{\*\bkmkend PGHDR4932}\par\pard\plain\cf1\f51\fs20\li150\ql \~{\*\bkmkstart PARA1428}{\*\bkmkend PARA1428}\par\pard\plain\cf1\f51\fs20\ql \~{\*\bkmkstart PARA1432}{\*\bkmkend PARA1432}\par\pard\plain\cf1\f51\fs20\b\ul\qc TABLE OF CONTENTS{\*\bkmkstart PARA1433}{\*\bkmkend PARA1433}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart TBL1526}{\*\bkmkend TBL1526}{\*\bkmkstart part_1_2_1}{\*\bkmkend part_1_2_1}{\*\bkmkstart item_1_3_1}{\*\bkmkend item_1_3_1} \par\pard\plain {\trowd\cellx627\cellx10081\cellx10500\trrh248 {\*\bkmkstart PARA1434}{\*\bkmkend PARA1434}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA1435}{\*\bkmkend PARA1435}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA1436}{\*\bkmkend PARA1436}\pard\plain\intbl\cf1\f51\fs20\ul\qr Page\cell{ {\trowd\cellx627\cellx10081\cellx10500\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx627\clshdng100\clcfpat10\clcbpat10\cellx10081\clshdng100\clcfpat10\clcbpat10\cellx10500\trrh495 {\*\bkmkstart PARA1437}{\*\bkmkend PARA1437}\pard\plain\intbl\cf1\f51\fs20\b\ql PART\plain\intbl\cf1\f51\fs20\b\ql I\cell{\*\bkmkstart PARA1438}{\*\bkmkend PARA1438}\pard\plain\intbl\cf1\f51\fs20\b\ql FINANCIAL INFORMATION\cell{\*\bkmkstart PARA1439}{\*\bkmkend PARA1439}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx627\clshdng100\clcfpat10\clcbpat10\cellx10081\clshdng100\clcfpat10\clcbpat10\cellx10500\trrh495\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx627\clshdng100\clcfpat7\clcbpat7\cellx10081\clshdng100\clcfpat7\clcbpat7\cellx10500\trrh495 {\*\bkmkstart PARA1440}{\*\bkmkend PARA1440}\pard\plain\intbl\cf1\f51\fs20\b\ql Item\plain\intbl\cf1\f51\fs20\b\ql 1.\cell{\*\bkmkstart PARA1441}{\*\bkmkend PARA1441}\pard\plain\intbl\li198\cf1\f51\fs20\b\ql Financial Statements (unaudited)\cell{\*\bkmkstart PARA1442}{\*\bkmkend PARA1442}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx627\clshdng100\clcfpat7\clcbpat7\cellx10081\clshdng100\clcfpat7\clcbpat7\cellx10500\trrh495\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx627\clshdng100\clcfpat10\clcbpat10\cellx10081\clshdng100\clcfpat10\clcbpat10\cellx10500\trrh248 {\*\bkmkstart PARA1443}{\*\bkmkend PARA1443}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA1444}{\*\bkmkend PARA1444}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA1445}{\*\bkmkend PARA1445}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx627\clshdng100\clcfpat10\clcbpat10\cellx10081\clshdng100\clcfpat10\clcbpat10\cellx10500\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx627\clshdng100\clcfpat7\clcbpat7\cellx10081\clshdng100\clcfpat7\clcbpat7\cellx10500\trrh248 {\*\bkmkstart PARA1446}{\*\bkmkend PARA1446}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA1447}{\*\bkmkend PARA1447}\pard\plain\intbl\li484\cf1\f51\fs20\ql Condensed Consolidated Balance Sheets as of March 31, 2017 and December 31, 2016\cell{\*\bkmkstart PARA1448}{\*\bkmkend PARA1448}\pard\plain\intbl\cf1\f51\fs20\qr F-1\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx627\clshdng100\clcfpat7\clcbpat7\cellx10081\clshdng100\clcfpat7\clcbpat7\cellx10500\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx627\clshdng100\clcfpat10\clcbpat10\cellx10081\clshdng100\clcfpat10\clcbpat10\cellx10500\trrh248 {\*\bkmkstart PARA1449}{\*\bkmkend PARA1449}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA1450}{\*\bkmkend PARA1450}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA1451}{\*\bkmkend PARA1451}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx627\clshdng100\clcfpat10\clcbpat10\cellx10081\clshdng100\clcfpat10\clcbpat10\cellx10500\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx627\clshdng100\clcfpat7\clcbpat7\cellx10081\clshdng100\clcfpat7\clcbpat7\cellx10500\trrh248 {\*\bkmkstart PARA1452}{\*\bkmkend PARA1452}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA1453}{\*\bkmkend PARA1453}\pard\plain\intbl\li484\cf1\f51\fs20\ql Condensed Consolidated Statements of Operations for the three months ended March 31, 2017 and 2016\cell{\*\bkmkstart PARA1454}{\*\bkmkend PARA1454}\pard\plain\intbl\cf1\f51\fs20\qr \~F-2\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx627\clshdng100\clcfpat7\clcbpat7\cellx10081\clshdng100\clcfpat7\clcbpat7\cellx10500\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx627\clshdng100\clcfpat10\clcbpat10\cellx10081\clshdng100\clcfpat10\clcbpat10\cellx10500\trrh248 {\*\bkmkstart PARA1455}{\*\bkmkend PARA1455}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA1456}{\*\bkmkend PARA1456}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA1457}{\*\bkmkend PARA1457}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx627\clshdng100\clcfpat10\clcbpat10\cellx10081\clshdng100\clcfpat10\clcbpat10\cellx10500\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx627\clshdng100\clcfpat7\clcbpat7\cellx10081\clshdng100\clcfpat7\clcbpat7\cellx10500\trrh495 {\*\bkmkstart PARA1458}{\*\bkmkend PARA1458}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA1459}{\*\bkmkend PARA1459}\pard\plain\intbl\li484\cf1\f51\fs20\ql Condensed Consolidated Statements of Comprehensive Loss\~for the three months ended March 31, 2017 and\plain\intbl\li484\cf1\f51\fs20\ql 2016\cell{\*\bkmkstart PARA1460}{\*\bkmkend PARA1460}\pard\plain\intbl\cf1\f51\fs20\qr \~F-3\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx627\clshdng100\clcfpat7\clcbpat7\cellx10081\clshdng100\clcfpat7\clcbpat7\cellx10500\trrh495\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx627\clshdng100\clcfpat10\clcbpat10\cellx10081\clshdng100\clcfpat10\clcbpat10\cellx10500\trrh248 {\*\bkmkstart PARA1461}{\*\bkmkend PARA1461}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA1462}{\*\bkmkend PARA1462}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA1463}{\*\bkmkend PARA1463}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx627\clshdng100\clcfpat10\clcbpat10\cellx10081\clshdng100\clcfpat10\clcbpat10\cellx10500\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx627\clshdng100\clcfpat7\clcbpat7\cellx10081\clshdng100\clcfpat7\clcbpat7\cellx10500\trrh495 {\*\bkmkstart PARA1464}{\*\bkmkend PARA1464}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA1465}{\*\bkmkend PARA1465}\pard\plain\intbl\li484\cf1\f51\fs20\ql Condensed Consolidated Statements of Stockholders\u8217? Equity for the three months ended March 31,\plain\intbl\li484\cf1\f51\fs20\ql 2017\~and 2016\cell{\*\bkmkstart PARA1466}{\*\bkmkend PARA1466}\pard\plain\intbl\cf1\f51\fs20\qr F-4\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx627\clshdng100\clcfpat7\clcbpat7\cellx10081\clshdng100\clcfpat7\clcbpat7\cellx10500\trrh495\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx627\clshdng100\clcfpat10\clcbpat10\cellx10081\clshdng100\clcfpat10\clcbpat10\cellx10500\trrh248 {\*\bkmkstart PARA1467}{\*\bkmkend PARA1467}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA1468}{\*\bkmkend PARA1468}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA1469}{\*\bkmkend PARA1469}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx627\clshdng100\clcfpat10\clcbpat10\cellx10081\clshdng100\clcfpat10\clcbpat10\cellx10500\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx627\clshdng100\clcfpat7\clcbpat7\cellx10081\clshdng100\clcfpat7\clcbpat7\cellx10500\trrh248 {\*\bkmkstart PARA1470}{\*\bkmkend PARA1470}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA1471}{\*\bkmkend PARA1471}\pard\plain\intbl\li484\cf1\f51\fs20\ql Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2017 and 2016\cell{\*\bkmkstart PARA1472}{\*\bkmkend PARA1472}\pard\plain\intbl\cf1\f51\fs20\qr \~F-7\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx627\clshdng100\clcfpat7\clcbpat7\cellx10081\clshdng100\clcfpat7\clcbpat7\cellx10500\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx627\clshdng100\clcfpat10\clcbpat10\cellx10081\clshdng100\clcfpat10\clcbpat10\cellx10500\trrh248 {\*\bkmkstart PARA1473}{\*\bkmkend PARA1473}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA1474}{\*\bkmkend PARA1474}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA1475}{\*\bkmkend PARA1475}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx627\clshdng100\clcfpat10\clcbpat10\cellx10081\clshdng100\clcfpat10\clcbpat10\cellx10500\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx627\clshdng100\clcfpat7\clcbpat7\cellx10081\clshdng100\clcfpat7\clcbpat7\cellx10500\trrh248 {\*\bkmkstart PARA1476}{\*\bkmkend PARA1476}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA1477}{\*\bkmkend PARA1477}\pard\plain\intbl\li484\cf1\f51\fs20\ql Notes to Condensed Consolidated Financial Statements\cell{\*\bkmkstart PARA1478}{\*\bkmkend PARA1478}\pard\plain\intbl\cf1\f51\fs20\qr F-8\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx627\clshdng100\clcfpat7\clcbpat7\cellx10081\clshdng100\clcfpat7\clcbpat7\cellx10500\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx627\clshdng100\clcfpat10\clcbpat10\cellx10081\clshdng100\clcfpat10\clcbpat10\cellx10500\trrh248 {\*\bkmkstart PARA1479}{\*\bkmkend PARA1479}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA1480}{\*\bkmkend PARA1480}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA1481}{\*\bkmkend PARA1481}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx627\clshdng100\clcfpat10\clcbpat10\cellx10081\clshdng100\clcfpat10\clcbpat10\cellx10500\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx627\clshdng100\clcfpat7\clcbpat7\cellx10081\clshdng100\clcfpat7\clcbpat7\cellx10500\trrh495 {\*\bkmkstart PARA1482}{\*\bkmkend PARA1482}\pard\plain\intbl\cf1\f51\fs20\b\ql Item\plain\intbl\cf1\f51\fs20\b\ql 2.\cell{\*\bkmkstart PARA1483}{\*\bkmkend PARA1483}\pard\plain\intbl\li198\cf1\f51\fs20\b\ql Management\u8217?s Discussion and Analysis of Financial Condition and Results of Operations\cell{\*\bkmkstart PARA1484}{\*\bkmkend PARA1484}\pard\plain\intbl\cf1\f51\fs20\qr 1\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx627\clshdng100\clcfpat7\clcbpat7\cellx10081\clshdng100\clcfpat7\clcbpat7\cellx10500\trrh495\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx627\clshdng100\clcfpat10\clcbpat10\cellx10081\clshdng100\clcfpat10\clcbpat10\cellx10500\trrh248 {\*\bkmkstart PARA1485}{\*\bkmkend PARA1485}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA1486}{\*\bkmkend PARA1486}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA1487}{\*\bkmkend PARA1487}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx627\clshdng100\clcfpat10\clcbpat10\cellx10081\clshdng100\clcfpat10\clcbpat10\cellx10500\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx627\clshdng100\clcfpat7\clcbpat7\cellx10081\clshdng100\clcfpat7\clcbpat7\cellx10500\trrh495 {\*\bkmkstart PARA1488}{\*\bkmkend PARA1488}\pard\plain\intbl\cf1\f51\fs20\b\ql Item\plain\intbl\cf1\f51\fs20\b\ql 3.\cell{\*\bkmkstart PARA1489}{\*\bkmkend PARA1489}\pard\plain\intbl\li198\cf1\f51\fs20\b\ql Quantitative and Qualitative Disclosures about Market Risks\cell{\*\bkmkstart PARA1490}{\*\bkmkend PARA1490}\pard\plain\intbl\cf1\f51\fs20\qr 11\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx627\clshdng100\clcfpat7\clcbpat7\cellx10081\clshdng100\clcfpat7\clcbpat7\cellx10500\trrh495\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx627\clshdng100\clcfpat10\clcbpat10\cellx10081\clshdng100\clcfpat10\clcbpat10\cellx10500\trrh248 {\*\bkmkstart PARA1491}{\*\bkmkend PARA1491}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA1492}{\*\bkmkend PARA1492}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA1493}{\*\bkmkend PARA1493}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx627\clshdng100\clcfpat10\clcbpat10\cellx10081\clshdng100\clcfpat10\clcbpat10\cellx10500\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx627\clshdng100\clcfpat7\clcbpat7\cellx10081\clshdng100\clcfpat7\clcbpat7\cellx10500\trrh495 {\*\bkmkstart PARA1494}{\*\bkmkend PARA1494}\pard\plain\intbl\cf1\f51\fs20\b\ql Item\plain\intbl\cf1\f51\fs20\b\ql 4.\cell{\*\bkmkstart PARA1495}{\*\bkmkend PARA1495}\pard\plain\intbl\li198\cf1\f51\fs20\b\ql Controls and Procedures\cell{\*\bkmkstart PARA1496}{\*\bkmkend PARA1496}\pard\plain\intbl\cf1\f51\fs20\qr 11\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx627\clshdng100\clcfpat7\clcbpat7\cellx10081\clshdng100\clcfpat7\clcbpat7\cellx10500\trrh495\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx627\clshdng100\clcfpat10\clcbpat10\cellx10081\clshdng100\clcfpat10\clcbpat10\cellx10500\trrh248 {\*\bkmkstart PARA1497}{\*\bkmkend PARA1497}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA1498}{\*\bkmkend PARA1498}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA1499}{\*\bkmkend PARA1499}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx627\clshdng100\clcfpat10\clcbpat10\cellx10081\clshdng100\clcfpat10\clcbpat10\cellx10500\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx627\clshdng100\clcfpat7\clcbpat7\cellx10081\clshdng100\clcfpat7\clcbpat7\cellx10500\trrh495 {\*\bkmkstart PARA1500}{\*\bkmkend PARA1500}\pard\plain\intbl\cf1\f51\fs20\b\ql PART\plain\intbl\cf1\f51\fs20\b\ql II\cell{\*\bkmkstart PARA1501}{\*\bkmkend PARA1501}\pard\plain\intbl\li198\cf1\f51\fs20\b\ql OTHER INFORMATION\cell{\*\bkmkstart PARA1502}{\*\bkmkend PARA1502}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx627\clshdng100\clcfpat7\clcbpat7\cellx10081\clshdng100\clcfpat7\clcbpat7\cellx10500\trrh495\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx627\clshdng100\clcfpat10\clcbpat10\cellx10081\clshdng100\clcfpat10\clcbpat10\cellx10500\trrh248 {\*\bkmkstart PARA1503}{\*\bkmkend PARA1503}\pard\plain\intbl\cf1\f51\fs20\ql Item 1.\cell{\*\bkmkstart PARA1504}{\*\bkmkend PARA1504}\pard\plain\intbl\li198\cf1\f51\fs20\ql Legal Proceedings\cell{\*\bkmkstart PARA1505}{\*\bkmkend PARA1505}\pard\plain\intbl\cf1\f51\fs20\qr 11\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx627\clshdng100\clcfpat10\clcbpat10\cellx10081\clshdng100\clcfpat10\clcbpat10\cellx10500\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx627\clshdng100\clcfpat7\clcbpat7\cellx10081\clshdng100\clcfpat7\clcbpat7\cellx10500\trrh495 {\*\bkmkstart PARA1506}{\*\bkmkend PARA1506}\pard\plain\intbl\cf1\f51\fs20\ql Item\plain\intbl\cf1\f51\fs20\ql 1A.\cell{\*\bkmkstart PARA1507}{\*\bkmkend PARA1507}\pard\plain\intbl\li198\cf1\f51\fs20\ql Risk Factors\cell{\*\bkmkstart PARA1508}{\*\bkmkend PARA1508}\pard\plain\intbl\cf1\f51\fs20\qr 12\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx627\clshdng100\clcfpat7\clcbpat7\cellx10081\clshdng100\clcfpat7\clcbpat7\cellx10500\trrh495\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx627\clshdng100\clcfpat10\clcbpat10\cellx10081\clshdng100\clcfpat10\clcbpat10\cellx10500\trrh248 {\*\bkmkstart PARA1509}{\*\bkmkend PARA1509}\pard\plain\intbl\cf1\f51\fs20\ql Item 2.\cell{\*\bkmkstart PARA1510}{\*\bkmkend PARA1510}\pard\plain\intbl\li198\cf1\f51\fs20\ql Unregistered Sales of Equity Securities and Use of Proceeds\cell{\*\bkmkstart PARA1511}{\*\bkmkend PARA1511}\pard\plain\intbl\cf1\f51\fs20\qr 12\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx627\clshdng100\clcfpat10\clcbpat10\cellx10081\clshdng100\clcfpat10\clcbpat10\cellx10500\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx627\clshdng100\clcfpat7\clcbpat7\cellx10081\clshdng100\clcfpat7\clcbpat7\cellx10500\trrh248 {\*\bkmkstart PARA1512}{\*\bkmkend PARA1512}\pard\plain\intbl\cf1\f51\fs20\ql Item 3.\cell{\*\bkmkstart PARA1513}{\*\bkmkend PARA1513}\pard\plain\intbl\li198\cf1\f51\fs20\ql Defaults upon Senior Securities\cell{\*\bkmkstart PARA1514}{\*\bkmkend PARA1514}\pard\plain\intbl\cf1\f51\fs20\qr 12\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx627\clshdng100\clcfpat7\clcbpat7\cellx10081\clshdng100\clcfpat7\clcbpat7\cellx10500\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx627\clshdng100\clcfpat10\clcbpat10\cellx10081\clshdng100\clcfpat10\clcbpat10\cellx10500\trrh248 {\*\bkmkstart PARA1515}{\*\bkmkend PARA1515}\pard\plain\intbl\cf1\f51\fs20\ql Item 4.\cell{\*\bkmkstart PARA1516}{\*\bkmkend PARA1516}\pard\plain\intbl\li198\cf1\f51\fs20\ql Mine Safety Disclosures\cell{\*\bkmkstart PARA1517}{\*\bkmkend PARA1517}\pard\plain\intbl\cf1\f51\fs20\qr 12\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx627\clshdng100\clcfpat10\clcbpat10\cellx10081\clshdng100\clcfpat10\clcbpat10\cellx10500\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx627\clshdng100\clcfpat7\clcbpat7\cellx10081\clshdng100\clcfpat7\clcbpat7\cellx10500\trrh248 {\*\bkmkstart PARA1518}{\*\bkmkend PARA1518}\pard\plain\intbl\cf1\f51\fs20\ql Item 5.\cell{\*\bkmkstart PARA1519}{\*\bkmkend PARA1519}\pard\plain\intbl\li198\cf1\f51\fs20\ql Other Information\cell{\*\bkmkstart PARA1520}{\*\bkmkend PARA1520}\pard\plain\intbl\cf1\f51\fs20\qr 12\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx627\clshdng100\clcfpat7\clcbpat7\cellx10081\clshdng100\clcfpat7\clcbpat7\cellx10500\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx627\clshdng100\clcfpat10\clcbpat10\cellx10081\clshdng100\clcfpat10\clcbpat10\cellx10500\trrh248 {\*\bkmkstart PARA1521}{\*\bkmkend PARA1521}\pard\plain\intbl\cf1\f51\fs20\ql Item 6.\cell{\*\bkmkstart PARA1522}{\*\bkmkend PARA1522}\pard\plain\intbl\li198\cf1\f51\fs20\ql Exhibits\cell{\*\bkmkstart PARA1523}{\*\bkmkend PARA1523}\pard\plain\intbl\cf1\f51\fs20\qr 12\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx627\clshdng100\clcfpat10\clcbpat10\cellx10081\clshdng100\clcfpat10\clcbpat10\cellx10500\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx10081\clshdng100\clcfpat7\clcbpat7\cellx10500\trrh248 {\*\bkmkstart PARA1524}{\*\bkmkend PARA1524}\pard\plain\intbl\cf1\f51\fs20\ql Signatures\cell{\*\bkmkstart PARA1525}{\*\bkmkend PARA1525}\pard\plain\intbl\cf1\f51\fs20\qr 13\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx10081\clshdng100\clcfpat7\clcbpat7\cellx10500\trrh248\row}}}{\*\bkmkstart PARA1527}{\*\bkmkend PARA1527}\pard\plain\cf1\f51\fs20\ql \~{\*\bkmkstart PGBK4911}{\*\bkmkend PGBK4911}{\*\bkmkstart PGFTR4911}{\*\bkmkend PGFTR4911}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PGNUM4911}{\*\bkmkend PGNUM4911}\par\pard\plain\cf1\f51\fs20\qc \~\par\pard\plain\f0\fs4\par\pard\plain\f0\fs2\brdrt\brdrs\brdrw15\brdrcf2\brdrsp0\par\pard\plain\f0\fs4\par \page{\*\bkmkstart PGHDR4911}{\*\bkmkend PGHDR4911}\par\pard\plain\cf1\f51\fs20\li150\ql \~{\*\bkmkstart PARA4911_2}{\*\bkmkend PARA4911_2}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~\~{\*\bkmkstart PARA4970}{\*\bkmkend PARA4970}\par\pard\plain\fi990\cf1\f51\fs20\qj Effective as of the opening of trading on August 5, 2016, the Company completed a 1 for 20 reverse stock split (the\plain\cf1\f51\fs20\qj \u8220?Reverse Stock Split\u8221?) of its issued and outstanding shares of common stock, par value $0.01 per share, as\plain\cf1\f51\fs20\qj previously approved by our Board of Directors and our shareholders. Proportional adjustments were made to the\plain\cf1\f51\fs20\qj Company\u8217?s issued and outstanding common stock and to its common stock underlying stock options and other common\plain\cf1\f51\fs20\qj stock-based equity grants outstanding immediately prior to the effectiveness of the Reverse Stock Split as well as the\plain\cf1\f51\fs20\qj applicable exercise price. In addition, proportional adjustments were made to the number of shares of common stock issuable\plain\cf1\f51\fs20\qj upon exercise of outstanding warrants and to the exercise price of such warrants, pursuant to the terms thereof. No fractional\plain\cf1\f51\fs20\qj shares were issued in connection with the Reverse Stock Split, and shareholders who would have received a fractional share of\plain\cf1\f51\fs20\qj common stock in connection with the Reverse Stock Split instead received a cash payment in lieu of such fractional share. All\plain\cf1\f51\fs20\qj references to common stock and all per share data contained in this 10-Q have been retrospectively adjusted to reflect the\plain\cf1\f51\fs20\qj Reverse Stock Split unless explicitly stated otherwise.\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA1545}{\*\bkmkend PARA1545}\par\pard\plain\cf1\f51\fs20\b\qj CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS{\*\bkmkstart PARA1546}{\*\bkmkend PARA1546}\par\pard\plain\cf1\f51\fs20\qj \~{\*\bkmkstart PARA1547}{\*\bkmkend PARA1547}\par\pard\plain\fi924\cf1\f51\fs20\qj This quarterly report on Form 10-Q for the period ended March 31, 2017 (this \u8220?Form 10-Q\u8221?) contains\plain\cf1\f51\fs20\qj forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the\plain\cf1\f51\fs20\qj \u8220?Securities Act\u8221?), Section 21E of the Securities Exchange Act of 1934, as amended (the \u8220?Exchange\plain\cf1\f51\fs20\qj Act\u8221?), and the Private Securities Litigation Reform Act of 1995, and are intended to be covered by the safe harbor\plain\cf1\f51\fs20\qj provided for under these sections.\~These statements may include words such as \u8220?believe,\u8221? \u8220?estimate,\u8221?\plain\cf1\f51\fs20\qj \u8220?project,\u8221? \u8220?intend,\u8221? \u8220?expect,\u8221? \u8220?plan,\u8221? \u8220?anticipate,\u8221? and\plain\cf1\f51\fs20\qj similar expressions in connection with any discussion of the timing or nature of future operating or financial performance or\plain\cf1\f51\fs20\qj other events. Forward-looking statements reflect management\u8217?s current expectations and observations with respect to\plain\cf1\f51\fs20\qj future events and financial performance.{\*\bkmkstart PARA1548}{\*\bkmkend PARA1548}\par\pard\plain\fi924\cf1\f51\fs20\qj \~\~{\*\bkmkstart PARA5040}{\*\bkmkend PARA5040}\par\pard\plain\cf1\f51\fs20\qj Where we express an expectation or belief as to future events or results, such expectation or belief is expressed in good faith\plain\cf1\f51\fs20\qj and believed to have a reasonable basis. However, our forward-looking statements are subject to risks, uncertainties, and other\plain\cf1\f51\fs20\qj factors, which could cause actual results to differ materially from future results expressed, projected, or implied by those\plain\cf1\f51\fs20\qj forward-looking statements. The principal factors that affect our financial position, results of operations and cash flows include,\plain\cf1\f51\fs20\qj charter market rates, which have declined significantly from historic highs, periods of charter hire, vessel operating expenses\plain\cf1\f51\fs20\qj and voyage costs, which are incurred primarily in U.S. dollars, depreciation expenses, which are a function of the cost of our\plain\cf1\f51\fs20\qj vessels, significant vessel improvement costs and our vessels' estimated useful lives, and financing costs related to our\plain\cf1\f51\fs20\qj indebtedness. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of\plain\cf1\f51\fs20\qj certain factors which could include the following: (i) changes in demand in the dry bulk market, including, without limitation,\plain\cf1\f51\fs20\qj changes in production of, or demand for, commodities and bulk cargoes, generally or in particular regions; (ii) greater than\plain\cf1\f51\fs20\qj anticipated levels of dry bulk vessel newbuilding orders or lower than anticipated rates of dry bulk vessel scrapping; (iii)\plain\cf1\f51\fs20\qj changes in rules and regulations applicable to the dry bulk industry, including, without limitation, legislation adopted by\plain\cf1\f51\fs20\qj international bodies or organizations such as the International Maritime Organization and the European Union or by individual\plain\cf1\f51\fs20\qj countries; (iv) actions taken by regulatory authorities including without limitation the U.S. Treasury Department\u8217?s Office\plain\cf1\f51\fs20\qj of Foreign Assets Control (\u8220?OFAC\u8221?); (v) changes in trading patterns significantly impacting overall dry bulk\plain\cf1\f51\fs20\qj tonnage requirements; (vi) changes in the typical seasonal variations in dry bulk charter rates; (vii) changes in the cost of other\plain\cf1\f51\fs20\qj modes of bulk commodity transportation; (viii) changes in general domestic and international political conditions; (ix) changes\plain\cf1\f51\fs20\qj in the condition of the Company\u8217?s vessels or applicable maintenance or regulatory standards (which may affect, among\plain\cf1\f51\fs20\qj other things, our anticipated drydocking costs); (x) significant deteriorations in charter hire rates from current levels or the\plain\cf1\f51\fs20\qj inability of the Company to achieve its cost-cutting measures; and (xi) the outcome of legal proceeding in which we are\plain\cf1\f51\fs20\qj involved; and other factors listed from time to time in our filings with the Securities and Exchange Commission (the\plain\cf1\f51\fs20\qj \u8220?SEC\u8221?). This discussion also includes statistical data regarding world dry bulk fleet and orderbook and fleet age.\plain\cf1\f51\fs20\qj We generated some of this data internally, and some were obtained from independent industry publications and reports that we\plain\cf1\f51\fs20\qj believe to be reliable sources. We have not independently verified this data nor sought the consent of any organizations to refer\plain\cf1\f51\fs20\qj to their reports in this 10-Q. We disclaim any intent or obligation to update publicly any forward-looking statements, whether\plain\cf1\f51\fs20\qj as a result of new information, future events or otherwise, except as may be required under applicable securities laws.\~{\*\bkmkstart PARA4912_1}{\*\bkmkend PARA4912_1}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PGBK4912}{\*\bkmkend PGBK4912}{\*\bkmkstart PGFTR4912}{\*\bkmkend PGFTR4912}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PGNUM4912}{\*\bkmkend PGNUM4912}\par\pard\plain\cf1\f51\fs20\qc \~\par\pard\plain\f0\fs4\par\pard\plain\f0\fs2\brdrt\brdrs\brdrw15\brdrcf2\brdrsp0\par\pard\plain\f0\fs4\par \page{\*\bkmkstart PGHDR4912}{\*\bkmkend PGHDR4912}\par\pard\plain\cf1\f51\fs20\li150\ql \~{\*\bkmkstart PARA4912_2}{\*\bkmkend PARA4912_2}\par\pard\plain\li154\ri154\cf1\f51\fs20\b\ql \~{\*\bkmkstart PARA1551}{\*\bkmkend PARA1551}{\*\bkmkstart part_1_2_2}{\*\bkmkend part_1_2_2}\par\pard\plain\cf1\f51\fs20\b\ql Part I: FINANCIAL INFORMATION{\*\bkmkstart PARA1552}{\*\bkmkend PARA1552}\par\pard\plain\cf1\f51\fs20\b\ql \~{\*\bkmkstart PARA1553}{\*\bkmkend PARA1553}{\*\bkmkstart item_1_3_2}{\*\bkmkend item_1_3_2}\par\pard\plain\cf1\f51\fs20\b\ql Item 1. Financial Statements{\*\bkmkstart PARA1554}{\*\bkmkend PARA1554}\par\pard\plain\cf1\f51\fs20\b\qc \~{\*\bkmkstart PARA1555}{\*\bkmkend PARA1555}\par\pard\plain\cf1\f51\fs20\b\qc EAGLE BULK SHIPPING INC. AND SUBSIDIARIES{\*\bkmkstart PARA1556}{\*\bkmkend PARA1556}\par\pard\plain\cf1\f51\fs20\b\qc Condensed Consolidated Balance Sheets as of March 31, 2017 and December 31, 2016{\*\bkmkstart PARA1557}{\*\bkmkend PARA1557}\par\pard\plain\cf1\f51\fs20\b\qc (Unaudited){\*\bkmkstart PARA1558}{\*\bkmkend PARA1558}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart TBL1933}{\*\bkmkend TBL1933} \par\pard\plain {\trowd\clvertalc\cellx6965\clvertalc\cellx7068\clbrdrb\brdrs\brdrcf1\clvertalc\cellx8628\clvertalc\cellx8734\clvertalc\cellx8837\clbrdrb\brdrs\brdrcf1\clvertalc\cellx10541\clvertalc\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{\*\bkmkstart PARA1561}{\*\bkmkend PARA1561}\pard\plain\intbl\ri110\cf1\f51\fs20\b\qc March 31, 2017\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{\*\bkmkstart PARA1564}{\*\bkmkend PARA1564}{\*\bkmkstart PARA1565}{\*\bkmkend PARA1565}\pard\plain\intbl\ri110\cf1\f51\fs20\b\qc December 31, 2016\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{ {\trowd\clvertalc\cellx6965\clvertalc\cellx7068\clbrdrb\brdrs\brdrcf1\clvertalc\cellx8628\clvertalc\cellx8734\clvertalc\cellx8837\clbrdrb\brdrs\brdrcf1\clvertalc\cellx10541\clvertalc\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6965\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx7068\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx7366\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8627\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8733\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8836\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx9279\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10540\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA1567}{\*\bkmkend PARA1567}\pard\plain\intbl\cf1\f51\fs20\b\ql ASSETS:\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6965\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx7068\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx7366\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8627\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8733\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8836\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx9279\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10540\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6965\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7068\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7366\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8627\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8733\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8836\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9279\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10540\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA1576}{\*\bkmkend PARA1576}\pard\plain\intbl\cf1\f51\fs20\b\ql Current assets:\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6965\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7068\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7366\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8627\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8733\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8836\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9279\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10540\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6965\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7068\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7366\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8627\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8733\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8836\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9279\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA1585}{\*\bkmkend PARA1585}\pard\plain\intbl\cf1\f51\fs20\ql Cash and cash equivalents\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr 145,767,714\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr 76,516,110\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6965\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7068\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7366\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8627\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8733\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8836\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9279\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6965\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7068\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7366\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8627\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8733\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8836\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9279\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10540\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA1594}{\*\bkmkend PARA1594}\pard\plain\intbl\cf1\f51\fs20\ql Accounts receivable\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 8,766,511\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 5,089,708\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6965\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7068\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7366\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8627\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8733\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8836\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9279\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10540\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6965\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7068\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7366\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8627\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8733\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8836\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9279\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA1603}{\*\bkmkend PARA1603}\pard\plain\intbl\cf1\f51\fs20\ql Prepaid expenses\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 2,591,908\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 3,093,962\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6965\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7068\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7366\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8627\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8733\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8836\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9279\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6965\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7068\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7366\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8627\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8733\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8836\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9279\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10540\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA1612}{\*\bkmkend PARA1612}\pard\plain\intbl\cf1\f51\fs20\ql Inventories\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 8,727,971\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 10,876,713\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6965\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7068\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7366\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8627\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8733\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8836\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9279\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10540\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6965\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7068\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7366\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8627\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8733\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8836\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9279\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA1621}{\*\bkmkend PARA1621}\pard\plain\intbl\cf1\f51\fs20\ql Vessels held for sale\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 2,990,215\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 8,688,601\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6965\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7068\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7366\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8627\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8733\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8836\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9279\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6965\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7068\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7366\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8627\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8733\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8836\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9279\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10540\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA1630}{\*\bkmkend PARA1630}\pard\plain\intbl\cf1\f51\fs20\ql Other assets\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 738,201\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 22\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6965\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7068\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7366\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8627\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8733\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8836\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9279\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10540\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6965\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7068\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7366\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8627\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8733\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8836\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9279\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA1639}{\*\bkmkend PARA1639}\pard\plain\intbl\li396\cf1\f51\fs20\ql Total current assets\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 169,582,520\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 104,265,116\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6965\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7068\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7366\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8627\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8733\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8836\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9279\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6965\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7068\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7366\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8627\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8733\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8836\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9279\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10540\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA1648}{\*\bkmkend PARA1648}\pard\plain\intbl\cf1\f51\fs20\b\ql Noncurrent assets:\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6965\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7068\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7366\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8627\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8733\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8836\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9279\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10540\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6965\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7068\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7366\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8627\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8733\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8836\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9279\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh495 {\*\bkmkstart PARA1656}{\*\bkmkend PARA1656}\pard\plain\intbl\cf1\f51\fs20\ql Vessels and vessel improvements, at cost, net of accumulated depreciation of\plain\intbl\cf1\f51\fs20\ql $82,936,250 and $76,463,743, respectively\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 580,344,652\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 567,592,950\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6965\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7068\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7366\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8627\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8733\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8836\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9279\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh495\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6965\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7068\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7366\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8627\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8733\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8836\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9279\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10540\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA1665}{\*\bkmkend PARA1665}\pard\plain\intbl\cf1\f51\fs20\ql Advances for vessels purchase\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 10,320,000\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 1,926,886\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6965\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7068\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7366\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8627\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8733\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8836\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9279\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10540\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6965\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7068\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7366\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8627\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8733\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8836\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9279\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh495 {\*\bkmkstart PARA1674}{\*\bkmkend PARA1674}\pard\plain\intbl\cf1\f51\fs20\ql Other fixed assets, net of accumulated amortization of $345,810 and $307,880,\plain\intbl\cf1\f51\fs20\ql respectively\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 641,585\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 632,805\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6965\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7068\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7366\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8627\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8733\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8836\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9279\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh495\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6965\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7068\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7366\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8627\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8733\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8836\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9279\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10540\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA1683}{\*\bkmkend PARA1683}\pard\plain\intbl\cf1\f51\fs20\ql Restricted cash\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 74,917\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 74,917\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6965\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7068\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7366\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8627\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8733\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8836\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9279\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10540\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6965\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7068\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7366\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8627\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8733\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8836\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9279\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA1692}{\*\bkmkend PARA1692}\pard\plain\intbl\cf1\f51\fs20\ql Deferred drydock costs, net\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 10,551,043\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 11,507,309\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6965\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7068\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7366\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8627\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8733\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8836\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9279\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6965\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7068\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7366\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8627\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8733\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8836\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9279\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10540\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA1701}{\*\bkmkend PARA1701}\pard\plain\intbl\cf1\f51\fs20\ql Other assets\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 70,315\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 381,634\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6965\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7068\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7366\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8627\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8733\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8836\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9279\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10540\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6965\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7068\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7366\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8627\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8733\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8836\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9279\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA1710}{\*\bkmkend PARA1710}\pard\plain\intbl\li396\cf1\f51\fs20\ql Total noncurrent assets\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 602,002,512\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 582,116,501\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6965\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7068\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7366\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8627\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8733\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8836\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9279\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6965\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7068\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7366\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8627\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8733\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8836\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9279\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10540\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA1719}{\*\bkmkend PARA1719}\pard\plain\intbl\cf1\f51\fs20\b\ql Total assets\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql $\cell\pard\plain\intbl\cf1\f51\fs20\b\qr 771,585,032\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql $\cell\pard\plain\intbl\cf1\f51\fs20\b\qr 686,381,617\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6965\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7068\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7366\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8627\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8733\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8836\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9279\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10540\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6965\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx7068\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx7366\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8627\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8733\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8836\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx9279\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10540\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA1728}{\*\bkmkend PARA1728}\pard\plain\intbl\cf1\f51\fs20\b\ql LIABILITIES & STOCKHOLDERS' EQUITY\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6965\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx7068\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx7366\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8627\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8733\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8836\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx9279\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10540\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6965\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7068\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7366\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8627\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8733\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8836\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9279\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10540\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA1736}{\*\bkmkend PARA1736}\pard\plain\intbl\cf1\f51\fs20\b\ql Current liabilities:\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6965\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7068\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7366\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8627\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8733\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8836\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9279\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10540\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6965\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7068\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7366\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8627\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8733\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8836\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9279\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA1744}{\*\bkmkend PARA1744}\pard\plain\intbl\cf1\f51\fs20\ql Accounts payable\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr 6,885,921\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr 7,135,156\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6965\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7068\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7366\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8627\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8733\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8836\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9279\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6965\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7068\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7366\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8627\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8733\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8836\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9279\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10540\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA1753}{\*\bkmkend PARA1753}\pard\plain\intbl\cf1\f51\fs20\ql Accrued interest\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr -\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 28,872\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6965\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7068\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7366\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8627\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8733\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8836\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9279\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10540\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6965\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7068\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7366\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8627\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8733\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8836\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9279\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA1762}{\*\bkmkend PARA1762}\pard\plain\intbl\cf1\f51\fs20\ql Other accrued liabilities\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 7,870,858\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 11,545,447\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6965\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7068\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7366\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8627\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8733\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8836\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9279\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6965\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7068\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7366\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8627\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8733\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8836\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9279\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10540\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA1771}{\*\bkmkend PARA1771}\pard\plain\intbl\cf1\f51\fs20\ql Fair value below contract value of time charters acquired\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 820,313\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 820,313\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6965\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7068\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7366\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8627\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8733\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8836\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9279\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10540\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6965\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7068\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7366\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8627\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8733\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8836\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9279\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA1780}{\*\bkmkend PARA1780}\pard\plain\intbl\cf1\f51\fs20\ql Fair value of Derivatives\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 293,007\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr -\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6965\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7068\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7366\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8627\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8733\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8836\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9279\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6965\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7068\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7366\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8627\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8733\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8836\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9279\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10540\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA1783}{\*\bkmkend PARA1783}\pard\plain\intbl\cf1\f51\fs20\ql Unearned charter hire revenue\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 7,160,918\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 6,046,032\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6965\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7068\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7366\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8627\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8733\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8836\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9279\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10540\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6965\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7068\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7366\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8627\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8733\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8836\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9279\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA1792}{\*\bkmkend PARA1792}\pard\plain\intbl\li396\cf1\f51\fs20\ql Total current liabilities\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 23,031,017\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 25,575,820\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6965\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7068\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7366\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8627\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8733\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8836\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9279\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6965\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7068\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7366\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8627\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8733\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8836\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9279\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10540\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA1801}{\*\bkmkend PARA1801}\pard\plain\intbl\cf1\f51\fs20\b\ql Noncurrent liabilities:\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6965\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7068\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7366\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8627\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8733\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8836\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9279\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10540\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6965\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7068\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7366\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8627\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8733\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8836\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9279\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA1809}{\*\bkmkend PARA1809}\pard\plain\intbl\cf1\f51\fs20\ql First Lien Facility, net of debt discount and debt issuance costs\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 201,884,750\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 204,352,318\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6965\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7068\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7366\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8627\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8733\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8836\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9279\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6965\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7068\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7366\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8627\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8733\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8836\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9279\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10540\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh495 {\*\bkmkstart PARA1818}{\*\bkmkend PARA1818}\pard\plain\intbl\cf1\f51\fs20\ql Second Lien Facility, inclusive of payment-in-kind interest, net of debt discount\plain\intbl\cf1\f51\fs20\ql and debt issuance costs\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 54,943,400\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 51,591,226\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6965\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7068\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7366\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8627\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8733\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8836\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9279\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10540\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh495\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6965\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7068\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7366\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8627\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8733\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8836\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9279\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA1827}{\*\bkmkend PARA1827}\pard\plain\intbl\cf1\f51\fs20\ql Other liabilities\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 419,567\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 483,132\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6965\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7068\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7366\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8627\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8733\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8836\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9279\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6965\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7068\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7366\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8627\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8733\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8836\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9279\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10540\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA1836}{\*\bkmkend PARA1836}\pard\plain\intbl\cf1\f51\fs20\ql Fair value below contract value of time charters acquired\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 3,691,404\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 3,896,482\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6965\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7068\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7366\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8627\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8733\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8836\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9279\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10540\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6965\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7068\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7366\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8627\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8733\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8836\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9279\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA1845}{\*\bkmkend PARA1845}\pard\plain\intbl\li396\cf1\f51\fs20\ql Total noncurrent liabilities\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 260,939,121\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 260,323,158\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6965\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7068\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7366\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8627\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8733\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8836\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9279\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6965\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7068\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7366\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8627\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8733\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8836\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9279\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10540\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA1854}{\*\bkmkend PARA1854}\pard\plain\intbl\cf1\f51\fs20\b\ql Total liabilities\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 283,970,138\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 285,898,978\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6965\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7068\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7366\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8627\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8733\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8836\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9279\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10540\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6965\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx7068\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx7366\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8627\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8733\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8836\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx9279\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10540\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA1863}{\*\bkmkend PARA1863}\pard\plain\intbl\cf1\f51\fs20\ql Commitment and contingencies\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6965\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx7068\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx7366\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8627\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8733\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8836\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx9279\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10540\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6965\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7068\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7366\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8627\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8733\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8836\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9279\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10540\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA1871}{\*\bkmkend PARA1871}\pard\plain\intbl\cf1\f51\fs20\b\ql Stockholders' equity:\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6965\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7068\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7366\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8627\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8733\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8836\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9279\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10540\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6965\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7068\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7366\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8627\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8733\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8836\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9279\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh495 {\*\bkmkstart PARA1879}{\*\bkmkend PARA1879}\pard\plain\intbl\cf1\f51\fs20\ql Preferred stock, $0.01 par value, 25,000,000 shares authorized, none issued as of\plain\intbl\cf1\f51\fs20\ql March 31, 2017\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr -\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr -\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6965\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7068\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7366\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8627\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8733\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8836\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9279\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh495\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6965\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7068\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7366\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8627\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8733\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8836\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9279\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10540\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh742 {\*\bkmkstart PARA1888}{\*\bkmkend PARA1888}\pard\plain\intbl\cf1\f51\fs20\ql Common stock, $0.01 par value, 700,000,000 shares authorized, 70,329,050 and\plain\intbl\cf1\f51\fs20\ql 48,106,827 shares issued and outstanding as of March 31, 2017 and December 31,\plain\intbl\cf1\f51\fs20\ql 2016, respectively\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 703,291\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 481,069\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6965\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7068\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7366\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8627\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8733\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8836\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9279\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10540\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh742\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6965\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7068\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7366\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8627\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8733\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8836\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9279\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA1897}{\*\bkmkend PARA1897}\pard\plain\intbl\cf1\f51\fs20\ql Additional paid-in capital\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 881,348,179\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 783,369,698\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6965\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7068\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7366\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8627\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8733\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8836\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9279\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6965\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7068\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7366\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8627\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8733\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8836\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9279\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10540\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA1906}{\*\bkmkend PARA1906}\pard\plain\intbl\cf1\f51\fs20\ql Accumulated deficit\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr (394,436,576\cell{\*\bkmkstart PARA1910}{\*\bkmkend PARA1910}\pard\plain\intbl\cf1\f51\fs20\ql )\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr (383,368,128\cell{\*\bkmkstart PARA1914}{\*\bkmkend PARA1914}\pard\plain\intbl\cf1\f51\fs20\ql )\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6965\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7068\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7366\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8627\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8733\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8836\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9279\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10540\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6965\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7068\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7366\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8627\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8733\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8836\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9279\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA1915}{\*\bkmkend PARA1915}\pard\plain\intbl\cf1\f51\fs20\ql Total stockholders\u8217? equity\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 487,614,894\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 400,482,639\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6965\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7068\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7366\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8627\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8733\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8836\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9279\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6965\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7068\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7366\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8627\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8733\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8836\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9279\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10540\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA1924}{\*\bkmkend PARA1924}\pard\plain\intbl\cf1\f51\fs20\ql Total liabilities and stockholders\u8217? equity\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql $\cell\pard\plain\intbl\cf1\f51\fs20\b\qr 771,585,032\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql $\cell\pard\plain\intbl\cf1\f51\fs20\b\qr 686,381,617\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6965\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7068\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7366\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8627\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8733\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8836\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9279\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10540\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}}{\*\bkmkstart PARA1934}{\*\bkmkend PARA1934}\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PARA1935}{\*\bkmkend PARA1935}\par\pard\plain\cf1\f51\fs20\qc The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.\~{\*\bkmkstart PARA1936_1}{\*\bkmkend PARA1936_1}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PGBK1936}{\*\bkmkend PGBK1936}{\*\bkmkstart PGFTR1936}{\*\bkmkend PGFTR1936}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PGNUM1936}{\*\bkmkend PGNUM1936}\par\pard\plain\cf1\f51\fs20\qc F-1\par\pard\plain\f0\fs4\par\pard\plain\f0\fs2\brdrt\brdrs\brdrw15\brdrcf2\brdrsp0\par\pard\plain\f0\fs4\par \page{\*\bkmkstart PGHDR1936}{\*\bkmkend PGHDR1936}\par\pard\plain\cf1\f51\fs20\li150\ql \~{\*\bkmkstart PARA1936_2}{\*\bkmkend PARA1936_2}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA1939}{\*\bkmkend PARA1939}\par\pard\plain\li154\ri154\cf1\f51\fs20\b\qc EAGLE BULK SHIPPING\~INC. AND SUBSIDIARIES{\*\bkmkstart PARA1940}{\*\bkmkend PARA1940}\par\pard\plain\cf1\f51\fs20\b\qc Condensed Consolidated Statements of Operations for the Three months Ended March 31, 2017 and 2016{\*\bkmkstart PARA1941}{\*\bkmkend PARA1941}\par\pard\plain\cf1\f51\fs20\b\qc (Unaudited){\*\bkmkstart PARA1942}{\*\bkmkend PARA1942}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart TBL2182}{\*\bkmkend TBL2182} \par\pard\plain {\trowd\clvertalc\cellx6993\clvertalc\cellx7096\clbrdrb\brdrs\brdrcf1\clvertalc\cellx8714\clvertalc\cellx8820\clvertalc\cellx8923\clbrdrb\brdrs\brdrcf1\clvertalc\cellx10541\clvertalc\cellx10650\trrh742 \pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{\*\bkmkstart PARA1945}{\*\bkmkend PARA1945}\pard\plain\intbl\cf1\f51\fs20\b\qc Three months{\*\bkmkstart PARA1946}{\*\bkmkend PARA1946}\par\pard\plain\intbl\cf1\f51\fs20\b\qc Ended{\*\bkmkstart PARA1947}{\*\bkmkend PARA1947}\par\pard\plain\intbl\cf1\f51\fs20\b\qc March 31, 2017\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{\*\bkmkstart PARA1950}{\*\bkmkend PARA1950}\pard\plain\intbl\cf1\f51\fs20\b\qc Three months{\*\bkmkstart PARA1951}{\*\bkmkend PARA1951}\par\pard\plain\intbl\cf1\f51\fs20\b\qc Ended{\*\bkmkstart PARA1952}{\*\bkmkend PARA1952}\par\pard\plain\intbl\cf1\f51\fs20\b\qc March 31, 2016\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{ {\trowd\clvertalc\cellx6993\clvertalc\cellx7096\clbrdrb\brdrs\brdrcf1\clvertalc\cellx8714\clvertalc\cellx8820\clvertalc\cellx8923\clbrdrb\brdrs\brdrcf1\clvertalc\cellx10541\clvertalc\cellx10650\trrh742\row}}} {\trowd\clvertalc\cellx6993\clvertalc\cellx7096\clvertalc\cellx7457\clvertalc\cellx8713\clvertalc\cellx8819\clvertalc\cellx8922\clvertalc\cellx9283\clvertalc\cellx10539\clvertalc\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\cellx6993\clvertalc\cellx7096\clvertalc\cellx7457\clvertalc\cellx8713\clvertalc\cellx8819\clvertalc\cellx8922\clvertalc\cellx9283\clvertalc\cellx10539\clvertalc\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx6993\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7096\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7457\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8713\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8819\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8922\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9283\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA1963}{\*\bkmkend PARA1963}\pard\plain\intbl\cf1\f51\fs20\ql Revenues, net\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr 45,855,057\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr 21,278,288\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx6993\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7096\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7457\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8713\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8819\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8922\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9283\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6993\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7096\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7457\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8713\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8819\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8922\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9283\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6993\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7096\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7457\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8713\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8819\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8922\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9283\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx6993\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7096\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7457\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8713\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8819\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8922\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9283\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA1980}{\*\bkmkend PARA1980}\pard\plain\intbl\cf1\f51\fs20\ql Voyage expenses\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 13,353,347\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 9,244,047\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx6993\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7096\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7457\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8713\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8819\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8922\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9283\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx6993\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7096\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7457\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8713\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8819\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8922\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9283\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA1989}{\*\bkmkend PARA1989}\pard\plain\intbl\cf1\f51\fs20\ql Vessel expenses\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 17,955,519\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 20,480,635\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx6993\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7096\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7457\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8713\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8819\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8922\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9283\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx6993\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7096\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7457\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8713\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8819\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8922\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9283\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA1998}{\*\bkmkend PARA1998}\pard\plain\intbl\cf1\f51\fs20\ql Charter hire expenses\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 3,873,332\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 1,488,518\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx6993\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7096\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7457\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8713\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8819\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8922\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9283\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx6993\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7096\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7457\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8713\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8819\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8922\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9283\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA2007}{\*\bkmkend PARA2007}\pard\plain\intbl\cf1\f51\fs20\ql Depreciation and amortization\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 7,492,808\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 9,396,701\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx6993\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7096\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7457\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8713\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8819\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8922\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9283\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx6993\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7096\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7457\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8713\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8819\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8922\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9283\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA2016}{\*\bkmkend PARA2016}\pard\plain\intbl\cf1\f51\fs20\ql General and administrative expenses\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 7,778,821\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 5,331,343\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx6993\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7096\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7457\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8713\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8819\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8922\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9283\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx6993\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7096\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7457\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8713\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8819\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8922\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9283\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA2025}{\*\bkmkend PARA2025}\pard\plain\intbl\cf1\f51\fs20\ql Refinancing expenses\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr -\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 5,634,260\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx6993\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7096\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7457\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8713\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8819\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8922\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9283\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx6993\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7096\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7457\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8713\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8819\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8922\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9283\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA2034}{\*\bkmkend PARA2034}\pard\plain\intbl\cf1\f51\fs20\ql Gain on sale of vessel\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr (92,114\cell{\*\bkmkstart PARA2036}{\*\bkmkend PARA2036}\pard\plain\intbl\cf1\f51\fs20\ql )\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr -\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx6993\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7096\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7457\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8713\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8819\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8922\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9283\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx6993\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7096\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7457\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8713\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8819\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8922\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9283\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA2038}{\*\bkmkend PARA2038}\pard\plain\intbl\cf1\f51\fs20\ql Vessel impairment\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr -\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 6,167,262\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx6993\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7096\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7457\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8713\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8819\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8922\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9283\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx6993\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7096\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7457\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8713\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8819\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8922\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9283\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA2047}{\*\bkmkend PARA2047}\pard\plain\intbl\li198\cf1\f51\fs20\ql Total operating expenses\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 50,361,713\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 57,742,766\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx6993\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7096\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7457\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8713\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8819\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8922\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9283\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx6993\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7096\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7457\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8713\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8819\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8922\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9283\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA2056}{\*\bkmkend PARA2056}\pard\plain\intbl\cf1\f51\fs20\ql Operating loss\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr (4,506,656\cell{\*\bkmkstart PARA2060}{\*\bkmkend PARA2060}\pard\plain\intbl\cf1\f51\fs20\ql )\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr (36,464,478\cell{\*\bkmkstart PARA2064}{\*\bkmkend PARA2064}\pard\plain\intbl\cf1\f51\fs20\ql )\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx6993\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7096\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7457\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8713\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8819\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8922\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9283\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6993\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx7096\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx7457\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8713\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8819\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8922\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx9283\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6993\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx7096\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx7457\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8713\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8819\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8922\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx9283\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx6993\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7096\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7457\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8713\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8819\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8922\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9283\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA2073}{\*\bkmkend PARA2073}\pard\plain\intbl\cf1\f51\fs20\ql Interest expense\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 6,445,031\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 2,817,646\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx6993\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7096\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7457\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8713\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8819\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8922\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9283\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx6993\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7096\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7457\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8713\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8819\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8922\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9283\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA2082}{\*\bkmkend PARA2082}\pard\plain\intbl\cf1\f51\fs20\ql Interest income\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr (189,798\cell{\*\bkmkstart PARA2086}{\*\bkmkend PARA2086}\pard\plain\intbl\cf1\f51\fs20\ql )\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr (3,454\cell{\*\bkmkstart PARA2090}{\*\bkmkend PARA2090}\pard\plain\intbl\cf1\f51\fs20\ql )\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx6993\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7096\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7457\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8713\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8819\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8922\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9283\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx6993\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7096\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7457\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8713\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8819\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8922\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9283\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA2091}{\*\bkmkend PARA2091}\pard\plain\intbl\cf1\f51\fs20\ql Other expense\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 306,559\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr -\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx6993\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7096\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7457\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8713\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8819\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8922\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9283\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx6993\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7096\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7457\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8713\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8819\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8922\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9283\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA2094}{\*\bkmkend PARA2094}\pard\plain\intbl\li198\cf1\f51\fs20\ql Total other expense, net\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 6,561,792\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 2,814,192\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx6993\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7096\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7457\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8713\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8819\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8922\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9283\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx6993\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7096\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7457\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8713\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8819\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8922\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9283\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA2103}{\*\bkmkend PARA2103}\pard\plain\intbl\cf1\f51\fs20\ql Net loss\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr (11,068,448\cell{\*\bkmkstart PARA2107}{\*\bkmkend PARA2107}\pard\plain\intbl\cf1\f51\fs20\ql )\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr (39,278,670\cell{\*\bkmkstart PARA2111}{\*\bkmkend PARA2111}\pard\plain\intbl\cf1\f51\fs20\ql )\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx6993\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7096\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7457\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8713\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8819\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8922\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9283\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6993\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx7096\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx7457\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8713\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8819\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8922\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx9283\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6993\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx7096\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx7457\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8713\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8819\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8922\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx9283\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx6993\clshdng100\clcfpat7\clcbpat7\cellx7096\clshdng100\clcfpat7\clcbpat7\cellx7457\clshdng100\clcfpat7\clcbpat7\cellx8713\clshdng100\clcfpat7\clcbpat7\cellx8819\clshdng100\clcfpat7\clcbpat7\cellx8922\clshdng100\clcfpat7\clcbpat7\cellx9283\clshdng100\clcfpat7\clcbpat7\cellx10539\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA2121}{\*\bkmkend PARA2121}\pard\plain\intbl\cf1\f51\fs20\ql Weighted average shares outstanding:\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx6993\clshdng100\clcfpat7\clcbpat7\cellx7096\clshdng100\clcfpat7\clcbpat7\cellx7457\clshdng100\clcfpat7\clcbpat7\cellx8713\clshdng100\clcfpat7\clcbpat7\cellx8819\clshdng100\clcfpat7\clcbpat7\cellx8922\clshdng100\clcfpat7\clcbpat7\cellx9283\clshdng100\clcfpat7\clcbpat7\cellx10539\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx6993\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7096\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7457\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8713\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8819\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8922\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9283\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA2130}{\*\bkmkend PARA2130}\pard\plain\intbl\cf1\f51\fs20\ql Basic*\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 65,637,692\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 1,891,463\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx6993\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7096\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7457\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8713\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8819\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8922\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9283\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx6993\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7096\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7457\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8713\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8819\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8922\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9283\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA2139}{\*\bkmkend PARA2139}\pard\plain\intbl\cf1\f51\fs20\ql Diluted*\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 65,637,692\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 1,891,463\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx6993\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7096\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7457\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8713\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8819\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8922\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9283\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6993\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx7096\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx7457\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8713\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8819\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8922\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx9283\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6993\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx7096\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx7457\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8713\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8819\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8922\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx9283\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6993\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7096\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7457\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8713\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8819\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8922\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9283\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA2156}{\*\bkmkend PARA2156}\pard\plain\intbl\cf1\f51\fs20\ql Per share amounts:\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6993\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7096\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7457\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8713\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8819\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8922\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9283\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx6993\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7096\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7457\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8713\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8819\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8922\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9283\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA2164}{\*\bkmkend PARA2164}\pard\plain\intbl\cf1\f51\fs20\ql Basic net loss*\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr (0.17\cell{\*\bkmkstart PARA2168}{\*\bkmkend PARA2168}\pard\plain\intbl\cf1\f51\fs20\ql )\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr (20.77\cell{\*\bkmkstart PARA2172}{\*\bkmkend PARA2172}\pard\plain\intbl\cf1\f51\fs20\ql )\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx6993\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7096\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7457\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8713\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8819\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8922\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9283\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx6993\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7096\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7457\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8713\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8819\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8922\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9283\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA2173}{\*\bkmkend PARA2173}\pard\plain\intbl\cf1\f51\fs20\ql Diluted net loss*\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr (0.17\cell{\*\bkmkstart PARA2177}{\*\bkmkend PARA2177}\pard\plain\intbl\cf1\f51\fs20\ql )\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr (20.77\cell{\*\bkmkstart PARA2181}{\*\bkmkend PARA2181}\pard\plain\intbl\cf1\f51\fs20\ql )\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx6993\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7096\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7457\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8713\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8819\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8922\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9283\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}}{\*\bkmkstart PARA2183}{\*\bkmkend PARA2183}\pard\plain\cf1\f51\fs20\qj \~\~{\*\bkmkstart PARA5041}{\*\bkmkend PARA5041}\par\pard\plain\li594\cf1\f51\fs20\qj *Basic weighted average shares outstanding Diluted weighted average shares outstanding as well as Basic net loss per\plain\li594\cf1\f51\fs20\qj share and Diluted net loss per share for the three months ended March 31, 2016 were adjusted to give effect for the 1\plain\li594\cf1\f51\fs20\qj for 20 reverse stock split that became effective as of opening of trading on August 5, 2016.\par\pard\plain\li594\cf1\f51\fs20\qj \~{\*\bkmkstart PARA5042}{\*\bkmkend PARA5042}\par\pard\plain\cf1\f51\fs20\ql \~{\*\bkmkstart PARA2187}{\*\bkmkend PARA2187}\par\pard\plain\cf1\f51\fs20\qc The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.\~\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PGBK2191}{\*\bkmkend PGBK2191}{\*\bkmkstart PGFTR2191}{\*\bkmkend PGFTR2191}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PGNUM2191}{\*\bkmkend PGNUM2191}\par\pard\plain\cf1\f51\fs20\qc F-2\par\pard\plain\f0\fs4\par\pard\plain\f0\fs2\brdrt\brdrs\brdrw15\brdrcf2\brdrsp0\par\pard\plain\f0\fs4\par \page{\*\bkmkstart PGHDR2191}{\*\bkmkend PGHDR2191}\par\pard\plain\cf1\f51\fs20\li150\ql \~{\*\bkmkstart PARA2191_2}{\*\bkmkend PARA2191_2}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA2195}{\*\bkmkend PARA2195}\par\pard\plain\cf1\f51\fs20\b\qc EAGLE BULK SHIPPING\~INC. AND SUBSIDIARIES{\*\bkmkstart PARA2196}{\*\bkmkend PARA2196}\par\pard\plain\cf1\f51\fs20\b\qc Condensed Consolidated Statements of Comprehensive Loss for the Three months Ended March 31, 2017 and 2016{\*\bkmkstart PARA2197}{\*\bkmkend PARA2197}\par\pard\plain\cf1\f51\fs20\b\qc (Unaudited){\*\bkmkstart PARA2198}{\*\bkmkend PARA2198}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart TBL2253}{\*\bkmkend TBL2253} \par\pard\plain {\trowd\clvertalc\cellx6993\clvertalc\cellx7096\clbrdrb\brdrs\brdrcf1\clvertalc\cellx8713\clvertalc\cellx8819\clvertalc\cellx8922\clbrdrb\brdrs\brdrcf1\clvertalc\cellx10539\clvertalc\cellx10650\trrh742 \pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{\*\bkmkstart PARA2201}{\*\bkmkend PARA2201}\pard\plain\intbl\cf1\f51\fs20\b\qc Three months{\*\bkmkstart PARA2202}{\*\bkmkend PARA2202}\par\pard\plain\intbl\cf1\f51\fs20\b\qc Ended{\*\bkmkstart PARA2203}{\*\bkmkend PARA2203}\par\pard\plain\intbl\cf1\f51\fs20\b\qc March 31, 2017\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{\*\bkmkstart PARA2206}{\*\bkmkend PARA2206}\pard\plain\intbl\cf1\f51\fs20\b\qc Three months{\*\bkmkstart PARA2207}{\*\bkmkend PARA2207}\par\pard\plain\intbl\cf1\f51\fs20\b\qc Ended{\*\bkmkstart PARA2208}{\*\bkmkend PARA2208}\par\pard\plain\intbl\cf1\f51\fs20\b\qc March 31, 2016\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{ {\trowd\clvertalc\cellx6993\clvertalc\cellx7096\clbrdrb\brdrs\brdrcf1\clvertalc\cellx8713\clvertalc\cellx8819\clvertalc\cellx8922\clbrdrb\brdrs\brdrcf1\clvertalc\cellx10539\clvertalc\cellx10650\trrh742\row}}} {\trowd\clvertalc\cellx6993\clvertalc\cellx7096\clvertalc\cellx7457\clvertalc\cellx8713\clvertalc\cellx8819\clvertalc\cellx8922\clvertalc\cellx9283\clvertalc\cellx10539\clvertalc\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\cellx6993\clvertalc\cellx7096\clvertalc\cellx7457\clvertalc\cellx8713\clvertalc\cellx8819\clvertalc\cellx8922\clvertalc\cellx9283\clvertalc\cellx10539\clvertalc\cellx10650\trrh248\row}}} {\trowd\clvertalc\cellx6993\clvertalc\cellx7096\clvertalc\cellx7457\clvertalc\cellx8713\clvertalc\cellx8819\clvertalc\cellx8922\clvertalc\cellx9283\clvertalc\cellx10539\clvertalc\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\cellx6993\clvertalc\cellx7096\clvertalc\cellx7457\clvertalc\cellx8713\clvertalc\cellx8819\clvertalc\cellx8922\clvertalc\cellx9283\clvertalc\cellx10539\clvertalc\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx6993\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7096\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7457\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8713\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8819\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8922\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9283\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA2228}{\*\bkmkend PARA2228}\pard\plain\intbl\cf1\f51\fs20\ql Net loss\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr (11,068,448\cell{\*\bkmkstart PARA2232}{\*\bkmkend PARA2232}\pard\plain\intbl\cf1\f51\fs20\ql )\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr (39,278,670\cell{\*\bkmkstart PARA2236}{\*\bkmkend PARA2236}\pard\plain\intbl\cf1\f51\fs20\ql )\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx6993\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7096\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7457\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8713\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8819\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8922\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9283\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6993\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7096\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7457\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8713\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8819\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8922\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9283\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6993\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7096\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7457\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8713\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8819\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8922\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9283\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx6993\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7096\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7457\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8713\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8819\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8922\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9283\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA2244}{\*\bkmkend PARA2244}\pard\plain\intbl\cf1\f51\fs20\ql Comprehensive loss\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr (11,068,448\cell{\*\bkmkstart PARA2248}{\*\bkmkend PARA2248}\pard\plain\intbl\cf1\f51\fs20\ql )\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr (39,278,670\cell{\*\bkmkstart PARA2252}{\*\bkmkend PARA2252}\pard\plain\intbl\cf1\f51\fs20\ql )\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx6993\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7096\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7457\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8713\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8819\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8922\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9283\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}}{\*\bkmkstart PARA2254}{\*\bkmkend PARA2254}\pard\plain\cf1\f51\fs20\qj \~{\*\bkmkstart PARA2255}{\*\bkmkend PARA2255}\par\pard\plain\li154\ri154\cf1\f51\fs20\qc The accompanying notes are an integral part of these Condensed Consolidated Financial Statements{\*\bkmkstart PARA2256}{\*\bkmkend PARA2256}\par\pard\plain\li154\ri154\cf1\f51\fs20\qc \~{\*\bkmkstart PGBK2258}{\*\bkmkend PGBK2258}{\*\bkmkstart PGFTR2258}{\*\bkmkend PGFTR2258}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PGNUM2258}{\*\bkmkend PGNUM2258}\par\pard\plain\cf1\f51\fs20\qc F-3\par\pard\plain\f0\fs4\par\pard\plain\f0\fs2\brdrt\brdrs\brdrw15\brdrcf2\brdrsp0\par\pard\plain\f0\fs4\par \page{\*\bkmkstart PGHDR2258}{\*\bkmkend PGHDR2258}\par\pard\plain\cf1\f51\fs20\li150\ql \~{\*\bkmkstart PARA2258_2}{\*\bkmkend PARA2258_2}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA2259}{\*\bkmkend PARA2259}\par\pard\plain\cf1\f51\fs20\b\qc EAGLE BULK SHIPPING\~INC. AND SUBSIDIARIES{\*\bkmkstart PARA2264}{\*\bkmkend PARA2264}\par\pard\plain\cf1\f51\fs20\b\qc Condensed Consolidated Statements of Stockholders' Equity{\*\bkmkstart PARA2265}{\*\bkmkend PARA2265}\par\pard\plain\cf1\f51\fs20\b\qc For the Three months Ended March 31, 2017 and 2016{\*\bkmkstart PARA2266}{\*\bkmkend PARA2266}\par\pard\plain\cf1\f51\fs20\b\qc (Unaudited)\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PARA2267}{\*\bkmkend PARA2267}\par\pard\plain\cf1\f51\fs20\ql \~{\*\bkmkstart TBL2414}{\*\bkmkend TBL2414} \par\pard\plain {\trowd\clvertalb\cellx1949\clvertalb\cellx2032\clbrdrb\brdrs\brdrcf1\clvertalb\cellx3428\clvertalb\cellx3524\clvertalb\cellx3607\clbrdrb\brdrs\brdrcf1\clvertalb\cellx4847\clvertalb\cellx4943\clvertalb\cellx5026\clbrdrb\brdrs\brdrcf1\clvertalb\cellx6540\clvertalb\cellx6636\clvertalb\cellx6719\clbrdrb\brdrs\brdrcf1\clvertalb\cellx8380\clvertalb\cellx8486\clvertalb\cellx8569\clbrdrb\brdrs\brdrcf1\clvertalb\cellx10535\clvertalb\cellx10650\trrh742 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA2270}{\*\bkmkend PARA2270}\pard\plain\intbl\cf1\f51\fs20\qc Common{\*\bkmkstart PARA2271}{\*\bkmkend PARA2271}\par\pard\plain\intbl\cf1\f51\fs20\qc Shares\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA2274}{\*\bkmkend PARA2274}\pard\plain\intbl\cf1\f51\fs20\qc Common{\*\bkmkstart PARA2275}{\*\bkmkend PARA2275}\par\pard\plain\intbl\cf1\f51\fs20\qc Shares{\*\bkmkstart PARA2276}{\*\bkmkend PARA2276}\par\pard\plain\intbl\cf1\f51\fs20\qc Amount\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA2279}{\*\bkmkend PARA2279}\pard\plain\intbl\cf1\f51\fs20\qc Additional{\*\bkmkstart PARA2280}{\*\bkmkend PARA2280}\par\pard\plain\intbl\cf1\f51\fs20\qc paid-in{\*\bkmkstart PARA2281}{\*\bkmkend PARA2281}\par\pard\plain\intbl\cf1\f51\fs20\qc Capital\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA2285}{\*\bkmkend PARA2285}\pard\plain\intbl\cf1\f51\fs20\qc Accumulated\plain\intbl\cf1\f51\fs20\qc Deficit\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA2288}{\*\bkmkend PARA2288}\pard\plain\intbl\cf1\f51\fs20\qc Total\plain\intbl\cf1\f51\fs20\qc Stockholders\u8217?{\*\bkmkstart PARA2289}{\*\bkmkend PARA2289}\par\pard\plain\intbl\cf1\f51\fs20\qc Equity\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalb\cellx1949\clvertalb\cellx2032\clbrdrb\brdrs\brdrcf1\clvertalb\cellx3428\clvertalb\cellx3524\clvertalb\cellx3607\clbrdrb\brdrs\brdrcf1\clvertalb\cellx4847\clvertalb\cellx4943\clvertalb\cellx5026\clbrdrb\brdrs\brdrcf1\clvertalb\cellx6540\clvertalb\cellx6636\clvertalb\cellx6719\clbrdrb\brdrs\brdrcf1\clvertalb\cellx8380\clvertalb\cellx8486\clvertalb\cellx8569\clbrdrb\brdrs\brdrcf1\clvertalb\cellx10535\clvertalb\cellx10650\trrh742\row}}} {\trowd\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx1949\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx2032\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx2414\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx3428\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx3524\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx3607\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx3989\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4847\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4943\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5026\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5463\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6635\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6718\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7261\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8379\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8485\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8568\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9457\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10533\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh495 {\*\bkmkstart PARA2291}{\*\bkmkend PARA2291}\pard\plain\intbl\cf1\f51\fs20\b\ql Balance at January 1,\plain\intbl\cf1\f51\fs20\b\ql 2017\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\qr 48,106,827\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql $\cell\pard\plain\intbl\cf1\f51\fs20\b\qr 481,069\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql $\cell\pard\plain\intbl\cf1\f51\fs20\b\qr 783,369,698\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql $\cell\pard\plain\intbl\cf1\f51\fs20\b\qr (383,368,128\cell{\*\bkmkstart PARA2308}{\*\bkmkend PARA2308}\pard\plain\intbl\cf1\f51\fs20\b\ql )\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql $\cell\pard\plain\intbl\cf1\f51\fs20\b\qr 400,482,639\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{ {\trowd\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx1949\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx2032\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx2414\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx3428\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx3524\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx3607\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx3989\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4847\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4943\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5026\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5463\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6635\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6718\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7261\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8379\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8485\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8568\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9457\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10533\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh495\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx1949\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx2032\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx2414\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx3428\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx3524\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx3607\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx3989\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4847\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4943\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5026\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5463\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6539\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6635\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6718\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7261\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8379\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8485\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8568\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9457\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10533\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx1949\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx2032\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx2414\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx3428\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx3524\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx3607\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx3989\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4847\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4943\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5026\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5463\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6539\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6635\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6718\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7261\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8379\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8485\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8568\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9457\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10533\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx1949\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx2032\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx2414\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx3428\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx3524\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx3607\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx3989\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4847\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4943\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5026\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5463\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6635\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6718\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7261\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8379\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8485\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8568\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9457\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10533\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA2335}{\*\bkmkend PARA2335}\pard\plain\intbl\cf1\f51\fs20\ql Net loss\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr \u8212?\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr \u8212?\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr \u8212?\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr (11,068,448\cell{\*\bkmkstart PARA2351}{\*\bkmkend PARA2351}\pard\plain\intbl\cf1\f51\fs20\ql )\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr (11,068,448\cell{\*\bkmkstart PARA2355}{\*\bkmkend PARA2355}\pard\plain\intbl\cf1\f51\fs20\ql )\cell{ {\trowd\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx1949\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx2032\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx2414\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx3428\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx3524\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx3607\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx3989\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4847\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4943\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5026\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5463\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6635\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6718\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7261\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8379\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8485\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8568\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9457\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10533\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx1949\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx2032\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx2414\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx3428\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx3524\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx3607\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx3989\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx4847\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx4943\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx5026\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx5463\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6635\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6718\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7261\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8379\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8485\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8568\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9457\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10533\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh990 {\*\bkmkstart PARA2357}{\*\bkmkend PARA2357}\pard\plain\intbl\cf1\f51\fs20\ql Issuance of shares in\plain\intbl\cf1\f51\fs20\ql connection with private\plain\intbl\cf1\f51\fs20\ql placement, net of\plain\intbl\cf1\f51\fs20\ql issuance costs\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 22,222,223\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 222,222\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 95,807,781\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr \u8212?\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 96,030,003\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx1949\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx2032\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx2414\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx3428\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx3524\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx3607\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx3989\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx4847\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx4943\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx5026\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx5463\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6635\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6718\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7261\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8379\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8485\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8568\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9457\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10533\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh990\row}}} {\trowd\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx1949\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx2032\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx2414\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx3428\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx3524\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx3607\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx3989\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4847\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4943\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5026\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5463\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6635\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6718\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7261\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8379\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8485\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8568\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9457\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10533\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh495 {\*\bkmkstart PARA2371}{\*\bkmkend PARA2371}\pard\plain\intbl\cf1\f51\fs20\ql Non-cash\plain\intbl\cf1\f51\fs20\ql compensation\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr \u8212?\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr \u8212?\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 2,170,700\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr \u8212?\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 2,170,700\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx1949\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx2032\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx2414\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx3428\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx3524\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx3607\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx3989\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4847\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4943\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5026\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5463\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6635\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6718\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7261\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8379\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8485\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8568\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9457\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10533\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh495\row}}} {\trowd\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx1949\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx2032\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx2414\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx3428\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx3524\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx3607\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx3989\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx4847\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx4943\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx5026\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx5463\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6635\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6718\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7261\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8379\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8485\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8568\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9457\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10533\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh495 {\*\bkmkstart PARA2393}{\*\bkmkend PARA2393}\pard\plain\intbl\cf1\f51\fs20\b\ql Balance at March 31,\plain\intbl\cf1\f51\fs20\b\ql 2017\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\qr 70,329,050\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql $\cell\pard\plain\intbl\cf1\f51\fs20\b\qr 703,291\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql $\cell\pard\plain\intbl\cf1\f51\fs20\b\qr 881,348,179\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql $\cell\pard\plain\intbl\cf1\f51\fs20\b\qr (394,436,576\cell{\*\bkmkstart PARA2410}{\*\bkmkend PARA2410}\pard\plain\intbl\cf1\f51\fs20\b\ql )\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql $\cell\pard\plain\intbl\cf1\f51\fs20\b\qr 487,614,894\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{ {\trowd\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx1949\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx2032\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx2414\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx3428\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx3524\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx3607\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx3989\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx4847\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx4943\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx5026\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx5463\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6635\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6718\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7261\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8379\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8485\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8568\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9457\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10533\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh495\row}}}{\*\bkmkstart PARA2415}{\*\bkmkend PARA2415}\pard\plain\cf1\f51\fs20\ql \~{\*\bkmkstart TBL2561}{\*\bkmkend TBL2561} \par\pard\plain {\trowd\clvertalb\cellx1963\clvertalb\cellx2046\clbrdrb\brdrs\brdrcf1\clvertalb\cellx3382\clvertalb\cellx3478\clvertalb\cellx3561\clbrdrb\brdrs\brdrcf1\clvertalb\cellx4801\clvertalb\cellx4897\clvertalb\cellx4980\clbrdrb\brdrs\brdrcf1\clvertalb\cellx6526\clvertalb\cellx6632\clvertalb\cellx6715\clbrdrb\brdrs\brdrcf1\clvertalb\cellx8377\clvertalb\cellx8483\clvertalb\cellx8566\clbrdrb\brdrs\brdrcf1\clvertalb\cellx10533\clvertalb\cellx10650\trrh742 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA2418}{\*\bkmkend PARA2418}\pard\plain\intbl\cf1\f51\fs20\qc Common{\*\bkmkstart PARA2419}{\*\bkmkend PARA2419}\par\pard\plain\intbl\cf1\f51\fs20\qc Shares*\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA2422}{\*\bkmkend PARA2422}\pard\plain\intbl\cf1\f51\fs20\qc Common{\*\bkmkstart PARA2423}{\*\bkmkend PARA2423}\par\pard\plain\intbl\cf1\f51\fs20\qc Shares{\*\bkmkstart PARA2424}{\*\bkmkend PARA2424}\par\pard\plain\intbl\cf1\f51\fs20\qc Amount\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA2427}{\*\bkmkend PARA2427}\pard\plain\intbl\cf1\f51\fs20\qc Additional{\*\bkmkstart PARA2428}{\*\bkmkend PARA2428}\par\pard\plain\intbl\cf1\f51\fs20\qc paid-in{\*\bkmkstart PARA2429}{\*\bkmkend PARA2429}\par\pard\plain\intbl\cf1\f51\fs20\qc Capital\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA2433}{\*\bkmkend PARA2433}\pard\plain\intbl\cf1\f51\fs20\qc Accumulated\plain\intbl\cf1\f51\fs20\qc Deficit\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA2436}{\*\bkmkend PARA2436}\pard\plain\intbl\cf1\f51\fs20\qc Total\plain\intbl\cf1\f51\fs20\qc Stockholders\u8217?{\*\bkmkstart PARA2437}{\*\bkmkend PARA2437}\par\pard\plain\intbl\cf1\f51\fs20\qc Equity\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalb\cellx1963\clvertalb\cellx2046\clbrdrb\brdrs\brdrcf1\clvertalb\cellx3382\clvertalb\cellx3478\clvertalb\cellx3561\clbrdrb\brdrs\brdrcf1\clvertalb\cellx4801\clvertalb\cellx4897\clvertalb\cellx4980\clbrdrb\brdrs\brdrcf1\clvertalb\cellx6526\clvertalb\cellx6632\clvertalb\cellx6715\clbrdrb\brdrs\brdrcf1\clvertalb\cellx8377\clvertalb\cellx8483\clvertalb\cellx8566\clbrdrb\brdrs\brdrcf1\clvertalb\cellx10533\clvertalb\cellx10650\trrh742\row}}} {\trowd\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx1963\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx2046\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx2428\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx3382\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx3478\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx3561\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx3943\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4801\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4897\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4980\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5417\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6525\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6631\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6714\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7257\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8376\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8482\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8565\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9454\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10531\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh495 {\*\bkmkstart PARA2439}{\*\bkmkend PARA2439}\pard\plain\intbl\cf1\f51\fs20\b\ql Balance at January 1,\plain\intbl\cf1\f51\fs20\b\ql 2016\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\qr 1,883,303\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql $\cell\pard\plain\intbl\cf1\f51\fs20\b\qr 18,833\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql $\cell\pard\plain\intbl\cf1\f51\fs20\b\qr 678,171,322,\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql $\cell\pard\plain\intbl\cf1\f51\fs20\b\qr (159,845,693\cell{\*\bkmkstart PARA2456}{\*\bkmkend PARA2456}\pard\plain\intbl\cf1\f51\fs20\b\ql )\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql $\cell\pard\plain\intbl\cf1\f51\fs20\b\qr 518,344,462\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{ {\trowd\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx1963\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx2046\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx2428\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx3382\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx3478\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx3561\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx3943\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4801\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4897\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4980\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5417\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6525\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6631\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6714\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7257\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8376\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8482\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8565\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9454\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10531\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh495\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx1963\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx2046\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx2428\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx3382\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx3478\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx3561\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx3943\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4801\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4897\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4980\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5417\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6525\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6631\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6714\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7257\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8376\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8482\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8565\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9454\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10531\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx1963\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx2046\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx2428\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx3382\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx3478\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx3561\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx3943\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4801\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4897\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4980\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5417\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6525\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6631\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6714\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7257\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8376\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8482\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8565\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9454\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10531\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx1963\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx2046\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx2428\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx3382\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx3478\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx3561\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx3943\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4801\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4897\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4980\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5417\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6525\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6631\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6714\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7257\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8376\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8482\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8565\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9454\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10531\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA2483}{\*\bkmkend PARA2483}\pard\plain\intbl\cf1\f51\fs20\ql Net loss\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr \u8212?\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr \u8212?\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr \u8212?\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr (39,278,670\cell{\*\bkmkstart PARA2499}{\*\bkmkend PARA2499}\pard\plain\intbl\cf1\f51\fs20\ql )\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr (39,278,670\cell{\*\bkmkstart PARA2503}{\*\bkmkend PARA2503}\pard\plain\intbl\cf1\f51\fs20\ql )\cell{ {\trowd\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx1963\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx2046\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx2428\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx3382\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx3478\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx3561\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx3943\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4801\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4897\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4980\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5417\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6525\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6631\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6714\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7257\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8376\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8482\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8565\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9454\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10531\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx1963\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx2046\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx2428\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx3382\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx3478\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx3561\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx3943\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx4801\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx4897\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx4980\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx5417\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6525\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6631\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6714\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7257\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8376\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8482\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8565\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9454\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10531\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh990 {\*\bkmkstart PARA2504}{\*\bkmkend PARA2504}\pard\plain\intbl\cf1\f51\fs20\ql Issuance of shares in\plain\intbl\cf1\f51\fs20\ql connection with the\plain\intbl\cf1\f51\fs20\ql entry into the Second\plain\intbl\cf1\f51\fs20\ql Lien Loan Agreement\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 371,276\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 3,713\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr (3,713\cell\pard\plain\intbl\cf1\f51\fs20\ql )\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr \u8212?\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr -\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx1963\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx2046\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx2428\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx3382\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx3478\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx3561\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx3943\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx4801\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx4897\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx4980\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx5417\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6525\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6631\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6714\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7257\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8376\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8482\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8565\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9454\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10531\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh990\row}}} {\trowd\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx1963\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx2046\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx2428\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx3382\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx3478\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx3561\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx3943\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4801\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4897\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4980\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5417\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6525\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6631\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6714\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7257\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8376\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8482\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8565\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9454\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10531\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh495 {\*\bkmkstart PARA2518}{\*\bkmkend PARA2518}\pard\plain\intbl\cf1\f51\fs20\ql Non-cash\plain\intbl\cf1\f51\fs20\ql compensation\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr \u8212?\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr \u8212?\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 826,613\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr \u8212?\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 826,613\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx1963\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx2046\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx2428\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx3382\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx3478\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx3561\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx3943\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4801\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4897\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4980\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5417\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6525\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6631\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6714\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7257\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8376\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8482\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8565\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9454\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10531\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh495\row}}} {\trowd\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx1963\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx2046\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx2428\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx3382\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx3478\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx3561\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx3943\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx4801\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx4897\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx4980\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx5417\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6525\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6631\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6714\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7257\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8376\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8482\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8565\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9454\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10531\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh495 {\*\bkmkstart PARA2540}{\*\bkmkend PARA2540}\pard\plain\intbl\cf1\f51\fs20\b\ql Balance at March 31,\plain\intbl\cf1\f51\fs20\b\ql 2016\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\qr 2,254,579\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql $\cell\pard\plain\intbl\cf1\f51\fs20\b\qr 22,546\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql $\cell\pard\plain\intbl\cf1\f51\fs20\b\qr 678,994,222\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql $\cell\pard\plain\intbl\cf1\f51\fs20\b\qr (199,124,363\cell{\*\bkmkstart PARA2557}{\*\bkmkend PARA2557}\pard\plain\intbl\cf1\f51\fs20\b\ql )\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql $\cell\pard\plain\intbl\cf1\f51\fs20\b\qr 479,892,405\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{ {\trowd\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx1963\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx2046\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx2428\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx3382\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx3478\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx3561\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx3943\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx4801\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx4897\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx4980\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx5417\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6525\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6631\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6714\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7257\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8376\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8482\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8565\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9454\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10531\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh495\row}}}{\*\bkmkstart PARA2562}{\*\bkmkend PARA2562}\pard\plain\cf1\f51\fs20\ql \~{\*\bkmkstart PARA5015}{\*\bkmkend PARA5015}\par\pard\plain\li792\cf1\f51\fs20\ql *Adjusted to give effect for the 1 for 20 reverse stock split that became effective August 5, 2016.\par\pard\plain\cf1\f51\fs20\ql \~{\*\bkmkstart PARA2565}{\*\bkmkend PARA2565}\par\pard\plain\cf1\f51\fs20\qc The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.{\*\bkmkstart PARA2566}{\*\bkmkend PARA2566}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PGBK2568}{\*\bkmkend PGBK2568}{\*\bkmkstart PGFTR2568}{\*\bkmkend PGFTR2568}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PGNUM2568}{\*\bkmkend PGNUM2568}\par\pard\plain\cf1\f51\fs20\qc F-4\par\pard\plain\f0\fs4\par\pard\plain\f0\fs2\brdrt\brdrs\brdrw15\brdrcf2\brdrsp0\par\pard\plain\f0\fs4\par \page{\*\bkmkstart PGHDR2568}{\*\bkmkend PGHDR2568}\par\pard\plain\cf1\f51\fs20\li150\ql \~{\*\bkmkstart PARA2568_2}{\*\bkmkend PARA2568_2}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~\par\pard\plain\li154\ri154\cf1\f51\fs20\b\qc EAGLE BULK SHIPPING\~INC. AND SUBSIDIARIES{\*\bkmkstart PARA2574}{\*\bkmkend PARA2574}\par\pard\plain\cf1\f51\fs20\b\qc Condensed Consolidated Statements of Cash Flows for the Three months Ended March 31, 2017 and 2016{\*\bkmkstart PARA2575}{\*\bkmkend PARA2575}\par\pard\plain\cf1\f51\fs20\b\qc (UNAUDITED){\*\bkmkstart PARA2576}{\*\bkmkend PARA2576}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart TBL2917}{\*\bkmkend TBL2917} \par\pard\plain {\trowd\cellx7129\cellx7233\cellx10542\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{\*\bkmkstart PARA2579}{\*\bkmkend PARA2579}\pard\plain\intbl\cf1\f51\fs20\b\qc Three months Ended\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{ {\trowd\cellx7129\cellx7233\cellx10542\cellx10650\trrh248\row}}} {\trowd\cellx7129\cellx7233\clbrdrb\brdrs\brdrcf1\cellx8768\cellx8888\cellx9008\clbrdrb\brdrs\brdrcf1\cellx10541\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA2583}{\*\bkmkend PARA2583}\pard\plain\intbl\cf1\f51\fs20\qc March 31, 2017\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA2586}{\*\bkmkend PARA2586}\pard\plain\intbl\cf1\f51\fs20\qc March 31, 2016\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\cellx7129\cellx7233\clbrdrb\brdrs\brdrcf1\cellx8768\cellx8888\cellx9008\clbrdrb\brdrs\brdrcf1\cellx10541\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx7129\clshdng100\clcfpat10\clcbpat10\cellx7233\clshdng100\clcfpat10\clcbpat10\cellx7503\clshdng100\clcfpat10\clcbpat10\cellx8767\clshdng100\clcfpat10\clcbpat10\cellx8887\clshdng100\clcfpat10\clcbpat10\cellx9007\clshdng100\clcfpat10\clcbpat10\cellx9277\clshdng100\clcfpat10\clcbpat10\cellx10539\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA2588}{\*\bkmkend PARA2588}\pard\plain\intbl\li198\cf1\f51\fs20\b\ql Cash flows from operating activities:\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx7129\clshdng100\clcfpat10\clcbpat10\cellx7233\clshdng100\clcfpat10\clcbpat10\cellx7503\clshdng100\clcfpat10\clcbpat10\cellx8767\clshdng100\clcfpat10\clcbpat10\cellx8887\clshdng100\clcfpat10\clcbpat10\cellx9007\clshdng100\clcfpat10\clcbpat10\cellx9277\clshdng100\clcfpat10\clcbpat10\cellx10539\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx7129\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7233\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7503\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8767\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8887\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9007\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9277\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA2597}{\*\bkmkend PARA2597}\pard\plain\intbl\cf1\f51\fs20\ql Net loss\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr (11,068,448\cell{\*\bkmkstart PARA2601}{\*\bkmkend PARA2601}\pard\plain\intbl\cf1\f51\fs20\ql )\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr (39,278,670\cell{\*\bkmkstart PARA2605}{\*\bkmkend PARA2605}\pard\plain\intbl\cf1\f51\fs20\ql )\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx7129\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7233\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7503\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8767\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8887\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9007\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9277\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx7129\clshdng100\clcfpat10\clcbpat10\cellx7233\clshdng100\clcfpat10\clcbpat10\cellx7503\clshdng100\clcfpat10\clcbpat10\cellx8767\clshdng100\clcfpat10\clcbpat10\cellx8887\clshdng100\clcfpat10\clcbpat10\cellx9007\clshdng100\clcfpat10\clcbpat10\cellx9277\clshdng100\clcfpat10\clcbpat10\cellx10539\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA2606}{\*\bkmkend PARA2606}\pard\plain\intbl\li198\cf1\f51\fs20\i\ql Adjustments to reconcile net loss to net cash used in operating activities:\cell\pard\plain\intbl\cf1\f51\fs20\i\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\i\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\i\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\i\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\i\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\i\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\i\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\i\ql \~\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx7129\clshdng100\clcfpat10\clcbpat10\cellx7233\clshdng100\clcfpat10\clcbpat10\cellx7503\clshdng100\clcfpat10\clcbpat10\cellx8767\clshdng100\clcfpat10\clcbpat10\cellx8887\clshdng100\clcfpat10\clcbpat10\cellx9007\clshdng100\clcfpat10\clcbpat10\cellx9277\clshdng100\clcfpat10\clcbpat10\cellx10539\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx7129\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7233\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7503\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8767\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8887\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9007\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9277\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA2613}{\*\bkmkend PARA2613}\pard\plain\intbl\cf1\f51\fs20\ql Depreciation\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 6,510,735\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 8,902,929\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx7129\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7233\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7503\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8767\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8887\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9007\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9277\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx7129\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7233\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7503\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8767\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8887\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9007\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9277\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA2621}{\*\bkmkend PARA2621}\pard\plain\intbl\cf1\f51\fs20\ql Amortization of deferred drydocking costs\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 982,073\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 493,772\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx7129\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7233\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7503\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8767\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8887\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9007\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9277\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx7129\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7233\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7503\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8767\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8887\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9007\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9277\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA2629}{\*\bkmkend PARA2629}\pard\plain\intbl\cf1\f51\fs20\ql Amortization of debt issuance costs\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 1,444,963\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 308,504\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx7129\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7233\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7503\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8767\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8887\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9007\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9277\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7129\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7233\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7503\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8767\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8887\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9007\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9277\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA2637}{\*\bkmkend PARA2637}\pard\plain\intbl\cf1\f51\fs20\ql Amortization of fair value below contract value of time charter acquired\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr (205,078\cell{\*\bkmkstart PARA2641}{\*\bkmkend PARA2641}\pard\plain\intbl\cf1\f51\fs20\ql )\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr (46,018\cell{\*\bkmkstart PARA2645}{\*\bkmkend PARA2645}\pard\plain\intbl\cf1\f51\fs20\ql )\cell{ {\trowd\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7129\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7233\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7503\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8767\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8887\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9007\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9277\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7129\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7233\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7503\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8767\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8887\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9007\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9277\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA2646}{\*\bkmkend PARA2646}\pard\plain\intbl\cf1\f51\fs20\ql Payment-in-kind interest on debt\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 2,334,893\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr -\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7129\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7233\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7503\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8767\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8887\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9007\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9277\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx7129\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7233\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7503\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8767\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8887\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9007\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9277\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA2649}{\*\bkmkend PARA2649}\pard\plain\intbl\cf1\f51\fs20\ql Impairment of Vessels\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr -\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 6,167,262\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx7129\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7233\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7503\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8767\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8887\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9007\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9277\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx7129\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7233\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7503\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8767\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8887\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9007\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9277\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA2657}{\*\bkmkend PARA2657}\pard\plain\intbl\cf1\f51\fs20\ql Non-cash compensation expense\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 2,170,700\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 826,613\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx7129\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7233\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7503\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8767\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8887\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9007\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9277\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx7129\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7233\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7503\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8767\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8887\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9007\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9277\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA2665}{\*\bkmkend PARA2665}\pard\plain\intbl\cf1\f51\fs20\ql Drydocking expenditures\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr (25,807\cell{\*\bkmkstart PARA2669}{\*\bkmkend PARA2669}\pard\plain\intbl\cf1\f51\fs20\ql )\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr (1,276,178\cell{\*\bkmkstart PARA2673}{\*\bkmkend PARA2673}\pard\plain\intbl\cf1\f51\fs20\ql )\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx7129\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7233\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7503\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8767\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8887\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9007\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9277\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx7129\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7233\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7503\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8767\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8887\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9007\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9277\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA2674}{\*\bkmkend PARA2674}\pard\plain\intbl\cf1\f51\fs20\ql Gain on sale of vessel\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr (92,114\cell{\*\bkmkstart PARA2676}{\*\bkmkend PARA2676}\pard\plain\intbl\cf1\f51\fs20\ql )\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr -\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx7129\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7233\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7503\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8767\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8887\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9007\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9277\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx7129\clshdng100\clcfpat10\clcbpat10\cellx7233\clshdng100\clcfpat10\clcbpat10\cellx7503\clshdng100\clcfpat10\clcbpat10\cellx8767\clshdng100\clcfpat10\clcbpat10\cellx8887\clshdng100\clcfpat10\clcbpat10\cellx9007\clshdng100\clcfpat10\clcbpat10\cellx9277\clshdng100\clcfpat10\clcbpat10\cellx10539\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA2678}{\*\bkmkend PARA2678}\pard\plain\intbl\cf1\f51\fs20\i\ql Changes in operating assets and liabilities:\cell\pard\plain\intbl\cf1\f51\fs20\i\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\i\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\i\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\i\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\i\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\i\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\i\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\i\ql \~\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx7129\clshdng100\clcfpat10\clcbpat10\cellx7233\clshdng100\clcfpat10\clcbpat10\cellx7503\clshdng100\clcfpat10\clcbpat10\cellx8767\clshdng100\clcfpat10\clcbpat10\cellx8887\clshdng100\clcfpat10\clcbpat10\cellx9007\clshdng100\clcfpat10\clcbpat10\cellx9277\clshdng100\clcfpat10\clcbpat10\cellx10539\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx7129\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7233\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7503\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8767\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8887\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9007\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9277\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA2685}{\*\bkmkend PARA2685}\pard\plain\intbl\cf1\f51\fs20\ql Accounts receivable\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr (3,676,803\cell{\*\bkmkstart PARA2689}{\*\bkmkend PARA2689}\pard\plain\intbl\cf1\f51\fs20\ql )\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr (19,678\cell{\*\bkmkstart PARA2693}{\*\bkmkend PARA2693}\pard\plain\intbl\cf1\f51\fs20\ql )\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx7129\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7233\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7503\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8767\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8887\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9007\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9277\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx7129\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7233\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7503\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8767\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8887\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9007\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9277\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA2694}{\*\bkmkend PARA2694}\pard\plain\intbl\cf1\f51\fs20\ql Other assets\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr (426,860\cell{\*\bkmkstart PARA2698}{\*\bkmkend PARA2698}\pard\plain\intbl\cf1\f51\fs20\ql )\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 125,257\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx7129\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7233\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7503\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8767\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8887\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9007\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9277\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx7129\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7233\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7503\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8767\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8887\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9007\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9277\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA2703}{\*\bkmkend PARA2703}\pard\plain\intbl\cf1\f51\fs20\ql Prepaid expenses\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 502,054\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 598,833\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx7129\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7233\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7503\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8767\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8887\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9007\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9277\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx7129\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7233\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7503\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8767\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8887\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9007\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9277\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA2711}{\*\bkmkend PARA2711}\pard\plain\intbl\cf1\f51\fs20\ql Fair value of derivatives\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 293,007\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr -\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx7129\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7233\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7503\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8767\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8887\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9007\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9277\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx7129\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7233\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7503\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8767\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8887\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9007\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9277\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA2719}{\*\bkmkend PARA2719}\pard\plain\intbl\cf1\f51\fs20\ql Inventories\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 2,148,742\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr (21,939\cell{\*\bkmkstart PARA2726}{\*\bkmkend PARA2726}\pard\plain\intbl\cf1\f51\fs20\ql )\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx7129\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7233\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7503\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8767\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8887\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9007\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9277\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx7129\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7233\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7503\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8767\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8887\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9007\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9277\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA2727}{\*\bkmkend PARA2727}\pard\plain\intbl\cf1\f51\fs20\ql Accounts payable\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr (249,235\cell{\*\bkmkstart PARA2731}{\*\bkmkend PARA2731}\pard\plain\intbl\cf1\f51\fs20\ql )\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 3,195,027\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx7129\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7233\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7503\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8767\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8887\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9007\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9277\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx7129\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7233\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7503\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8767\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8887\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9007\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9277\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA2736}{\*\bkmkend PARA2736}\pard\plain\intbl\cf1\f51\fs20\ql Accrued interest\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr (28,872\cell{\*\bkmkstart PARA2740}{\*\bkmkend PARA2740}\pard\plain\intbl\cf1\f51\fs20\ql )\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr (73,949\cell{\*\bkmkstart PARA2744}{\*\bkmkend PARA2744}\pard\plain\intbl\cf1\f51\fs20\ql )\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx7129\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7233\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7503\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8767\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8887\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9007\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9277\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx7129\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7233\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7503\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8767\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8887\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9007\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9277\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA2745}{\*\bkmkend PARA2745}\pard\plain\intbl\cf1\f51\fs20\ql Accrued expenses\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr (3,738,154\cell{\*\bkmkstart PARA2749}{\*\bkmkend PARA2749}\pard\plain\intbl\cf1\f51\fs20\ql )\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 19,747\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx7129\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7233\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7503\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8767\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8887\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9007\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9277\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx7129\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7233\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7503\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8767\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8887\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9007\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9277\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA2754}{\*\bkmkend PARA2754}\pard\plain\intbl\cf1\f51\fs20\ql Unearned revenue\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 1,114,886\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 583,620\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx7129\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7233\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7503\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8767\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8887\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9007\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9277\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx7129\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7233\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7503\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8767\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8887\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9007\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9277\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA2762}{\*\bkmkend PARA2762}\pard\plain\intbl\li198\cf1\f51\fs20\b\ql Net cash used in operating activities\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr (2,009,318\cell{\*\bkmkstart PARA2766}{\*\bkmkend PARA2766}\pard\plain\intbl\cf1\f51\fs20\ql )\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr (19,494,868\cell{\*\bkmkstart PARA2770}{\*\bkmkend PARA2770}\pard\plain\intbl\cf1\f51\fs20\ql )\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx7129\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7233\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7503\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8767\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8887\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9007\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9277\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7129\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7233\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7503\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8767\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8887\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9007\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9277\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7129\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7233\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7503\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8767\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8887\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9007\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9277\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx7129\clshdng100\clcfpat10\clcbpat10\cellx7233\clshdng100\clcfpat10\clcbpat10\cellx7503\clshdng100\clcfpat10\clcbpat10\cellx8767\clshdng100\clcfpat10\clcbpat10\cellx8887\clshdng100\clcfpat10\clcbpat10\cellx9007\clshdng100\clcfpat10\clcbpat10\cellx9277\clshdng100\clcfpat10\clcbpat10\cellx10539\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA2771}{\*\bkmkend PARA2771}\pard\plain\intbl\cf1\f51\fs20\b\ql Cash flows from investing activities:\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx7129\clshdng100\clcfpat10\clcbpat10\cellx7233\clshdng100\clcfpat10\clcbpat10\cellx7503\clshdng100\clcfpat10\clcbpat10\cellx8767\clshdng100\clcfpat10\clcbpat10\cellx8887\clshdng100\clcfpat10\clcbpat10\cellx9007\clshdng100\clcfpat10\clcbpat10\cellx9277\clshdng100\clcfpat10\clcbpat10\cellx10539\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7129\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7233\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7503\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8767\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8887\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9007\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9277\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7129\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7233\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7503\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8767\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8887\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9007\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9277\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx7129\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7233\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7503\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8767\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8887\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9007\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9277\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA2789}{\*\bkmkend PARA2789}\pard\plain\intbl\cf1\f51\fs20\ql Vessel Improvements\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr (251,258\cell{\*\bkmkstart PARA2793}{\*\bkmkend PARA2793}\pard\plain\intbl\cf1\f51\fs20\ql )\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr (112,488\cell{\*\bkmkstart PARA2797}{\*\bkmkend PARA2797}\pard\plain\intbl\cf1\f51\fs20\ql )\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx7129\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7233\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7503\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8767\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8887\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9007\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9277\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7129\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7233\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7503\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8767\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8887\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9007\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9277\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA2798}{\*\bkmkend PARA2798}\pard\plain\intbl\cf1\f51\fs20\ql Purchase of vessel\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr (17,046,065\cell{\*\bkmkstart PARA2800}{\*\bkmkend PARA2800}\pard\plain\intbl\cf1\f51\fs20\ql )\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr -\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7129\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7233\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7503\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8767\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8887\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9007\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9277\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx7129\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7233\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7503\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8767\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8887\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9007\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9277\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA2802}{\*\bkmkend PARA2802}\pard\plain\intbl\cf1\f51\fs20\ql Advance for purchase of vessels\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr (10,320,000\cell{\*\bkmkstart PARA2804}{\*\bkmkend PARA2804}\pard\plain\intbl\cf1\f51\fs20\ql )\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr -\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx7129\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7233\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7503\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8767\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8887\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9007\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9277\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7129\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7233\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7503\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8767\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8887\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9007\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9277\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA2806}{\*\bkmkend PARA2806}\pard\plain\intbl\cf1\f51\fs20\ql Proceeds from sale of vessel\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 5,790,500\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr -\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7129\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7233\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7503\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8767\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8887\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9007\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9277\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx7129\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7233\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7503\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8767\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8887\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9007\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9277\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA2809}{\*\bkmkend PARA2809}\pard\plain\intbl\cf1\f51\fs20\ql Purchase of Other Fixed assets\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr (47,008\cell{\*\bkmkstart PARA2813}{\*\bkmkend PARA2813}\pard\plain\intbl\cf1\f51\fs20\ql )\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr (396,304\cell{\*\bkmkstart PARA2817}{\*\bkmkend PARA2817}\pard\plain\intbl\cf1\f51\fs20\ql )\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx7129\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7233\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7503\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8767\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8887\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9007\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9277\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx7129\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7233\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7503\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8767\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8887\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9007\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9277\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA2818}{\*\bkmkend PARA2818}\pard\plain\intbl\li198\cf1\f51\fs20\b\ql Net cash used in investing activities\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr (21,873,831\cell{\*\bkmkstart PARA2822}{\*\bkmkend PARA2822}\pard\plain\intbl\cf1\f51\fs20\ql )\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr (508,792\cell{\*\bkmkstart PARA2826}{\*\bkmkend PARA2826}\pard\plain\intbl\cf1\f51\fs20\ql )\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx7129\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7233\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7503\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8767\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8887\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9007\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9277\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx7129\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx7233\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx7503\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8767\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8887\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx9007\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx9277\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx7129\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx7233\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx7503\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8767\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8887\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx9007\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx9277\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx7129\clshdng100\clcfpat7\clcbpat7\cellx7233\clshdng100\clcfpat7\clcbpat7\cellx7503\clshdng100\clcfpat7\clcbpat7\cellx8767\clshdng100\clcfpat7\clcbpat7\cellx8887\clshdng100\clcfpat7\clcbpat7\cellx9007\clshdng100\clcfpat7\clcbpat7\cellx9277\clshdng100\clcfpat7\clcbpat7\cellx10539\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA2827}{\*\bkmkend PARA2827}\pard\plain\intbl\cf1\f51\fs20\b\ql Cash flows from financing activities:\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx7129\clshdng100\clcfpat7\clcbpat7\cellx7233\clshdng100\clcfpat7\clcbpat7\cellx7503\clshdng100\clcfpat7\clcbpat7\cellx8767\clshdng100\clcfpat7\clcbpat7\cellx8887\clshdng100\clcfpat7\clcbpat7\cellx9007\clshdng100\clcfpat7\clcbpat7\cellx9277\clshdng100\clcfpat7\clcbpat7\cellx10539\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx7129\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7233\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7503\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8767\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8887\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9007\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9277\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA2836}{\*\bkmkend PARA2836}\pard\plain\intbl\cf1\f51\fs20\ql Proceeds from Second Lien Facility\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr -\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 60,000,000\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx7129\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7233\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7503\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8767\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8887\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9007\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9277\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7129\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7233\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7503\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8767\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8887\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9007\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9277\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA2844}{\*\bkmkend PARA2844}\pard\plain\intbl\cf1\f51\fs20\ql Repayment of Term Loan\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr (2,895,250\cell{\*\bkmkstart PARA2848}{\*\bkmkend PARA2848}\pard\plain\intbl\cf1\f51\fs20\ql )\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr (15,625,000\cell{\*\bkmkstart PARA2852}{\*\bkmkend PARA2852}\pard\plain\intbl\cf1\f51\fs20\ql )\cell{ {\trowd\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7129\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7233\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7503\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8767\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8887\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9007\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9277\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7129\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7233\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7503\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8767\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8887\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9007\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9277\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA2853}{\*\bkmkend PARA2853}\pard\plain\intbl\cf1\f51\fs20\ql Repayment of Revolver Loan\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr -\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr (30,158,500\cell{\*\bkmkstart PARA2860}{\*\bkmkend PARA2860}\pard\plain\intbl\cf1\f51\fs20\ql )\cell{ {\trowd\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7129\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7233\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7503\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8767\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8887\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9007\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9277\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7129\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7233\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7503\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8767\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8887\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9007\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9277\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA2861}{\*\bkmkend PARA2861}\pard\plain\intbl\cf1\f51\fs20\ql Proceeds from the common stock private placement, net of issuance costs\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 96,030,003\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr -\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7129\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7233\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7503\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8767\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8887\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9007\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9277\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx7129\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7233\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7503\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8767\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8887\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9007\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9277\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA2869}{\*\bkmkend PARA2869}\pard\plain\intbl\cf1\f51\fs20\ql Deferred financing costs\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr -\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr (2,340,427\cell{\*\bkmkstart PARA2876}{\*\bkmkend PARA2876}\pard\plain\intbl\cf1\f51\fs20\ql )\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx7129\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7233\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7503\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8767\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8887\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9007\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9277\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7129\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7233\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7503\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8767\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8887\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9007\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9277\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA2877}{\*\bkmkend PARA2877}\pard\plain\intbl\li198\cf1\f51\fs20\b\ql Net cash provided by financing activities\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 93,134,753\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 11,876,073\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7129\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7233\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7503\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8767\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8887\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9007\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9277\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx7129\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx7233\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx7503\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8767\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8887\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx9007\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx9277\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx7129\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx7233\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx7503\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8767\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8887\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx9007\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx9277\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7129\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7233\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7503\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8767\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8887\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9007\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9277\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA2894}{\*\bkmkend PARA2894}\pard\plain\intbl\cf1\f51\fs20\ql Net increase / (decrease) in cash and cash equivalents\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 69,251,604\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr (8,127,587\cell{\*\bkmkstart PARA2900}{\*\bkmkend PARA2900}\pard\plain\intbl\cf1\f51\fs20\ql )\cell{ {\trowd\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7129\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7233\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7503\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8767\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8887\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9007\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9277\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx7129\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7233\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7503\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8767\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8887\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9007\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9277\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA2901}{\*\bkmkend PARA2901}\pard\plain\intbl\cf1\f51\fs20\ql Cash and cash equivalents at beginning of period\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 76,516,110\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 24,896,161\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx7129\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7233\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7503\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8767\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8887\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9007\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9277\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx7129\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7233\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7503\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8767\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8887\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9007\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9277\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA2908}{\*\bkmkend PARA2908}\pard\plain\intbl\li198\cf1\f51\fs20\b\ql Cash and cash equivalents at end of period\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr 145,767,714\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr 16,768,574\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx7129\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7233\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7503\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8767\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8887\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9007\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9277\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}}{\*\bkmkstart PARA2918}{\*\bkmkend PARA2918}\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PARA2919}{\*\bkmkend PARA2919}\par\pard\plain\li154\ri154\cf1\f51\fs20\qc The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.\par\pard\plain\li154\ri154\cf1\f51\fs20\qc \~{\*\bkmkstart PGBK2923}{\*\bkmkend PGBK2923}{\*\bkmkstart PGFTR2923}{\*\bkmkend PGFTR2923}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PGNUM2923}{\*\bkmkend PGNUM2923}\par\pard\plain\cf1\f51\fs20\qc F-5\par\pard\plain\f0\fs4\par\pard\plain\f0\fs2\brdrt\brdrs\brdrw15\brdrcf2\brdrsp0\par\pard\plain\f0\fs4\par \page{\*\bkmkstart PGHDR2923}{\*\bkmkend PGHDR2923}\par\pard\plain\cf1\f51\fs20\li150\ql \~{\*\bkmkstart PARA2928}{\*\bkmkend PARA2928}\par\pard\plain\cf1\f51\fs20\qc \~\par\pard\plain\cf1\f51\fs20\b\qc EAGLE BULK SHIPPING\~INC. AND SUBSIDIARIES{\*\bkmkstart PARA2929}{\*\bkmkend PARA2929}\par\pard\plain\cf1\f51\fs20\b\qc NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED){\*\bkmkstart PARA2930}{\*\bkmkend PARA2930}\par\pard\plain\cf1\f51\fs20\qj \~{\*\bkmkstart PARA2931}{\*\bkmkend PARA2931}\par\pard\plain\cf1\f51\fs20\b\qj Note\~1. Basis of Presentation and General Information{\*\bkmkstart PARA2932}{\*\bkmkend PARA2932}\par\pard\plain\cf1\f51\fs20\b\qj \~{\*\bkmkstart PARA2933}{\*\bkmkend PARA2933}\par\pard\plain\cf1\f51\fs20\qj The accompanying condensed consolidated financial statements include the accounts of Eagle Bulk Shipping Inc. and its\plain\cf1\f51\fs20\qj wholly-owned subsidiaries (collectively, the \u8220?Company,\u8221? \u8220?we\u8221?, \u8220?our\u8221?\~or similar terms).\plain\cf1\f51\fs20\qj The Company is engaged in the ocean transportation of dry bulk cargoes worldwide through the ownership, charter and\plain\cf1\f51\fs20\qj operation of dry bulk vessels. The Company\u8217?s fleet is comprised of Supramax, Ultramax and Handymax dry bulk\plain\cf1\f51\fs20\qj carriers and the Company operates its business in one business segment.{\*\bkmkstart PARA2934}{\*\bkmkend PARA2934}\par\pard\plain\cf1\f51\fs20\qj \~{\*\bkmkstart PARA2935}{\*\bkmkend PARA2935}\par\pard\plain\fi1100\cf1\f51\fs20\qj As of March 31, 2017, the Company owned and operated a modern fleet of 41 oceangoing vessels, 38 Supramax, 2\plain\cf1\f51\fs20\qj Ultramax and 1 Handymax, with a combined carrying capacity of 2,269,062 dwt and an average age of approximately 8.9\plain\cf1\f51\fs20\qj years.{\*\bkmkstart PARA2936}{\*\bkmkend PARA2936}\par\pard\plain\fi1100\cf1\f51\fs20\qj \~{\*\bkmkstart PARA2937}{\*\bkmkend PARA2937}\par\pard\plain\fi1100\cf1\f51\fs20\qj Additionally, the Company chartered-in a 37,000 dwt newbuilding Japanese vessel that was delivered in October\plain\cf1\f51\fs20\qj 2014 for seven years with an option for one additional year. Subsequent to March 31, 2017, the Company signed an\plain\cf1\f51\fs20\qj agreement\~dated April 3, 2017 to cancel this existing time charter contract. See \u8220?Note\~10. Subsequent Events\u8221? to\plain\cf1\f51\fs20\qj the condensed consolidated\~financial statements.{\*\bkmkstart PARA2938}{\*\bkmkend PARA2938}\par\pard\plain\fi1100\cf1\f51\fs20\qj \~{\*\bkmkstart PARA2939}{\*\bkmkend PARA2939}\par\pard\plain\fi1012\cf1\f51\fs20\qj For the three-month periods ended on March 31, 2017 and 2016, respectively, the Company\u8217?s charterers did\plain\cf1\f51\fs20\qj not individually account for more than 10% of the Company\u8217?s gross charter revenue during those periods.{\*\bkmkstart PARA2940}{\*\bkmkend PARA2940}\par\pard\plain\cf1\f51\fs20\qj \~{\*\bkmkstart PARA2941}{\*\bkmkend PARA2941}\par\pard\plain\fi990\cf1\f51\fs20\qj The accompanying condensed consolidated financial statements have been prepared in accordance with generally\plain\cf1\f51\fs20\qj accepted accounting principles in the United States (\u8220?U.S. GAAP\u8221?), and the rules and regulations of the SEC\plain\cf1\f51\fs20\qj which apply to interim financial statements and with the instructions to Form 10-Q and Article 10 of Regulation S-X.\plain\cf1\f51\fs20\qj Accordingly, they do not include all of the information and footnotes normally included in consolidated financial statements\plain\cf1\f51\fs20\qj prepared in conformity with U.S. GAAP. They should be read in conjunction with the consolidated financial statements and\plain\cf1\f51\fs20\qj notes thereto included in the Company\u8217?s 2016 Annual Report on Form 10-K, filed with the SEC on March 31, 2017.{\*\bkmkstart PARA2942}{\*\bkmkend PARA2942}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA2943}{\*\bkmkend PARA2943}\par\pard\plain\fi924\cf1\f51\fs20\ql The accompanying condensed consolidated financial statements are unaudited and include all adjustments (consisting\plain\cf1\f51\fs20\ql of normal recurring adjustments) that management considers necessary for a fair presentation of its condensed consolidated\plain\cf1\f51\fs20\ql financial position and results of operations for the interim periods presented.{\*\bkmkstart PARA2944}{\*\bkmkend PARA2944}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA2945}{\*\bkmkend PARA2945}\par\pard\plain\fi924\cf1\f51\fs20\ql The results of operations for the interim periods are not necessarily indicative of the results that may be expected for\plain\cf1\f51\fs20\ql the entire year.{\*\bkmkstart PARA2946}{\*\bkmkend PARA2946}\par\pard\plain\fi924\cf1\f51\fs20\ql \~{\*\bkmkstart PARA2947}{\*\bkmkend PARA2947}\par\pard\plain\fi1012\cf1\f51\fs20\qj We adopted the provisions of Accounting Standard Update (\u8220?ASU\u8221?) 2015-11 \u8220?Simplifying the\plain\cf1\f51\fs20\qj Measurement of Inventory.\u8221? issued by the Financial Accounting Standards Board (\u8220?FASB\u8221?) as of January\plain\cf1\f51\fs20\qj 1, 2017. Accordingly, we report our bunker inventory at lower of cost and net realizable value. There is no impact on the\plain\cf1\f51\fs20\qj condensed consolidated financial statements because of the adoption of the new accounting standard.{\*\bkmkstart PARA2948}{\*\bkmkend PARA2948}\par\pard\plain\fi1012\cf1\f51\fs20\qj \~{\*\bkmkstart PARA2949}{\*\bkmkend PARA2949}\par\pard\plain\fi924\cf1\f51\fs20\ql The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management\plain\cf1\f51\fs20\ql to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets\plain\cf1\f51\fs20\ql and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the\plain\cf1\f51\fs20\ql reporting period. Actual results could differ from those estimates. The significant estimates and assumptions of the Company\plain\cf1\f51\fs20\ql are useful lives of fixed assets, the period of amortization, asset impairment, the fair value of warrants and stock-based\plain\cf1\f51\fs20\ql compensation.{\*\bkmkstart PARA2950}{\*\bkmkend PARA2950}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~\~\~{\*\bkmkstart PARA2951}{\*\bkmkend PARA2951}\par\pard\plain\cf1\f51\fs4\ql \~{\*\bkmkstart PARA2952}{\*\bkmkend PARA2952}\par\pard\plain\cf1\f51\fs20\b\qj Note 2. Equity Offerings{\*\bkmkstart PARA2953}{\*\bkmkend PARA2953}\par\pard\plain\cf1\f51\fs20\b\qj \~{\*\bkmkstart PARA2954}{\*\bkmkend PARA2954}\par\pard\plain\li154\ri154\fi660\cf1\f51\fs20\qj On December 13, 2016, the Company entered into a Stock Purchase Agreement with certain investors (the\plain\li154\ri154\cf1\f51\fs20\qj \u8220?Investors\u8221?), pursuant to which the Company agreed to issue to the Investors in a private placement exemption\plain\li154\ri154\cf1\f51\fs20\qj from registration under Section 4(a)(2) of the Securities Act and Rule 506 of Regulation D promulgated under the Securities\plain\li154\ri154\cf1\f51\fs20\qj Act (the \u8220?December Private Placement\u8221?) approximately 22.2 million shares of the Company\u8217?s common\plain\li154\ri154\cf1\f51\fs20\qj stock, par value $0.01 per share, at an initial purchase price of $4.50 per share, for aggregate gross proceeds of $100.0\plain\li154\ri154\cf1\f51\fs20\qj million. On January 20, 2017, the Company closed its previously announced December Private Placement for aggregate net\plain\li154\ri154\cf1\f51\fs20\qj proceeds of\~$96.0 million. The Company plans to use the proceeds for the acquisition of dry bulk tonnage and general\plain\li154\ri154\cf1\f51\fs20\qj corporate purposes.{\*\bkmkstart PARA2955}{\*\bkmkend PARA2955}\par\pard\plain\li154\ri154\fi660\cf1\f51\fs20\qj \~{\*\bkmkstart PGBK4913}{\*\bkmkend PGBK4913}{\*\bkmkstart PGFTR4913}{\*\bkmkend PGFTR4913}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PGNUM4913}{\*\bkmkend PGNUM4913}\par\pard\plain\cf1\f51\fs20\qc F-6\par\pard\plain\f0\fs4\par\pard\plain\f0\fs2\brdrt\brdrs\brdrw15\brdrcf2\brdrsp0\par\pard\plain\f0\fs4\par \page{\*\bkmkstart PGHDR4913}{\*\bkmkend PGHDR4913}\par\pard\plain\cf1\f51\fs20\li150\ql \~{\*\bkmkstart PARA4913_2}{\*\bkmkend PARA4913_2}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA2962}{\*\bkmkend PARA2962}\par\pard\plain\cf1\f51\fs20\b\qj Note 3. New Accounting Pronouncements{\*\bkmkstart PARA2963}{\*\bkmkend PARA2963}\par\pard\plain\fi1012\cf1\f51\fs20\qj \~{\*\bkmkstart PARA2964}{\*\bkmkend PARA2964}\par\pard\plain\fi1012\cf1\f51\fs20\qj In May 2014, the FASB issued ASU\~No. 2014-09, Revenue from Contracts with Customers (\u8220?ASU\plain\cf1\f51\fs20\qj 2014-09\u8221?), which supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle is\plain\cf1\f51\fs20\qj that a company should recognize revenue when promised goods or services are transferred to customers in an amount that\plain\cf1\f51\fs20\qj reflects the consideration to which an entity expects to be entitled for those goods or services. ASU 2014-09 defines a\plain\cf1\f51\fs20\qj five-step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the\plain\cf1\f51\fs20\qj revenue recognition process than are required under existing U.S. GAAP. The standard is effective for annual periods beginning\plain\cf1\f51\fs20\qj after December 15, 2017, and interim periods therein, and shall be applied either retrospectively to each period presented or as\plain\cf1\f51\fs20\qj a cumulative-effect adjustment as of the date of adoption. In May 2016, the FASB issued ASU No. 2016-12, Revenue from\plain\cf1\f51\fs20\qj Contracts with Customers. This update provides further guidance on applying collectability criterion to assess whether the\plain\cf1\f51\fs20\qj contract is valid and represents a substantive transaction on the basis whether a customer has the ability and intention to pay\plain\cf1\f51\fs20\qj the promised consideration.\~The requirements of this standard include an increase in required disclosures. Management has not\plain\cf1\f51\fs20\qj yet selected a transition method and is currently analyzing the impact of the adoption of this guidance on the Company\u8217?s\plain\cf1\f51\fs20\qj condensed consolidated financial statements, including assessing changes that might be necessary to information technology\plain\cf1\f51\fs20\qj systems, processes and internal controls to capture new data and address changes in financial reporting. The Company believes\plain\cf1\f51\fs20\qj that the adoption of the standard will impact the timing of recognition of revenue.\~{\*\bkmkstart PARA2965}{\*\bkmkend PARA2965}\par\pard\plain\fi1012\cf1\f51\fs20\qj \~{\*\bkmkstart PARA5016}{\*\bkmkend PARA5016}\par\pard\plain\fi1012\cf1\f51\fs20\qj In February 2016, the FASB issued ASU No. 2016-02, Leases. ASU 2016-02 is intended to increase the\plain\cf1\f51\fs20\qj transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and\plain\cf1\f51\fs20\qj disclosing key information about leasing arrangements. In order to meet that objective, the new standard requires recognition of\plain\cf1\f51\fs20\qj the assets and liabilities that arise from leases. A lessee will be required to recognize on the balance sheet the assets and\plain\cf1\f51\fs20\qj liabilities for leases with lease terms of more than 12 months.\~Accounting by lessors will remain largely unchanged from\plain\cf1\f51\fs20\qj current U.S.\~GAAP. The requirements of this standard include an increase in required disclosures. The new standard is effective\plain\cf1\f51\fs20\qj for public companies for fiscal years beginning after December\~15, 2018, and interim periods within those years, with early\plain\cf1\f51\fs20\qj adoption permitted. Lessees and lessors will be required to apply the new standard at the beginning of the earliest period\plain\cf1\f51\fs20\qj presented in the financial statements in which they first apply the new guidance, using a modified retrospective transition\plain\cf1\f51\fs20\qj method. The Company is currently evaluating the effect that adopting this standard will have on our financial statements and\plain\cf1\f51\fs20\qj related disclosures. Management expects that the Company will recognize increases in reported amounts for vessel and other\plain\cf1\f51\fs20\qj fixed assets and related lease liabilities upon adoption of the new standard. Refer to \u8220?Note 7. Commitments and\plain\cf1\f51\fs20\qj Contingencies\u8221? to the condensed consolidated financial statements for disclosure about the Company\u8217?s time\plain\cf1\f51\fs20\qj charter and lease commitments as of March 31, 2017.{\*\bkmkstart PARA2967}{\*\bkmkend PARA2967}\par\pard\plain\fi1012\cf1\f51\fs20\ql \~{\*\bkmkstart PARA2973}{\*\bkmkend PARA2973}\par\pard\plain\cf1\f51\fs20\b\qj Note\~4. Vessels{\*\bkmkstart PARA2974}{\*\bkmkend PARA2974}\par\pard\plain\cf1\f51\fs20\qj \~{\*\bkmkstart PARA2975}{\*\bkmkend PARA2975}\par\pard\plain\fi1012\cf1\f51\fs20\i\qj Vessel and Vessel Improvements{\*\bkmkstart PARA2976}{\*\bkmkend PARA2976}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA2977}{\*\bkmkend PARA2977}\par\pard\plain\fi1012\cf1\f51\fs20\qj As of March 31, 2017, the Company\u8217?s owned operating fleet consisted of 41 drybulk vessels.{\*\bkmkstart PARA2978}{\*\bkmkend PARA2978}\par\pard\plain\fi1012\cf1\f51\fs20\qj \~{\*\bkmkstart PARA2979}{\*\bkmkend PARA2979}\par\pard\plain\fi1012\cf1\f51\fs20\qj As of December 31, 2016, the Company considered divesting some of its older as well as inefficient vessels from its\plain\cf1\f51\fs20\qj fleet to achieve operating cost savings as well as potentially acquiring newer and more efficient vessels. The expected sale of\plain\cf1\f51\fs20\qj vessels in the next two years reduces the useful life of the vessels resulting in impairment charge. As a result, we reduced the\plain\cf1\f51\fs20\qj carrying value of each vessel to its fair market value as of December 31, 2016 and recorded an impairment charge of\plain\cf1\f51\fs20\qj $122,860,600. In addition, the Company previously recorded an impairment loss of $6,167,262 as of March 31, 2016.{\*\bkmkstart PARA2980}{\*\bkmkend PARA2980}\par\pard\plain\fi924\cf1\f51\fs20\ql \~{\*\bkmkstart PARA2981}{\*\bkmkend PARA2981}\par\pard\plain\fi924\cf1\f51\fs20\qj On November 14, 2016, the Company, through its subsidiary Eagle Bulk Shipco LLC, signed a memorandum of\plain\cf1\f51\fs20\qj agreement to acquire a 2017 built 64,000 dwt SDARI-64 Ultramax dry bulk vessel constructed at Chengxi Shipyard Co., Ltd\plain\cf1\f51\fs20\qj for $17.9 million. The Company took delivery of the vessel, the Singapore Eagle, on January 11, 2017.{\*\bkmkstart PARA4914_1}{\*\bkmkend PARA4914_1}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PGBK4914}{\*\bkmkend PGBK4914}{\*\bkmkstart PGFTR4914}{\*\bkmkend PGFTR4914}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PGNUM4914}{\*\bkmkend PGNUM4914}\par\pard\plain\cf1\f51\fs20\qc F-7\par\pard\plain\f0\fs4\par\pard\plain\f0\fs2\brdrt\brdrs\brdrw15\brdrcf2\brdrsp0\par\pard\plain\f0\fs4\par \page{\*\bkmkstart PGHDR4914}{\*\bkmkend PGHDR4914}\par\pard\plain\cf1\f51\fs20\li150\ql \~{\*\bkmkstart PARA4914_2}{\*\bkmkend PARA4914_2}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA2983}{\*\bkmkend PARA2983}\par\pard\plain\fi1210\cf1\f51\fs20\qj On January 6, 2017, the Company sold the vessel Redwing for $5.8 million, after brokerage commissions and\plain\cf1\f51\fs20\qj associated selling expenses, and recorded a net gain of approximately $92,000.The vessel was classified as asset held for sale as\plain\cf1\f51\fs20\qj of December 31, 2016. A portion of the proceeds was used towards repayment of the term loan under the First Lien Facility (as\plain\cf1\f51\fs20\qj defined herein).{\*\bkmkstart PARA2984}{\*\bkmkend PARA2984}\par\pard\plain\fi1210\cf1\f51\fs20\qj \~{\*\bkmkstart PARA2985}{\*\bkmkend PARA2985}\par\pard\plain\fi1210\cf1\f51\fs20\qj On March 15, 2017, the Company signed a memorandum of agreement to sell the vessel Sparrow for $4.8 million\plain\cf1\f51\fs20\qj after brokerage commissions and associated selling expenses. The vessel was delivered to the buyers in the second quarter of\plain\cf1\f51\fs20\qj 2017.The Company is expected to record a gain of $1.8 million in the second quarter of 2017. A portion of the proceeds is\plain\cf1\f51\fs20\qj expected to be used towards repayment of the term loan under the First Lien Facility. As of March 31, 2017, the Company\plain\cf1\f51\fs20\qj reported the carrying amount of the vessel as a current asset in its condensed consolidated balance sheet.{\*\bkmkstart PARA2986}{\*\bkmkend PARA2986}\par\pard\plain\fi1210\cf1\f51\fs20\qj \~{\*\bkmkstart PARA2987}{\*\bkmkend PARA2987}\par\pard\plain\cf1\f51\fs20\ql \~\~\~\~\~\~\~\~\~Vessel and vessel improvements consist of the following:{\*\bkmkstart PARA2988}{\*\bkmkend PARA2988}\par\pard\plain\fi1012\cf1\f51\fs20\qj \~{\*\bkmkstart PARA2989}{\*\bkmkend PARA2989}\par\pard\plain\fi1012\cf1\f51\fs20\qj \~\par\pard\plain\f0\fs4\par\pard\plain\f0\fs2\brdrt\brdrs\brdrw15\brdrcf2\brdrsp0\par\pard\plain\f0\fs4\par{\*\bkmkstart TBL3021}{\*\bkmkend TBL3021} \par\pard\plain {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx7380\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7470\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7590\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8945\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9052\trrh248 {\*\bkmkstart PARA2999}{\*\bkmkend PARA2999}\pard\plain\intbl\cf1\f51\fs20\ql Vessels and Vessel Improvements, at December 31, 2016\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr 567,592,950\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx7380\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7470\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7590\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8945\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9052\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7380\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7470\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7590\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8945\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9052\trrh248 {\*\bkmkstart PARA3004}{\*\bkmkend PARA3004}\pard\plain\intbl\cf1\f51\fs20\ql Advance paid for purchase of Singapore Eagle at December 31, 2016\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 1,926,886\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7380\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7470\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7590\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8945\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9052\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx7380\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7470\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7590\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8945\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9052\trrh248 {\*\bkmkstart PARA3006}{\*\bkmkend PARA3006}\pard\plain\intbl\cf1\f51\fs20\ql Purchase of Vessel and Vessel Improvements\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 17,297,323\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx7380\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7470\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7590\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8945\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9052\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7380\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7470\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7590\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8945\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9052\trrh248 {\*\bkmkstart PARA3011}{\*\bkmkend PARA3011}\pard\plain\intbl\cf1\f51\fs20\ql Depreciation Expense\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr (6,472,507\cell{\*\bkmkstart PARA3015}{\*\bkmkend PARA3015}\pard\plain\intbl\cf1\f51\fs20\ql )\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7380\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7470\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7590\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8945\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9052\trrh248\row}}} {\trowd\clbrdrb\brdrs\brdrcf1\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx7380\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7470\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7590\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8945\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9052\trrh248 {\*\bkmkstart PARA3016}{\*\bkmkend PARA3016}\pard\plain\intbl\cf1\f51\fs20\ql Vessels and Vessel Improvements, at March 31, 2017\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr 580,344,652\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clbrdrb\brdrs\brdrcf1\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx7380\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7470\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7590\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8945\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9052\trrh248\row}}}{\*\bkmkstart PARA3022}{\*\bkmkend PARA3022}\pard\plain\fi1012\cf1\f51\fs20\qj \~{\*\bkmkstart PARA3024}{\*\bkmkend PARA3024}\par\pard\plain\cf1\f51\fs20\b\qj Note\~5. Debt{\*\bkmkstart PARA3025}{\*\bkmkend PARA3025}\par\pard\plain\fi1012\cf1\f51\fs20\ql \~{\*\bkmkstart TBL3096}{\*\bkmkend TBL3096} \par\pard\plain {\trowd\cellx6968\cellx7071\clbrdrb\brdrs\brdrcf1\cellx8629\cellx8735\cellx8838\clbrdrb\brdrs\brdrcf1\cellx10540\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{\*\bkmkstart PARA3028}{\*\bkmkend PARA3028}\pard\plain\intbl\cf1\f51\fs20\b\qc March 31, 2017\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{\*\bkmkstart PARA3031}{\*\bkmkend PARA3031}\pard\plain\intbl\cf1\f51\fs20\b\qc December 31, 2016\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{ {\trowd\cellx6968\cellx7071\clbrdrb\brdrs\brdrcf1\cellx8629\cellx8735\cellx8838\clbrdrb\brdrs\brdrcf1\cellx10540\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx6968\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7071\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7369\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8628\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8734\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8837\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9280\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA3033}{\*\bkmkend PARA3033}\pard\plain\intbl\cf1\f51\fs20\ql First Lien Facility\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr 206,203,750\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr 209,099,000\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx6968\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7071\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7369\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8628\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8734\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8837\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9280\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx6968\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7071\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7369\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8628\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8734\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8837\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9280\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA3042}{\*\bkmkend PARA3042}\pard\plain\intbl\cf1\f51\fs20\ql Debt issuance costs - First Lien\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr (4,319,000\cell{\*\bkmkstart PARA3046}{\*\bkmkend PARA3046}\pard\plain\intbl\cf1\f51\fs20\ql )\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr (4,746,682\cell{\*\bkmkstart PARA3050}{\*\bkmkend PARA3050}\pard\plain\intbl\cf1\f51\fs20\ql )\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx6968\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7071\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7369\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8628\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8734\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8837\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9280\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx6968\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7071\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7369\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8628\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8734\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8837\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9280\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA3051}{\*\bkmkend PARA3051}\pard\plain\intbl\cf1\f51\fs20\ql First Lien Facility, net of debt issuance costs\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 201,884,750\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 204,352,318\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx6968\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7071\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7369\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8628\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8734\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8837\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9280\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx6968\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7071\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7369\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8628\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8734\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8837\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9280\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA3060}{\*\bkmkend PARA3060}\pard\plain\intbl\cf1\f51\fs20\ql Second Lien Facility\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 69,662,736\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 67,327,843\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx6968\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7071\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7369\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8628\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8734\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8837\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9280\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx6968\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7071\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7369\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8628\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8734\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8837\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9280\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA3069}{\*\bkmkend PARA3069}\pard\plain\intbl\cf1\f51\fs20\ql Debt discount and Debt issuance costs - Second Lien Facility\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr (14,719,336\cell{\*\bkmkstart PARA3073}{\*\bkmkend PARA3073}\pard\plain\intbl\cf1\f51\fs20\ql )\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr (15,736,617\cell{\*\bkmkstart PARA3077}{\*\bkmkend PARA3077}\pard\plain\intbl\cf1\f51\fs20\ql )\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx6968\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7071\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7369\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8628\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8734\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8837\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9280\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx6968\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7071\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7369\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8628\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8734\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8837\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9280\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 {\*\bkmkstart PARA3078}{\*\bkmkend PARA3078}\pard\plain\intbl\cf1\f51\fs20\ql Second Lien Facility, net of Debt issuance costs and debt discount\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 54,943,400\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 51,591,226\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx6968\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7071\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7369\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8628\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8734\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8837\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9280\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10539\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx6968\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7071\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7369\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8628\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8734\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8837\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9280\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA3087}{\*\bkmkend PARA3087}\pard\plain\intbl\cf1\f51\fs20\ql Total debt\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr 256,828,150\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr 255,943,544\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx6968\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7071\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7369\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8628\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8734\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8837\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9280\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10539\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}}{\*\bkmkstart PARA3097}{\*\bkmkend PARA3097}\pard\plain\fi1012\cf1\f51\fs20\ql \~{\*\bkmkstart PARA3103}{\*\bkmkend PARA3103}\par\pard\plain\cf1\f51\fs20\i\qj First Lien Facility{\*\bkmkstart PARA3104}{\*\bkmkend PARA3104}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~\~{\*\bkmkstart PARA5043}{\*\bkmkend PARA5043}\par\pard\plain\fi1100\cf1\f51\fs20\qj On March 30, 2016, Eagle Shipping LLC, a limited liability company organized under the laws of the Marshall\plain\cf1\f51\fs20\qj Islands (\u8220?Eagle Shipping\u8221?), as borrower, and certain of its subsidiaries that were guarantors of the\plain\cf1\f51\fs20\qj Company\u8217?s obligations under the Company\u8217?s senior secured credit facility (the \u8220?Exit Financing\plain\cf1\f51\fs20\qj Facility\u8221?), as guarantors, entered into an Amended and Restated First Lien Loan Agreement (the \u8220?A&R First Lien\plain\cf1\f51\fs20\qj Loan Agreement\u8221?) with the lenders thereunder (the \u8220?First Lien Lenders\u8221?) and ABN AMRO Capital USA\plain\cf1\f51\fs20\qj LLC, as agent and security trustee for the lenders. The A&R First Lien Loan Agreement amends and restates the Exit\plain\cf1\f51\fs20\qj Financing Facility in its entirety, provides for Eagle Shipping to be the borrower in the place of the Company, and further\plain\cf1\f51\fs20\qj provides for a waiver of any and all events of default occurring as a result of the voluntary OFAC Disclosure (as defined in\plain\cf1\f51\fs20\qj \u8220?Note 7. Commitments and Contingencies - Legal Proceedings\u8221? to the condensed consolidated financial\plain\cf1\f51\fs20\qj statements. The A&R First Lien Loan Agreement provides for a term loan that was outstanding as of March 30, 2016, in the\plain\cf1\f51\fs20\qj amount of $201,468,750 after giving effect to the entry into the A&R First Lien Loan Agreement and the Second Lien Loan\plain\cf1\f51\fs20\qj Agreement (as defined below) as well as a $50,000,000 revolving credit facility, of which $10,000,000 was undrawn as of\plain\cf1\f51\fs20\qj March 30, 2016 (the term loan, together with the revolving credit facility, the \u8220?First Lien Facility\u8221?). The First\plain\cf1\f51\fs20\qj Lien Facility matures on October 15, 2019. An aggregate fee of $600,000 was paid to the agent and First Lien Lenders in\plain\cf1\f51\fs20\qj connection with the First Lien Facility.\par\pard\plain\fi1100\cf1\f51\fs20\qj \~{\*\bkmkstart PGBK4915}{\*\bkmkend PGBK4915}{\*\bkmkstart PGFTR4915}{\*\bkmkend PGFTR4915}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PGNUM4915}{\*\bkmkend PGNUM4915}\par\pard\plain\cf1\f51\fs20\qc F-8\par\pard\plain\f0\fs4\par\pard\plain\f0\fs2\brdrt\brdrs\brdrw15\brdrcf2\brdrsp0\par\pard\plain\f0\fs4\par \page{\*\bkmkstart PGHDR4915}{\*\bkmkend PGHDR4915}\par\pard\plain\cf1\f51\fs20\li150\ql \~{\*\bkmkstart PARA4915_2}{\*\bkmkend PARA4915_2}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA3107}{\*\bkmkend PARA3107}\par\pard\plain\fi1100\cf1\f51\fs20\qj As of March 31, 2017, Eagle Shipping\u8217?s total availability in the revolving credit facility under the First Lien\plain\cf1\f51\fs20\qj Facility was $25,000,000.\par\pard\plain\fi1100\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4978}{\*\bkmkend PARA4978}\par\pard\plain\fi1100\cf1\f51\fs20\qj The A&R First Lien Agreement contains financial covenants requiring Eagle Shipping, among other things, to\plain\cf1\f51\fs20\qj ensure that the aggregate market value of the vessels in Eagle Shipping\u8217?s fleet (plus the value of certain additional\plain\cf1\f51\fs20\qj collateral) at all times on or after July 1, 2017 does not fall below 100% in the third and fourth quarters of 2017, 110% in\plain\cf1\f51\fs20\qj 2018 and 120% in 2019 of the aggregate principal amount of debt outstanding (subject to certain adjustments) under the First\plain\cf1\f51\fs20\qj Lien Facility and maintain minimum liquidity of not less than the greater of (i) $8,140,000 and (ii) $185,000 per vessel in\plain\cf1\f51\fs20\qj Eagle Shipping\u8217?s fleet. In addition, the A&R First Lien Agreement imposes operating restrictions on Eagle Shipping\plain\cf1\f51\fs20\qj including limiting Eagle Shipping\u8217?s ability to, among other things: incur additional indebtedness; create liens on assets;\plain\cf1\f51\fs20\qj acquire and sell capital assets (including vessels); and merge or consolidate with, or transfer all or substantially all of Eagle\plain\cf1\f51\fs20\qj Shipping\u8217?s assets to, another person. The A&R First Lien Loan Agreement also includes customary events of default,\plain\cf1\f51\fs20\qj including those relating to a failure to pay principal or interest, a breach of covenant, representation or warranty, a\plain\cf1\f51\fs20\qj cross-default to other indebtedness and non-compliance with security documents. Further, there would be a default if any event\plain\cf1\f51\fs20\qj occurs or circumstances arise in light of which, in the First Lien Lenders\u8217? judgment, there is significant risk that Eagle\plain\cf1\f51\fs20\qj Shipping is or would become insolvent. Eagle Shipping is not permitted to pay dividends. Indebtedness under the First Lien\plain\cf1\f51\fs20\qj Facility may also be accelerated if Eagle Shipping experiences a change of control.\par\pard\plain\fi1100\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4981}{\*\bkmkend PARA4981}\par\pard\plain\fi1100\cf1\f51\fs20\qj Upon entering into the A&R First Lien Loan Agreement, Eagle Shipping paid three quarters of amortization\plain\cf1\f51\fs20\qj payments with respect to the term loan under the First Lien Facility in the aggregate amount of $11,718,750, paid down\plain\cf1\f51\fs20\qj $30,158,500, a portion of the amount outstanding in respect of the revolving credit facility under the First Lien Facility,\plain\cf1\f51\fs20\qj maintained a minimum liquidity of $8,140,000 and added cash to the balance sheet. In addition, Eagle Shipping paid the first\plain\cf1\f51\fs20\qj quarter amortization of $3,906,250 under the previously outstanding Exit Financing Facility. For the fiscal quarters ending June\plain\cf1\f51\fs20\qj 30, 2017, and June 30, 2018 and the fiscal years ending December 31, 2017 and December 31, 2018 (each, a\plain\cf1\f51\fs20\qj \u8220?Semi-Annual Determination Date\u8221?), Eagle Shipping is obligated to repay the term loan under the First Lien\plain\cf1\f51\fs20\qj Facility in an amount equal to 75% of Eagle Shipping\u8217?s excess cash flow for the two fiscal quarters ended as of such\plain\cf1\f51\fs20\qj Semi-Annual Determination Date, subject to a cap of such mandatory prepayments of $15,625,000 in any fiscal year.\plain\cf1\f51\fs20\qj Thereafter, Eagle Shipping will make payments of $3,906,250 on January 15, 2019, April 15, 2019, and July 15, 2019, and a\plain\cf1\f51\fs20\qj final balloon payment equal to the remaining amount outstanding under the term loan under the First Lien Facility on October\plain\cf1\f51\fs20\qj 15, 2019.{\*\bkmkstart PARA4982}{\*\bkmkend PARA4982}\par\pard\plain\fi1100\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4983}{\*\bkmkend PARA4983}\par\pard\plain\fi1100\cf1\f51\fs20\qj Eagle Shipping has prepaid $8,546,250 of the term loan as of March 31, 2017 pursuant to the terms of the A&R\plain\cf1\f51\fs20\qj First Lien Loan Agreement relating to mandatory prepayments upon sales of vessels. The repayment schedule above has\plain\cf1\f51\fs20\qj therefore been adjusted to account for such prepayments made through March 31, 2017, such that Eagle Shipping is required to\plain\cf1\f51\fs20\qj make payments of $3,680,939 on January 15, 2019, April 15, 2019, and July 15, 2019, and a final balloon payment equal to\plain\cf1\f51\fs20\qj the remaining amount outstanding under the First Lien Facility on October 15, 2019. As a result of the mandatory prepayments\plain\cf1\f51\fs20\qj made through March 31, 2017, Eagle Shipping is not required to comply with the minimum security covenant until October\plain\cf1\f51\fs20\qj 2017 pursuant to the terms of the A&R First Lien Loan Agreement.{\*\bkmkstart PARA4984}{\*\bkmkend PARA4984}\par\pard\plain\fi1100\cf1\f51\fs20\qj \~\~{\*\bkmkstart PARA3117}{\*\bkmkend PARA3117}\par\pard\plain\cf1\f51\fs20\i\qj Second Lien Facility{\*\bkmkstart PARA3118}{\*\bkmkend PARA3118}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4987}{\*\bkmkend PARA4987}\par\pard\plain\fi924\cf1\f51\fs20\qj On March 30, 2016, Eagle Shipping, as borrower, and certain of its subsidiaries that were guarantors of the\plain\cf1\f51\fs20\qj Company\u8217?s obligations under the Exit Financing Facility, as guarantors, entered into a Second Lien Loan Agreement (the\plain\cf1\f51\fs20\qj \u8220?Second Lien Loan Agreement\u8221?) with certain lenders (the \u8220?Second Lien Lenders\u8221?) and Wilmington\plain\cf1\f51\fs20\qj Savings Fund Society, FSB as agent for the Second Lien Lenders (the \u8220?Second Lien Agent\u8221?). The Second Lien\plain\cf1\f51\fs20\qj Lenders include certain of the Company\u8217?s existing shareholders as well as other investors. The Second Lien Loan\plain\cf1\f51\fs20\qj Agreement provides for a term loan in the amount of $60,000,000 (the \u8220?Second Lien Facility\u8221?), and matures on\plain\cf1\f51\fs20\qj January 14, 2020 (91 days after the original stated maturity of the First Lien Facility). The term loan under the Second Lien\plain\cf1\f51\fs20\qj Facility bears interest at a rate of LIBOR plus 14.00% per annum (with a 1.0% LIBOR floor) or the Base Rate (as defined in\plain\cf1\f51\fs20\qj the Second Lien Loan Agreement) plus 13.00% per annum, paid in kind quarterly in arrears. Eagle Shipping used the proceeds\plain\cf1\f51\fs20\qj from the Second Lien Facility to pay down $30,158,500, a portion of the amount outstanding in respect of the revolving credit\plain\cf1\f51\fs20\qj facility under the First Lien Facility, pay three quarters of amortization payments under the First Lien Facility, pay transaction\plain\cf1\f51\fs20\qj fees in connection with the entry into the A&R First Lien Loan Agreement and the Second Lien Loan Agreement, maintain a\plain\cf1\f51\fs20\qj minimum liquidity of $8,140,000 and add cash to its balance sheet.{\*\bkmkstart PARA4988}{\*\bkmkend PARA4988}\par\pard\plain\cf1\f51\fs20\ql \~\~{\*\bkmkstart PGBK4916}{\*\bkmkend PGBK4916}{\*\bkmkstart PGFTR4916}{\*\bkmkend PGFTR4916}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PGNUM4916}{\*\bkmkend PGNUM4916}\par\pard\plain\cf1\f51\fs20\qc F-9\par\pard\plain\f0\fs4\par\pard\plain\f0\fs2\brdrt\brdrs\brdrw15\brdrcf2\brdrsp0\par\pard\plain\f0\fs4\par \page{\*\bkmkstart PGHDR4916}{\*\bkmkend PGHDR4916}\par\pard\plain\cf1\f51\fs20\li150\ql \~{\*\bkmkstart PARA4916_2}{\*\bkmkend PARA4916_2}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~\~{\*\bkmkstart PARA3123}{\*\bkmkend PARA3123}\par\pard\plain\fi1100\cf1\f51\fs20\qj The Second Lien Loan Agreement contains financial covenants substantially similar to those in the A&R First Lien\plain\cf1\f51\fs20\qj Loan Agreement, subject to standard cushions, requiring Eagle Shipping, among other things, to ensure that the aggregate\plain\cf1\f51\fs20\qj market value of the vessels in Eagle Shipping\u8217?s fleet (plus the value of certain additional collateral) at all times on or\plain\cf1\f51\fs20\qj after July 1, 2017 does not fall below 100% in the third and fourth quarters of 2017, 110% in 2018 and 120% in 2019 of the\plain\cf1\f51\fs20\qj aggregate principal amount of debt outstanding (subject to certain adjustments) under the Second Lien Facility (provided that\plain\cf1\f51\fs20\qj Eagle Shipping will not be required to comply with such covenant until the discharge of its obligations under the A&R First\plain\cf1\f51\fs20\qj Lien Loan Agreement) and to maintain a minimum liquidity of not less than the greater of (i) $6,512,000 and (ii) $148,000 per\plain\cf1\f51\fs20\qj vessel in Eagle Shipping\u8217?s fleet. In addition, the Second Lien Loan Agreement also imposes operating restrictions on\plain\cf1\f51\fs20\qj Eagle Shipping including limiting Eagle Shipping\u8217?s ability to, among other things: incur additional indebtedness; create\plain\cf1\f51\fs20\qj liens on assets; acquire and sell capital assets (including vessels); and merge or consolidate with, or transfer all or substantially\plain\cf1\f51\fs20\qj all of Eagle Shipping\u8217?s assets to, another person. Eagle Shipping may not prepay the Second Lien Facility while\plain\cf1\f51\fs20\qj amounts or commitments under the First Lien Facility remain outstanding.\par\pard\plain\fi1100\cf1\f51\fs20\qj \~{\*\bkmkstart PARA5018}{\*\bkmkend PARA5018}\par\pard\plain\fi1100\cf1\f51\fs20\qj The Second Lien Loan Agreement also includes customary events of default, including those relating to a failure to\plain\cf1\f51\fs20\qj pay principal or interest, a breach of covenant, representation or warranty, a cross-default to other indebtedness and\plain\cf1\f51\fs20\qj non-compliance with security documents. Further, there would be a default if any event occurs or circumstances arise in light\plain\cf1\f51\fs20\qj of which, in the Second Lien Lenders\u8217? judgment, there is significant risk that Eagle Shipping is or would become\plain\cf1\f51\fs20\qj insolvent. Eagle Shipping is not permitted to pay dividends. Indebtedness under the Second Lien Facility may also be\plain\cf1\f51\fs20\qj accelerated if Eagle Shipping experiences a change of control.{\*\bkmkstart PARA3124}{\*\bkmkend PARA3124}\par\pard\plain\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4936}{\*\bkmkend PARA4936}\par\pard\plain\fi1012\cf1\f51\fs20\qj For the three-month period ended March 31, 2017, interest rates on our outstanding debt under First Lien Facility\plain\cf1\f51\fs20\qj ranged from 4.77% to 4.99%, including a margin over LIBOR and commitment fees of 40% of the margin on the undrawn\plain\cf1\f51\fs20\qj portion of the facility. The weighted average effective interest rate was 5.31%. The interest rate on payment-in-kind interest on\plain\cf1\f51\fs20\qj our Second Lien Facility was 15% including a margin over LIBOR. The weighted average effective interest rate on our Second\plain\cf1\f51\fs20\qj Lien Facility including the amortization of debt discount for this period was 17.05%. The payment-in-kind interest is due\plain\cf1\f51\fs20\qj January 19, 2020.\~\par\pard\plain\fi1012\cf1\f51\fs20\qj \~\par\pard\plain\fi1012\cf1\f51\fs20\qj For the three-month period ended March 31, 2016, interest rates on our outstanding debt ranged from 3.86% to\plain\cf1\f51\fs20\qj 6.39%, including a margin over LIBOR applicable under the terms of the Exit Financing Facility and commitment fees of 40%\plain\cf1\f51\fs20\qj of the margin on the undrawn portion of the facility. The weighted average effective interest rate was 5.06%.{\*\bkmkstart PARA3139}{\*\bkmkend PARA3139}\par\pard\plain\fi1100\cf1\f51\fs20\ql \~{\*\bkmkstart PGBK4917}{\*\bkmkend PGBK4917}{\*\bkmkstart PGFTR4917}{\*\bkmkend PGFTR4917}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PGNUM4917}{\*\bkmkend PGNUM4917}\par\pard\plain\cf1\f51\fs20\qc F-10\par\pard\plain\f0\fs4\par\pard\plain\f0\fs2\brdrt\brdrs\brdrw15\brdrcf2\brdrsp0\par\pard\plain\f0\fs4\par \page{\*\bkmkstart PGHDR4917}{\*\bkmkend PGHDR4917}\par\pard\plain\cf1\f51\fs20\li150\ql \~{\*\bkmkstart PARA4917_2}{\*\bkmkend PARA4917_2}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA3140}{\*\bkmkend PARA3140}\par\pard\plain\fi1012\cf1\f51\fs20\ql Interest Expense consisted of:{\*\bkmkstart PARA3141}{\*\bkmkend PARA3141}\par\pard\plain\fi1012\cf1\f51\fs20\ql \~{\*\bkmkstart TBL3195}{\*\bkmkend TBL3195} \par\pard\plain {\trowd\clbrdrb\brdrs\brdrcf1\clvertalb\cellx4937\clbrdrb\brdrs\brdrcf1\clvertalb\cellx5020\clbrdrb\brdrs\brdrcf1\clvertalb\cellx6637\clbrdrb\brdrs\brdrcf1\clvertalb\cellx6727\clbrdrb\brdrs\brdrcf1\clvertalb\cellx6810\clbrdrb\brdrs\brdrcf1\clvertalb\cellx8427\clvertalb\cellx8520\trrh248 \pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{\*\bkmkstart PARA3145}{\*\bkmkend PARA3145}\pard\plain\intbl\cf1\f51\fs20\b\qc March 31, 2017\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{\*\bkmkstart PARA3148}{\*\bkmkend PARA3148}\pard\plain\intbl\cf1\f51\fs20\b\qc March 31, 2016\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{ {\trowd\clbrdrb\brdrs\brdrcf1\clvertalb\cellx4937\clbrdrb\brdrs\brdrcf1\clvertalb\cellx5020\clbrdrb\brdrs\brdrcf1\clvertalb\cellx6637\clbrdrb\brdrs\brdrcf1\clvertalb\cellx6727\clbrdrb\brdrs\brdrcf1\clvertalb\cellx6810\clbrdrb\brdrs\brdrcf1\clvertalb\cellx8427\clvertalb\cellx8520\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx4937\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5020\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5318\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6636\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6726\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6809\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7107\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8425\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8520\trrh248 {\*\bkmkstart PARA3150}{\*\bkmkend PARA3150}\pard\plain\intbl\cf1\f51\fs20\ql First Lien Facility/Exit Financing Facility\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr 2,665,175\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr 2,509,142\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx4937\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5020\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5318\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6636\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6726\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6809\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7107\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8425\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8520\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx4937\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx5020\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx5318\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6636\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6726\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6809\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7107\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8425\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8520\trrh248 {\*\bkmkstart PARA3159}{\*\bkmkend PARA3159}\pard\plain\intbl\cf1\f51\fs20\ql Amortization of Debt issuance costs\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 1,444,963\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 308,504\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx4937\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx5020\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx5318\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6636\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6726\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6809\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7107\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8425\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8520\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx4937\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5020\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5318\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6636\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6726\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6809\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7107\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8425\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8520\trrh248 {\*\bkmkstart PARA3168}{\*\bkmkend PARA3168}\pard\plain\intbl\cf1\f51\fs20\ql Payment in kind interest on Second Lien Facility\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 2,334,893\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr -\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx4937\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5020\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5318\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6636\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6726\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6809\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7107\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8425\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8520\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4937\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5020\clbrdrb\brdrs\brdrcf1\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5318\clbrdrb\brdrs\brdrcf1\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6636\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6726\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6809\clbrdrb\brdrs\brdrcf1\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7107\clbrdrb\brdrs\brdrcf1\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8425\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8520\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4937\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5020\clbrdrb\brdrs\brdrcf1\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5318\clbrdrb\brdrs\brdrcf1\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6636\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6726\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6809\clbrdrb\brdrs\brdrcf1\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7107\clbrdrb\brdrs\brdrcf1\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8425\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8520\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx4937\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5020\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5318\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6636\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6726\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6809\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7107\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8425\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8520\trrh248 {\*\bkmkstart PARA3186}{\*\bkmkend PARA3186}\pard\plain\intbl\cf1\f51\fs20\ql Total Interest Expense\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr 6,445,031\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr 2,817,646\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx4937\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5020\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5318\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6636\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6726\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6809\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7107\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8425\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8520\trrh248\row}}}{\*\bkmkstart PARA3196}{\*\bkmkend PARA3196}\pard\plain\fi1012\cf1\f51\fs20\qj \~{\*\bkmkstart PARA3197}{\*\bkmkend PARA3197}\par\pard\plain\fi924\cf1\f51\fs20\qj Interest paid amounted to $2,694,046 and $2,529,674 for the three months ended March 31, 2017 and 2016,\plain\cf1\f51\fs20\qj respectively.{\*\bkmkstart PARA3198}{\*\bkmkend PARA3198}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA3199}{\*\bkmkend PARA3199}\par\pard\plain\li154\cf1\f51\fs20\ql \~\plain\li154\cf1\f51\fs20\b\ql Note\~6. Derivative Instruments and Fair Value Measurements{\*\bkmkstart PARA3200}{\*\bkmkend PARA3200}\par\pard\plain\cf1\f51\fs20\b\ql \~{\*\bkmkstart PARA4937}{\*\bkmkend PARA4937}\par\pard\plain\cf1\f51\fs20\i\qj Forward freight agreements and bunker swaps{\*\bkmkstart PARA4938}{\*\bkmkend PARA4938}\par\pard\plain\cf1\f51\fs20\i\qj \~{\*\bkmkstart PARA4939}{\*\bkmkend PARA4939}\par\pard\plain\fi1012\cf1\f51\fs20\qj The Company trades in forward freight agreements (\u8220?FFAs\u8221?), with the objective of utilizing this\plain\cf1\f51\fs20\qj market as economic hedging instruments that reduce the risk of specific vessels to changes in the freight market. The\plain\cf1\f51\fs20\qj Company\u8217?s FFAs have not qualified for hedge accounting treatment. As such, unrealized and realized losses are\plain\cf1\f51\fs20\qj recognized as a component of other expense in the condensed consolidated statement of operations for the three months ended\plain\cf1\f51\fs20\qj March 31, 2017. As of March 31, 2017, the Company recorded $293,007 as fair value of the derivatives which\~are classified as\plain\cf1\f51\fs20\qj a current liability in the accompanying condensed consolidated balance sheet. As of December 31, 2016, the Company did not\plain\cf1\f51\fs20\qj have any open positions and as such, no asset or liability is recorded in the accompanying consolidated balance sheets.{\*\bkmkstart PARA4940}{\*\bkmkend PARA4940}\par\pard\plain\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4941}{\*\bkmkend PARA4941}\par\pard\plain\fi1100\cf1\f51\fs20\qj The effect of non-designated derivative instruments on the consolidated statements of operations is as follows:{\*\bkmkstart PARA3208}{\*\bkmkend PARA3208}\par\pard\plain\fi1012\cf1\f51\fs20\qj \~{\*\bkmkstart PARA3209}{\*\bkmkend PARA3209}\par\pard\plain\fi1012\cf1\f51\fs20\qj \~{\*\bkmkstart TBL3242}{\*\bkmkend TBL3242} \par\pard\plain {\trowd\clvertalc\cellx2413\cellx4925\clvertalb\cellx5008\clbrdrb\brdrs\brdrcf1\clvertalb\cellx8429\clvertalb\cellx8520\trrh495 {\*\bkmkstart PARA3210}{\*\bkmkend PARA3210}\pard\plain\intbl\cf1\f51\fs20\ql Derivatives not designated\plain\intbl\cf1\f51\fs20\ql as hedging instruments\cell{\*\bkmkstart PARA3211}{\*\bkmkend PARA3211}\pard\plain\intbl\li198\fi-198\cf1\f51\fs20\ql Location of loss recognized\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA3213}{\*\bkmkend PARA3213}\pard\plain\intbl\li198\fi-198\cf1\f51\fs20\qc Amount of Loss\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\cellx2413\cellx4925\clvertalb\cellx5008\clbrdrb\brdrs\brdrcf1\clvertalb\cellx8429\clvertalb\cellx8520\trrh495\row}}} {\trowd\clbrdrb\brdrs\brdrcf1\clvertalc\cellx2413\clbrdrb\brdrs\brdrcf1\clvertalc\cellx4925\clvertalc\cellx5008\clbrdrb\brdrs\brdrcf1\clvertalc\cellx6600\clvertalc\cellx6742\clvertalc\cellx6884\clbrdrb\brdrs\brdrcf1\clvertalc\cellx8427\clvertalc\cellx8520\trrh990 \pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{\*\bkmkstart PARA3217}{\*\bkmkend PARA3217}\pard\plain\intbl\cf1\f51\fs20\b\qc For the three\par\pard\plain\intbl\cf1\f51\fs20\b\qc months ended{\*\bkmkstart PARA3218}{\*\bkmkend PARA3218}\par\pard\plain\intbl\cf1\f51\fs20\b\qc March 31,{\*\bkmkstart PARA3219}{\*\bkmkend PARA3219}\par\pard\plain\intbl\cf1\f51\fs20\b\qc 2017\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{\*\bkmkstart PARA3222}{\*\bkmkend PARA3222}\pard\plain\intbl\cf1\f51\fs20\b\qc For the three\par\pard\plain\intbl\cf1\f51\fs20\b\qc months ended{\*\bkmkstart PARA3223}{\*\bkmkend PARA3223}\par\pard\plain\intbl\cf1\f51\fs20\b\qc March 31,{\*\bkmkstart PARA3224}{\*\bkmkend PARA3224}\par\pard\plain\intbl\cf1\f51\fs20\b\qc 2016\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{ {\trowd\clbrdrb\brdrs\brdrcf1\clvertalc\cellx2413\clbrdrb\brdrs\brdrcf1\clvertalc\cellx4925\clvertalc\cellx5008\clbrdrb\brdrs\brdrcf1\clvertalc\cellx6600\clvertalc\cellx6742\clvertalc\cellx6884\clbrdrb\brdrs\brdrcf1\clvertalc\cellx8427\clvertalc\cellx8520\trrh990\row}}} {\trowd\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx2413\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4925\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5008\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5334\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6599\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6741\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6883\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7209\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8426\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8520\trrh248 {\*\bkmkstart PARA3225}{\*\bkmkend PARA3225}\pard\plain\intbl\cf1\f51\fs20\ql FFAs\cell{\*\bkmkstart PARA3226}{\*\bkmkend PARA3226}\pard\plain\intbl\li198\fi-198\cf1\f51\fs20\qj Other expense\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr 306,559\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr -\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx2413\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4925\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5008\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5334\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6599\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6741\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6883\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7209\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8426\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8520\trrh248\row}}} {\trowd\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx4925\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx5008\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx5334\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6599\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6741\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6883\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7209\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8426\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8520\trrh248 {\*\bkmkstart PARA3234}{\*\bkmkend PARA3234}\pard\plain\intbl\cf1\f51\fs20\ql Total\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr 306,559\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr -\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx4925\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx5008\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx5334\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6599\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6741\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6883\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7209\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8426\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8520\trrh248\row}}}{\*\bkmkstart PARA3243}{\*\bkmkend PARA3243}\pard\plain\fi1012\cf1\f51\fs20\qj \~{\*\bkmkstart PARA3244}{\*\bkmkend PARA3244}\par\pard\plain\ri154\cf1\f51\fs20\qj \~\~\plain\ri154\cf1\f51\fs20\i\qj Cash Collateral Disclosures{\*\bkmkstart PARA3245}{\*\bkmkend PARA3245}\par\pard\plain\cf1\f51\fs20\ql \~{\*\bkmkstart PARA3246}{\*\bkmkend PARA3246}\par\pard\plain\cf1\f51\fs20\ql The Company does not offset fair value amounts recognized for derivatives by the right to reclaim cash collateral or the\plain\cf1\f51\fs20\ql obligation to return cash collateral. The amount of collateral to be posted\~is defined in the terms of respective master agreement\plain\cf1\f51\fs20\ql executed with counterparties or exchanges and is required when agreed upon threshold limits are exceeded. As of March 31,\plain\cf1\f51\fs20\ql 2017 and December 31, 2016, the Company posted cash collateral related to derivative instruments under its collateral security\plain\cf1\f51\fs20\ql arrangements of $738,201 and nil, respectively, which is recorded as other current assets in the condensed consolidated balance\plain\cf1\f51\fs20\ql sheets.{\*\bkmkstart PARA3247}{\*\bkmkend PARA3247}\par\pard\plain\fi1012\cf1\f51\fs20\qj \~{\*\bkmkstart PARA3248}{\*\bkmkend PARA3248}\par\pard\plain\cf1\f51\fs20\i\ql Fair Value Measurements{\*\bkmkstart PARA3249}{\*\bkmkend PARA3249}\par\pard\plain\cf1\f51\fs20\ql \~{\*\bkmkstart PARA3250}{\*\bkmkend PARA3250}\par\pard\plain\fi924\cf1\f51\fs20\qj The following methods and assumptions were used to estimate the fair value of each class of financial instrument:{\*\bkmkstart PARA3251}{\*\bkmkend PARA3251}\par\pard\plain\fi924\cf1\f51\fs20\i\qj \~{\*\bkmkstart PARA3252}{\*\bkmkend PARA3252}\par\pard\plain\fi924\cf1\f51\fs20\i\ql Cash, cash equivalents and restricted cash\u8212?\plain\cf1\f51\fs20\ql the carrying amounts reported in the consolidated balance sheets\plain\cf1\f51\fs20\ql for interest-bearing deposits approximate their fair value due to their short-term nature thereof.{\*\bkmkstart PARA3253}{\*\bkmkend PARA3253}\par\pard\plain\fi924\cf1\f51\fs20\qj \~{\*\bkmkstart PARA3254}{\*\bkmkend PARA3254}\par\pard\plain\fi924\cf1\f51\fs20\i\ql Debt\plain\cf1\f51\fs20\ql \u8212?the carrying amounts of borrowings under the revolving credit agreement approximate their fair value,\plain\cf1\f51\fs20\ql due to the variable interest rate nature thereof.{\*\bkmkstart PARA3255}{\*\bkmkend PARA3255}\par\pard\plain\fi924\cf1\f51\fs20\qj \~{\*\bkmkstart PARA3256}{\*\bkmkend PARA3256}\par\pard\plain\fi924\cf1\f51\fs20\qj The Company defines fair value, establishes a framework for measuring fair value and provides disclosures about fair\plain\cf1\f51\fs20\qj value measurements. The fair value hierarchy for disclosure of fair value measurements is as follows:{\*\bkmkstart PARA3257}{\*\bkmkend PARA3257}\par\pard\plain\cf1\f51\fs20\ql \~{\*\bkmkstart PARA3258}{\*\bkmkend PARA3258}\par\pard\plain\cf1\f51\fs20\ql Level 1 \u8211? Quoted prices in active markets for identical assets or liabilities. Our Level 1 non-derivatives include cash,\plain\cf1\f51\fs20\ql money-market accounts and restricted cash accounts.{\*\bkmkstart PARA3259}{\*\bkmkend PARA3259}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PGBK4918}{\*\bkmkend PGBK4918}{\*\bkmkstart PGFTR4918}{\*\bkmkend PGFTR4918}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PGNUM4918}{\*\bkmkend PGNUM4918}\par\pard\plain\cf1\f51\fs20\qc F-11\par\pard\plain\f0\fs4\par\pard\plain\f0\fs2\brdrt\brdrs\brdrw15\brdrcf2\brdrsp0\par\pard\plain\f0\fs4\par \page{\*\bkmkstart PGHDR4918}{\*\bkmkend PGHDR4918}\par\pard\plain\cf1\f51\fs20\li150\ql \~{\*\bkmkstart PARA4918_2}{\*\bkmkend PARA4918_2}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA3260}{\*\bkmkend PARA3260}\par\pard\plain\cf1\f51\fs20\ql Level 2 \u8211? Quoted prices for similar assets and liabilities in active markets or inputs that are observable. Our Level 2\plain\cf1\f51\fs20\ql non-derivatives include our debt balances under First Lien Facility.{\*\bkmkstart PARA3261}{\*\bkmkend PARA3261}\par\pard\plain\cf1\f51\fs20\ql \~{\*\bkmkstart PARA3262}{\*\bkmkend PARA3262}\par\pard\plain\cf1\f51\fs20\ql Level 3 \u8211? Inputs that are unobservable (for example cash flow modeling inputs based on assumptions){\*\bkmkstart PARA3263}{\*\bkmkend PARA3263}\par\pard\plain\fi1012\cf1\f51\fs20\qj \~{\*\bkmkstart PARA3264}{\*\bkmkend PARA3264}\par\pard\plain\cf1\f51\fs20\b\qj Note\~7. Commitments and Contingencies{\*\bkmkstart PARA3265}{\*\bkmkend PARA3265}\par\pard\plain\cf1\f51\fs20\qj \~{\*\bkmkstart PARA3266}{\*\bkmkend PARA3266}\par\pard\plain\cf1\f51\fs20\i\ql Legal Proceedings{\*\bkmkstart PARA3267}{\*\bkmkend PARA3267}\par\pard\plain\cf1\f51\fs20\i\ql \~{\*\bkmkstart PARA3268}{\*\bkmkend PARA3268}\par\pard\plain\fi1012\cf1\f51\fs20\qj The Company is involved in legal proceedings and may become involved in other legal matters arising in the\plain\cf1\f51\fs20\qj ordinary course of its business. The Company evaluates these legal matters on a case-by-case basis to make a determination as\plain\cf1\f51\fs20\qj to the impact, if any, on its business, liquidity, results of operations, financial condition or cash flows.{\*\bkmkstart PARA3269}{\*\bkmkend PARA3269}\par\pard\plain\fi1012\cf1\f51\fs20\qj \~{\*\bkmkstart PARA3270}{\*\bkmkend PARA3270}\par\pard\plain\fi1078\cf1\f51\fs20\ql In November 2015, the Company filed a voluntary self-disclosure report with OFAC regarding certain apparent\plain\cf1\f51\fs20\ql violations of U.S. sanctions regulations in the provision of shipping services for third party charterers with respect to the\plain\cf1\f51\fs20\ql transportation of cargo to or from Myanmar (formerly Burma) (the \u8220?OFAC Disclosure\u8221?). At the time of such\plain\cf1\f51\fs20\ql apparent violations, the Company had a different senior operational management team. Notwithstanding the fact that the\plain\cf1\f51\fs20\ql apparent violations took place under a different senior operational management team and although the Company\u8217?s new\plain\cf1\f51\fs20\ql board and management have implemented robust remedial measures and significantly enhanced its compliance safeguards, there\plain\cf1\f51\fs20\ql can be no assurance that OFAC will not conclude that these past actions warrant the imposition of civil penalties and/or referral\plain\cf1\f51\fs20\ql for further investigation by the U.S. Department of Justice. The report was provided to OFAC for the agency\u8217?s review,\plain\cf1\f51\fs20\ql consideration and determination regarding what action, if any, may be taken in resolution of this matter. The Company will\plain\cf1\f51\fs20\ql continue to cooperate with the agency regarding this matter and cannot estimate when such review will be concluded. While the\plain\cf1\f51\fs20\ql ultimate impact of these matters cannot be determined, there can be no assurance that the impact will not be material to the\plain\cf1\f51\fs20\ql Company\u8217?s financial condition or results of operations{\*\bkmkstart PARA3271}{\*\bkmkend PARA3271}\par\pard\plain\cf1\f51\fs20\ql \~{\*\bkmkstart PARA3272}{\*\bkmkend PARA3272}\par\pard\plain\cf1\f51\fs20\i\ql Other Commitments{\*\bkmkstart PARA3273}{\*\bkmkend PARA3273}\par\pard\plain\cf1\f51\fs20\ql \~{\*\bkmkstart PARA4942}{\*\bkmkend PARA4942}\par\pard\plain\fi924\cf1\f51\fs20\qj On July 28, 2011, the Company entered into an agreement to charter-in a 37,000 dwt newbuilding Japanese vessel\plain\cf1\f51\fs20\qj that was delivered in October 2014 for seven years with an option for an additional one year. The hire rate for the first to\plain\cf1\f51\fs20\qj seventh year is $13,500 per day and $13,750 per day for the eighth year option. Subsequent to March 31, 2017, the Company\plain\cf1\f51\fs20\qj signed an agreement on April 3, 2017 to cancel this existing time chartered-in contract. See \u8220?Note\~10. Subsequent\plain\cf1\f51\fs20\qj Events\u8221? to the condensed consolidated\~financial statements.\par\pard\plain\fi924\cf1\f51\fs20\qj \~{\*\bkmkstart PARA3276}{\*\bkmkend PARA3276}\par\pard\plain\fi924\cf1\f51\fs20\qj On February 28, 2017, Eagle Bulk Ultraco LLC, a wholly-owned subsidiary of the Company, entered into a\plain\cf1\f51\fs20\qj framework agreement (the \u8220?Agreement\u8221?) with Greenship Bulk Manager Pte. Ltd., as Trustee-Manager of\plain\cf1\f51\fs20\qj Greenship Bulk Trust, a Norwegian OTC-listed entity (the \u8220?Sellers\u8221?), for the purchase of nine modern sister\plain\cf1\f51\fs20\qj vessels built between 2012 and 2015 (each a \u8220?Vessel,\u8221? and collectively, the \u8220?Vessels\u8221?). Of the nine\plain\cf1\f51\fs20\qj Vessels, three Vessels were subject to certain customary conditions as well as the approval of the requisite majority of the\plain\cf1\f51\fs20\qj unitholders of the Sellers (the \u8220?Contingent Vessels\u8221?). The approval to acquire the Contingent Vessels was obtained\plain\cf1\f51\fs20\qj subsequently on March 27, 2017. The aggregate purchase price for the nine Vessels is $153.0 million. The allocated purchase\plain\cf1\f51\fs20\qj price for each Vessel is $17.0 million. The Company paid a deposit of $10.3 million in the first quarter of 2017 for the\plain\cf1\f51\fs20\qj purchase of the first six Vessels.{\*\bkmkstart PARA3277}{\*\bkmkend PARA3277}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA5044}{\*\bkmkend PARA5044}\par\pard\plain\fi924\cf1\f51\fs20\qj Subsequent to close of the first quarter, the Company took delivery of two Vessels, Mystic Eagle, and Southport\plain\cf1\f51\fs20\qj Eagle and the remaining Vessels are expected to be delivered charter free between May 2017 to September 2017.{\*\bkmkstart PARA3279}{\*\bkmkend PARA3279}\par\pard\plain\fi924\cf1\f51\fs20\qj \~{\*\bkmkstart PARA3280}{\*\bkmkend PARA3280}\par\pard\plain\cf1\f51\fs20\qj \~\plain\cf1\f51\fs20\b\qj Note\~8. Loss Per Common Share{\*\bkmkstart PARA3281}{\*\bkmkend PARA3281}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA3282}{\*\bkmkend PARA3282}\par\pard\plain\fi1012\cf1\f51\fs20\qj The computation of basic net loss per share is based on the weighted average number of common shares\~outstanding\plain\cf1\f51\fs20\qj for the three-month periods ended March 31, 2017 and March 31, 2016. Diluted net loss per share gives effect to stock awards,\plain\cf1\f51\fs20\qj stock options and restricted stock units using the treasury stock method, unless the impact is anti-dilutive. Diluted net loss per\plain\cf1\f51\fs20\qj share as of March 31, 2017 does not include 1,843,211 unvested stock awards, 2,279,908 stock options and 152,266 warrants,\plain\cf1\f51\fs20\qj as their effect was anti-dilutive. Diluted net loss per share as of March 31, 2016 does not include 39,231 stock awards, 68,867\plain\cf1\f51\fs20\qj stock options and 152,266 warrants, as their effect was anti-dilutive.{\*\bkmkstart PARA3283}{\*\bkmkend PARA3283}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart TBL3342}{\*\bkmkend TBL3342} \par\pard\plain {\trowd\cellx5953\cellx6046\cellx7660\cellx7766\cellx7859\cellx9473\cellx9585\trrh248 \pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{\*\bkmkstart PARA3286}{\*\bkmkend PARA3286}\pard\plain\intbl\cf1\f51\fs20\b\qc March 31, 2017\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{\*\bkmkstart PARA3289}{\*\bkmkend PARA3289}\pard\plain\intbl\cf1\f51\fs20\b\qc March 31, 2016\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{ {\trowd\cellx5953\cellx6046\cellx7660\cellx7766\cellx7859\cellx9473\cellx9585\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx5953\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6046\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6344\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7660\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7766\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7859\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8157\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9473\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9585\trrh248 {\*\bkmkstart PARA3291}{\*\bkmkend PARA3291}\pard\plain\intbl\cf1\f51\fs20\ql Net loss\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr (11,068,448\cell{\*\bkmkstart PARA3295}{\*\bkmkend PARA3295}\pard\plain\intbl\cf1\f51\fs20\ql )\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr (39,278,670\cell{\*\bkmkstart PARA3299}{\*\bkmkend PARA3299}\pard\plain\intbl\cf1\f51\fs20\ql )\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx5953\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6046\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6344\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7660\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7766\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7859\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8157\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9473\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9585\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx5953\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6046\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6344\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7660\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7766\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7859\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8157\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9473\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9585\trrh248 {\*\bkmkstart PARA3300}{\*\bkmkend PARA3300}\pard\plain\intbl\cf1\f51\fs20\ql Weighted Average Shares-Basic\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 65,637,692\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 1,891,463\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx5953\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6046\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6344\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7660\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7766\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7859\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8157\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9473\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9585\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx5953\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6046\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6344\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7660\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7766\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7859\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8157\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9473\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9585\trrh248 {\*\bkmkstart PARA3308}{\*\bkmkend PARA3308}\pard\plain\intbl\cf1\f51\fs20\ql Dilutive effect of stock options and restricted stock units\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr -\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr -\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx5953\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6046\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6344\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7660\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7766\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7859\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8157\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9473\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9585\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx5953\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6046\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6344\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7660\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7766\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7859\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8157\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9473\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9585\trrh248 {\*\bkmkstart PARA3316}{\*\bkmkend PARA3316}\pard\plain\intbl\cf1\f51\fs20\ql Weighted Average Shares Diluted\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 65,637,692\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 1,891,463\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx5953\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6046\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6344\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7660\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7766\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7859\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8157\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9473\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9585\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx5953\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6046\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6344\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7660\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7766\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7859\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8157\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9473\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9585\trrh248 {\*\bkmkstart PARA3324}{\*\bkmkend PARA3324}\pard\plain\intbl\cf1\f51\fs20\ql Basic loss per share *\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr (0.17\cell{\*\bkmkstart PARA3328}{\*\bkmkend PARA3328}\pard\plain\intbl\cf1\f51\fs20\ql )\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr (20.77\cell{\*\bkmkstart PARA3332}{\*\bkmkend PARA3332}\pard\plain\intbl\cf1\f51\fs20\ql )\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx5953\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6046\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6344\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7660\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7766\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7859\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8157\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9473\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9585\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx5953\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6046\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6344\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7660\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7766\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7859\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8157\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9473\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9585\trrh248 {\*\bkmkstart PARA3333}{\*\bkmkend PARA3333}\pard\plain\intbl\cf1\f51\fs20\ql Diluted loss per share *\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr (0.17\cell{\*\bkmkstart PARA3337}{\*\bkmkend PARA3337}\pard\plain\intbl\cf1\f51\fs20\ql )\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr (20.77\cell{\*\bkmkstart PARA3341}{\*\bkmkend PARA3341}\pard\plain\intbl\cf1\f51\fs20\ql )\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx5953\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6046\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6344\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7660\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7766\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7859\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8157\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9473\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9585\trrh248\row}}}{\*\bkmkstart PARA3343}{\*\bkmkend PARA3343}\pard\plain\cf1\f51\fs20\ql \~{\*\bkmkstart PARA3344}{\*\bkmkend PARA3344}\par\pard\plain\li594\cf1\f51\fs20\qj *Adjusted to give effect for the 1 for 20 reverse stock split that became effective as of the opening of trading on August\plain\li594\cf1\f51\fs20\qj 5, 2016.{\*\bkmkstart PARA4919_1}{\*\bkmkend PARA4919_1}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PGBK4919}{\*\bkmkend PGBK4919}{\*\bkmkstart PGFTR4919}{\*\bkmkend PGFTR4919}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PGNUM4919}{\*\bkmkend PGNUM4919}\par\pard\plain\cf1\f51\fs20\qc F-12\par\pard\plain\f0\fs4\par\pard\plain\f0\fs2\brdrt\brdrs\brdrw15\brdrcf2\brdrsp0\par\pard\plain\f0\fs4\par \page{\*\bkmkstart PGHDR4919}{\*\bkmkend PGHDR4919}\par\pard\plain\cf1\f51\fs20\li150\ql \~{\*\bkmkstart PARA4919_2}{\*\bkmkend PARA4919_2}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA3347}{\*\bkmkend PARA3347}\par\pard\plain\cf1\f51\fs20\b\qj Note\~9. Stock Incentive Plans{\*\bkmkstart PARA3348}{\*\bkmkend PARA3348}\par\pard\plain\cf1\f51\fs20\b\qj \~\par\pard\plain\cf1\f51\fs20\ul\qj 2016 Equity Compensation Plan{\*\bkmkstart PARA3354}{\*\bkmkend PARA3354}\par\pard\plain\fi1012\cf1\f51\fs20\qj \~{\*\bkmkstart PARA5019}{\*\bkmkend PARA5019}\par\pard\plain\fi924\cf1\f51\fs20\qj On December 15, 2016, the Company\u8217?s shareholders approved the 2016 Equity Compensation Plan (the\plain\cf1\f51\fs20\qj \u8220?2016 Plan\u8221?) and the Company registered 5,348,613 shares of common stock which may be issued under the 2016\plain\cf1\f51\fs20\qj Plan. The 2016 Plan replaced the post-emergence Management Incentive Program (the \u8220?2014 Plan\u8221?) and no other\plain\cf1\f51\fs20\qj awards will be granted under the 2014 Plan. Outstanding awards under the 2014 Plan will continue to be governed by the terms\plain\cf1\f51\fs20\qj of the 2014 Plan until exercised, expired, otherwise terminated, or canceled. As of December 31, 2016, 24,644 shares of\plain\cf1\f51\fs20\qj common stock were subject to outstanding awards under the 2014 Plan. Under the terms of the 2016 Plan, awards for up to a\plain\cf1\f51\fs20\qj maximum of 3,000,000 shares may be granted under the 2016 Plan to any one employee of the Company and its subsidiaries\plain\cf1\f51\fs20\qj during any one calendar year, and awards in the form of options and stock appreciation rights for up to a maximum of\plain\cf1\f51\fs20\qj 3,000,000 shares may be granted under the 2016 Plan. The total number of shares of common stock with respect to which\plain\cf1\f51\fs20\qj awards may be granted under the 2016 Plan to any non-employee director during any one calendar year shall not exceed\plain\cf1\f51\fs20\qj 500,000, subject to adjustment as provided in the 2016 Plan. Any director, officer, employee or consultant of the Company or\plain\cf1\f51\fs20\qj any of its subsidiaries (including any prospective officer or employee) is eligible to be designated to participate in the 2016\plain\cf1\f51\fs20\qj Plan.{\*\bkmkstart PARA3356}{\*\bkmkend PARA3356}\par\pard\plain\fi924\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4943}{\*\bkmkend PARA4943}\par\pard\plain\fi924\cf1\f51\fs20\qj On March 1, 2017, the Company granted 429,750 restricted shares of common stock\~to certain employees and\plain\cf1\f51\fs20\qj management of the Company under the 2016 Plan. The shares vest ratably over three years. The fair value of the restricted\plain\cf1\f51\fs20\qj shares at the date of the grant was $2.35 million. Amortization of this charge calculated using the graded method of vesting,\plain\cf1\f51\fs20\qj which is included in general and administrative expenses for the three months ended March 31, 2017 was $123,215.{\*\bkmkstart PARA4944}{\*\bkmkend PARA4944}\par\pard\plain\fi924\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4945}{\*\bkmkend PARA4945}\par\pard\plain\fi924\cf1\f51\fs20\qj On March 1, 2017, the Company granted 337,000 options at an exercise price of $5.56 representing the average\plain\cf1\f51\fs20\qj closing price per share of common stock, as quoted on the Nasdaq Global Select Market for the ten trading days immediately\plain\cf1\f51\fs20\qj preceding March 15, 2017. The options have a five year term and will vest and become exercisable ratably in four equal\plain\cf1\f51\fs20\qj installments on each of the four anniversaries of the grant date. The fair value of each option was determined to be $2.59. For\plain\cf1\f51\fs20\qj the purposes of determining the non-cash compensation cost for the Company\u8217?s stock option plan using the fair value\plain\cf1\f51\fs20\qj method of ASC 718 "Compensation-Stock Compensation,\u8221? the fair value of the options was estimated on the date of\plain\cf1\f51\fs20\qj grant using the Black-Scholes option pricing model. The weighted average assumptions used included a risk free interest rate\plain\cf1\f51\fs20\qj of 1.72%, an expected stock price volatility factor of 64% and a dividend rate of 0%. Amortization of this charge calculated\plain\cf1\f51\fs20\qj using the graded method of vesting, which is included in general and administrative expenses for the three months ended March\plain\cf1\f51\fs20\qj 31, 2017 was $39,222.{\*\bkmkstart PARA4946}{\*\bkmkend PARA4946}\par\pard\plain\fi924\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4947}{\*\bkmkend PARA4947}\par\pard\plain\fi924\cf1\f51\fs20\qj As of March 31, 2017 and 2016, stock awards covering a total of 1,843,211 and 39,231 of the Company\u8217?s\plain\cf1\f51\fs20\qj common shares, respectively, are outstanding under the 2014 Plan and 2016 Plan. The vesting terms range between one to three\plain\cf1\f51\fs20\qj years from the grant date. The Company is amortizing to non-cash compensation expense included in general and\plain\cf1\f51\fs20\qj administrative expenses the fair value of non-vested stock awards at the grant date.{\*\bkmkstart PARA4948}{\*\bkmkend PARA4948}\par\pard\plain\fi924\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4949}{\*\bkmkend PARA4949}\par\pard\plain\fi924\cf1\f51\fs20\qj As of March 31, 2017 and 2016, options covering 1,865,865 and 68,867 of the Company\u8217?s common shares,\plain\cf1\f51\fs20\qj respectively,\~are outstanding with exercise prices ranging from $4.28 to $505.00 per share. The options vest and become\plain\cf1\f51\fs20\qj exercisable in four equal installments beginning on the grant date. All options expire within seven years from the effective date.{\*\bkmkstart PARA4950}{\*\bkmkend PARA4950}\par\pard\plain\fi924\cf1\f51\fs20\qj \~{\*\bkmkstart PGBK4920}{\*\bkmkend PGBK4920}{\*\bkmkstart PGFTR4920}{\*\bkmkend PGFTR4920}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PGNUM4920}{\*\bkmkend PGNUM4920}\par\pard\plain\cf1\f51\fs20\qc F-13\par\pard\plain\f0\fs4\par\pard\plain\f0\fs2\brdrt\brdrs\brdrw15\brdrcf2\brdrsp0\par\pard\plain\f0\fs4\par \page{\*\bkmkstart PGHDR4920}{\*\bkmkend PGHDR4920}\par\pard\plain\cf1\f51\fs20\li150\ql \~{\*\bkmkstart PARA4920_2}{\*\bkmkend PARA4920_2}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA4951}{\*\bkmkend PARA4951}\par\pard\plain\fi924\cf1\f51\fs20\qj Non-cash compensation expense for all stock awards and options included in General and administrative expenses:{\*\bkmkstart PARA3366}{\*\bkmkend PARA3366}\par\pard\plain\fi924\cf1\f51\fs20\qj \~{\*\bkmkstart TBL3410}{\*\bkmkend TBL3410} \par\pard\plain {\trowd\clvertalb\cellx4906\clvertalb\cellx4989\clvertalb\cellx6628\clvertalb\cellx6718\clvertalb\cellx6801\clvertalb\cellx8427\clvertalb\cellx8520\trrh742 \pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{\*\bkmkstart PARA3383}{\*\bkmkend PARA3383}\pard\plain\intbl\cf1\f51\fs20\b\qc For the three\par\pard\plain\intbl\cf1\f51\fs20\b\qc months ended\par\pard\plain\intbl\cf1\f51\fs20\b\qc March 31, 2017\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{\*\bkmkstart PARA3386}{\*\bkmkend PARA3386}\pard\plain\intbl\cf1\f51\fs20\b\qc For the three\par\pard\plain\intbl\cf1\f51\fs20\b\qc months ended\par\pard\plain\intbl\cf1\f51\fs20\b\qc March 31, 2016\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{ {\trowd\clvertalb\cellx4906\clvertalb\cellx4989\clvertalb\cellx6628\clvertalb\cellx6718\clvertalb\cellx6801\clvertalb\cellx8427\clvertalb\cellx8520\trrh742\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx4906\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4989\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5315\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6628\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6718\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6801\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7127\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8426\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8520\trrh248 {\*\bkmkstart PARA3389}{\*\bkmkend PARA3389}\pard\plain\intbl\cf1\f51\fs20\ql Stock awards /Stock Option Plans\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr 2,170,700\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr 826,613\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx4906\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4989\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5315\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6628\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6718\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6801\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7127\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8426\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8520\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4906\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4989\clbrdrb\brdrs\brdrcf1\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5315\clbrdrb\brdrs\brdrcf1\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6628\clbrdrb\brdrs\brdrcf1\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6718\clbrdrb\brdrs\brdrcf1\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6801\clbrdrb\brdrs\brdrcf1\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7127\clbrdrb\brdrs\brdrcf1\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8426\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8520\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4906\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4989\clbrdrb\brdrs\brdrcf1\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5315\clbrdrb\brdrs\brdrcf1\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6628\clbrdrb\brdrs\brdrcf1\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6718\clbrdrb\brdrs\brdrcf1\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6801\clbrdrb\brdrs\brdrcf1\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7127\clbrdrb\brdrs\brdrcf1\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8426\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8520\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx4906\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4989\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5315\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6628\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6718\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6801\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7127\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8426\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8520\trrh248 {\*\bkmkstart PARA3402}{\*\bkmkend PARA3402}\pard\plain\intbl\cf1\f51\fs20\ql Total non-cash compensation expense\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr 2,170,700\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr 826,613\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx4906\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4989\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5315\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6628\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6718\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6801\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7127\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8426\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8520\trrh248\row}}}{\*\bkmkstart PARA3411}{\*\bkmkend PARA3411}\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA3412}{\*\bkmkend PARA3412}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql The future compensation to be recognized for all the grants issued\~for the nine months ending December 31, 2017, and\~the\plain\li154\ri154\cf1\f51\fs20\ql years ending December 31, 2018 and 2019 will be $4,584,037, $6,891,228 and $1,258,777, respectively.{\*\bkmkstart PARA3413}{\*\bkmkend PARA3413}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA3414}{\*\bkmkend PARA3414}\par\pard\plain\li154\ri154\cf1\f51\fs20\b\ql Note 10. Subsequent Events\par\pard\plain\fi792\cf1\f51\fs20\qj \~{\*\bkmkstart PARA5045}{\*\bkmkend PARA5045}\par\pard\plain\fi792\cf1\f51\fs20\qj On April 3, 2017, the Company signed an agreement to cancel an existing time charter contract on a 37,000 dwt\plain\cf1\f51\fs20\qj newbuilding Japanese vessel as discussed in \u8220?Note 7. Commitments and Contingencies\u8221? to the condensed\plain\cf1\f51\fs20\qj consolidated financial statements. The Company agreed to pay a lump sum termination fee of $1.5 million relating to the\plain\cf1\f51\fs20\qj cancellation. At the same time, the Company entered into an agreement, which is expected to be effective May 2017 to charter\plain\cf1\f51\fs20\qj in a 61,400 dwt, 2013 built Japanese vessel for approximately four years (having the same redelivery dates as the\plain\cf1\f51\fs20\qj aforementioned cancelled charter) with options for two additional years. The hire rate for the first four years is $12,800 per day\plain\cf1\f51\fs20\qj and the hire rate for the first optional year is\~$13,800 per day and $14,300 per day for the second optional year.{\*\bkmkstart PARA5047}{\*\bkmkend PARA5047}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PGBK4921}{\*\bkmkend PGBK4921}{\*\bkmkstart PGFTR4921}{\*\bkmkend PGFTR4921}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PGNUM4921}{\*\bkmkend PGNUM4921}\par\pard\plain\cf1\f51\fs20\qc F-14\par\pard\plain\f0\fs4\par\pard\plain\f0\fs2\brdrt\brdrs\brdrw15\brdrcf2\brdrsp0\par\pard\plain\f0\fs4\par \page{\*\bkmkstart PGHDR4921}{\*\bkmkend PGHDR4921}\par\pard\plain\cf1\f51\fs20\li150\ql \~{\*\bkmkstart PARA4921_2}{\*\bkmkend PARA4921_2}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA3424}{\*\bkmkend PARA3424}{\*\bkmkstart item_1_3_3}{\*\bkmkend item_1_3_3}\par\pard\plain\cf1\f51\fs20\b\qj ITEM 2. MANAGEMENT\u8217?S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF\plain\cf1\f51\fs20\b\qj OPERATIONS{\*\bkmkstart PARA3425}{\*\bkmkend PARA3425}\par\pard\plain\cf1\f51\fs20\qj \~\~{\*\bkmkstart PARA5048}{\*\bkmkend PARA5048}\par\pard\plain\fi1012\cf1\f51\fs20\qj The following is a discussion of the Company\u8217?s financial condition and results of operation for the\plain\cf1\f51\fs20\qj three-month periods ended March 31, 2017 and 2016. This section should be read in conjunction with the condensed\plain\cf1\f51\fs20\qj consolidated financial statements included elsewhere in this report and the notes to those financial statements and the audited\plain\cf1\f51\fs20\qj consolidated financial statements and the notes to those financial statements for the fiscal year ended December 31, 2016,\plain\cf1\f51\fs20\qj which were included in our Form 10-K, filed with the SEC on March 31, 2017. The following discussion contains\plain\cf1\f51\fs20\qj \u8220?forward-looking statements\u8221? that reflect our future plans, estimates, beliefs and expected performance. We\plain\cf1\f51\fs20\qj caution that assumptions, expectations, projections, intentions or beliefs about future events may, and often do, vary from actual\plain\cf1\f51\fs20\qj results and the differences can be material. Please see \u8220?Cautionary Statement Regarding Forward-Looking\plain\cf1\f51\fs20\qj Statements.\u8221?\par\pard\plain\fi1012\cf1\f51\fs20\qj \~{\*\bkmkstart PARA3428}{\*\bkmkend PARA3428}\par\pard\plain\cf1\f51\fs20\b\i\qj Overview{\*\bkmkstart PARA3429}{\*\bkmkend PARA3429}\par\pard\plain\cf1\f51\fs20\qj \~{\*\bkmkstart PARA3430}{\*\bkmkend PARA3430}\par\pard\plain\fi924\cf1\f51\fs20\ql We are Eagle Bulk Shipping Inc., a Marshall Islands corporation incorporated on March 23, 2005 and headquartered\plain\cf1\f51\fs20\ql in Stamford, Connecticut. We own one of the largest fleets of Supramax/Ultramax dry bulk vessels in the world. Supramax dry\plain\cf1\f51\fs20\ql bulk are vessels which are constructed with on-board cranes, ranging in size from approximately 50,000 to 59,000 dwt and\plain\cf1\f51\fs20\ql Ultramax dry bulk vessels range in size from 60,000 to 65,000 dwt. They are considered a sub-category of the Handymax\plain\cf1\f51\fs20\ql segment typically defined as 40,000 to 65,000 dwt. We transport a broad range of major and minor bulk cargoes, including but\plain\cf1\f51\fs20\ql not limited to coal, grain, ore, petcoke, cement and fertilizer, along worldwide shipping routes. As of March 31, 2017, we\plain\cf1\f51\fs20\ql owned and operated a modern fleet of 41 Handymax dry bulk vessels. We chartered-in a 37,000 dwt newbuilding Japanese\plain\cf1\f51\fs20\ql vessel that was delivered in October 2014 for seven years with an option for one additional year. On April 3, 2017, we signed\plain\cf1\f51\fs20\ql an agreement to cancel this existing time chartered-in contract, and, at the same time, we entered into an agreement to charter\plain\cf1\f51\fs20\ql in a 61,400 dwt, 2013 built Japanese vessel for approximately four years (having the same redelivery dates as the\plain\cf1\f51\fs20\ql aforementioned cancelled charter) with options for two additional years. See \u8220?Note 10. Subsequent Events\u8221? to the\plain\cf1\f51\fs20\ql condensed consolidated financial statements.{\*\bkmkstart PARA5024}{\*\bkmkend PARA5024}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~\~{\*\bkmkstart PARA3432}{\*\bkmkend PARA3432}\par\pard\plain\fi924\cf1\f51\fs20\qj We are focused on maintaining a high quality fleet that is concentrated primarily in Supramax/Ultramax dry bulk\plain\cf1\f51\fs20\qj carriers. These vessels have the cargo loading and unloading flexibility of on-board cranes while offering cargo carrying\plain\cf1\f51\fs20\qj capacities approaching that of Panamax dry bulk vessels, which range in size from 72,000 to 83,000 dwt and rely on port\plain\cf1\f51\fs20\qj facilities to load and offload their cargoes. We believe that the cargo handling flexibility and cargo carrying capacity of the\plain\cf1\f51\fs20\qj Supramax class vessels make them attractive to cargo interests and vessel charterers. The Company\u8217?s owned operating\plain\cf1\f51\fs20\qj fleet consisted of 41 drybulk vessels, with an aggregate carrying capacity of 2,269,062 dwt, have an average age of 8.9 years as\plain\cf1\f51\fs20\qj of March 31, 2017.{\*\bkmkstart PARA3433}{\*\bkmkend PARA3433}\par\pard\plain\fi924\cf1\f51\fs20\ql \~{\*\bkmkstart PARA3434}{\*\bkmkend PARA3434}\par\pard\plain\fi1012\cf1\f51\fs20\qj We carry out the commercial and strategic management of our fleet through our indirectly wholly-owned subsidiary,\plain\cf1\f51\fs20\qj Eagle Shipping International (USA) LLC, a Marshall Islands limited liability company, which maintains its principal executive\plain\cf1\f51\fs20\qj offices in Stamford, Connecticut. We own each of our vessels through a separate wholly-owned Marshall Islands limited\plain\cf1\f51\fs20\qj liability company.{\*\bkmkstart PARA5052}{\*\bkmkend PARA5052}{\*\bkmkstart PARA5037}{\*\bkmkend PARA5037}{\*\bkmkstart PARA5054}{\*\bkmkend PARA5054}\par\pard\plain\li154\ri154\fi814\cf1\f51\fs20\qj \~\par\pard\plain\li154\ri154\fi814\cf1\f51\fs20\qj On December 13, 2016, the Company entered into the December Stock Purchase Agreement with the Investors,\plain\li154\ri154\cf1\f51\fs20\qj pursuant to which the Company agreed to issue to the Investors in the December Private Placement approximately 22.2\plain\li154\ri154\cf1\f51\fs20\qj million shares of the Company\u8217?s common stock, par value $0.01 per share, at an initial purchase price of $4.50 per\plain\li154\ri154\cf1\f51\fs20\qj share, for aggregate gross proceeds of $100.0 million. On January 20, 2017, the Company closed its previously announced\plain\li154\ri154\cf1\f51\fs20\qj December Private Placement for aggregate gross proceeds of\~$100 million. The Company plans to use the proceeds from the\plain\li154\ri154\cf1\f51\fs20\qj December Private Placement for the acquisition of dry bulk tonnage and general corporate purposes. See \u8220?Note\plain\li154\ri154\cf1\f51\fs20\qj 2.\~Equity Offerings\u8221?\~to the condensed consolidated\~financial statements.{\*\bkmkstart PARA5055}{\*\bkmkend PARA5055}\par\pard\plain\li154\ri154\fi660\cf1\f51\fs20\qj \~{\*\bkmkstart PARA5056}{\*\bkmkend PARA5056}\par\pard\plain\fi924\cf1\f51\fs20\qj On February 28, 2017, Eagle Bulk Ultraco LLC, a wholly-owned subsidiary of the Company, entered into the\plain\cf1\f51\fs20\qj Agreement with Sellers for the purchase of nine Vessels. Of the nine Vessels, three Vessels were Contingent Vessels. The\plain\cf1\f51\fs20\qj approval to acquire the Contingent Vessels was obtained subsequently on March 27, 2017. The aggregate purchase price for the\plain\cf1\f51\fs20\qj nine Vessels is $153.0 million. The allocated purchase price for each Vessel is $17.0 million. The Company paid a deposit of\plain\cf1\f51\fs20\qj $10.3 million in the first quarter of 2017 for the purchase of the first six Vessels. Subsequent to the close of the quarter, the\plain\cf1\f51\fs20\qj Company took the delivery of two Vessels, Mystic Eagle and Singapore Eagle and the remaining Vessels are expected to be\plain\cf1\f51\fs20\qj delivered charter free between May 2017 to September 2017.{\*\bkmkstart PARA5057}{\*\bkmkend PARA5057}\par\pard\plain\cf1\f51\fs20\ql \~{\*\bkmkstart PARA3443}{\*\bkmkend PARA3443}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~\plain\li154\ri154\cf1\f51\fs20\i\qj Corporate Information{\*\bkmkstart PARA3444}{\*\bkmkend PARA3444}\par\pard\plain\fi1012\cf1\f51\fs20\qj \~{\*\bkmkstart PARA3445}{\*\bkmkend PARA3445}\par\pard\plain\fi1012\cf1\f51\fs20\qj We maintain our principal executive offices at 300 First Stamford Place, 5\plain\cf1\f51\fs18\qj\super th\plain\cf1\f51\fs20\qj Floor, Stamford, Connecticut 06902.\plain\cf1\f51\fs20\qj Our telephone number at that address is (203) 876-8100. Our website address is www.eagleships.com. Information contained\plain\cf1\f51\fs20\qj on or accessible through our website does not constitute part of this Quarterly Report.{\*\bkmkstart PARA3446}{\*\bkmkend PARA3446}\par\pard\plain\fi1012\cf1\f51\fs20\qj \~{\*\bkmkstart PGBK4922}{\*\bkmkend PGBK4922}{\*\bkmkstart PGFTR4922}{\*\bkmkend PGFTR4922}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PGNUM4922}{\*\bkmkend PGNUM4922}\par\pard\plain\cf1\f51\fs20\qc 1\par\pard\plain\f0\fs4\par\pard\plain\f0\fs2\brdrt\brdrs\brdrw15\brdrcf2\brdrsp0\par\pard\plain\f0\fs4\par \page{\*\bkmkstart PGHDR4922}{\*\bkmkend PGHDR4922}\par\pard\plain\cf1\f51\fs20\li150\ql \~{\*\bkmkstart PARA4922_2}{\*\bkmkend PARA4922_2}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA3448}{\*\bkmkend PARA3448}\par\pard\plain\cf1\f51\fs20\i\ql Strategy{\*\bkmkstart PARA3449}{\*\bkmkend PARA3449}\par\pard\plain\fi1012\cf1\f51\fs20\qj \~{\*\bkmkstart PARA3450}{\*\bkmkend PARA3450}\par\pard\plain\fi1012\cf1\f51\fs20\qj Our financial performance is based on the following key elements of our business strategy:{\*\bkmkstart PARA3451}{\*\bkmkend PARA3451}\par\pard\plain\li1540\fi-484\cf1\f51\fs20\qj \~{\*\bkmkstart PARA3452}{\*\bkmkend PARA3452}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart TBL3468}{\*\bkmkend TBL3468} \par\pard\plain {\trowd\cellx560\cellx910\cellx10500\trrh742 {\*\bkmkstart PARA3453}{\*\bkmkend PARA3453}\pard\plain\intbl\cf1\f51\fs20\qj \~\cell{\*\bkmkstart PARA3454}{\*\bkmkend PARA3454}\pard\plain\intbl\cf1\f51\fs20\qj (1)\cell{\*\bkmkstart PARA3455}{\*\bkmkend PARA3455}\pard\plain\intbl\cf1\f51\fs20\qj concentration in one vessel category: Supramax/Ultramax dry bulk vessels, which we believe offer certain size,\plain\intbl\cf1\f51\fs20\qj operational and geographical advantages\~relative to other classes of dry bulk vessels, such as Handy, Panamax and\plain\intbl\cf1\f51\fs20\qj Capesize vessels,\cell{ {\trowd\cellx560\cellx910\cellx10500\trrh742\row}}} {\trowd\cellx560\cellx910\cellx10500\trrh248 {\*\bkmkstart PARA3456}{\*\bkmkend PARA3456}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA3457}{\*\bkmkend PARA3457}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA3458}{\*\bkmkend PARA3458}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\cellx560\cellx910\cellx10500\trrh248\row}}} {\trowd\cellx560\cellx910\cellx10500\trrh1732 {\*\bkmkstart PARA3459}{\*\bkmkend PARA3459}\pard\plain\intbl\cf1\f51\fs20\qj \~\cell{\*\bkmkstart PARA3460}{\*\bkmkend PARA3460}\pard\plain\intbl\cf1\f51\fs20\qj (2)\cell{\*\bkmkstart PARA3461}{\*\bkmkend PARA3461}\pard\plain\intbl\cf1\f51\fs20\qj an active owner-operator model where we seek to operate our own fleet and develop contractual relationships\plain\intbl\cf1\f51\fs20\qj directly with cargo interests. These relationships and the related cargo contracts have the dual benefit of providing\plain\intbl\cf1\f51\fs20\qj greater operational efficiencies and act as a balance to the Company\u8217?s naturally long position to the market.\plain\intbl\cf1\f51\fs20\qj Notwithstanding the focus on voyage chartering, we consistently monitor the dry bulk shipping market and, based\plain\intbl\cf1\f51\fs20\qj on market conditions, will consider taking advantage of long-term time charters at higher rates when appropriate.\plain\intbl\cf1\f51\fs20\qj As the Company executed on its chartering strategy, the percentage of revenue earned from voyage charters\plain\intbl\cf1\f51\fs20\qj increased from 34% in the first quarter of 2016 to 41% in the first quarter of 2017, and\~\cell{ {\trowd\cellx560\cellx910\cellx10500\trrh1732\row}}} {\trowd\cellx560\cellx910\cellx10500\trrh248 {\*\bkmkstart PARA3462}{\*\bkmkend PARA3462}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA3463}{\*\bkmkend PARA3463}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA3464}{\*\bkmkend PARA3464}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\cellx560\cellx910\cellx10500\trrh248\row}}} {\trowd\cellx560\cellx910\cellx10500\trrh495 {\*\bkmkstart PARA3465}{\*\bkmkend PARA3465}\pard\plain\intbl\cf1\f51\fs20\qj \~\~\cell{\*\bkmkstart PARA3466}{\*\bkmkend PARA3466}\pard\plain\intbl\cf1\f51\fs20\qj (3)\cell{\*\bkmkstart PARA3467}{\*\bkmkend PARA3467}\pard\plain\intbl\cf1\f51\fs20\qj maintain high quality vessels and improve standards of operation through improved standards and procedures, crew\plain\intbl\cf1\f51\fs20\qj training and repair and maintenance procedures.\cell{ {\trowd\cellx560\cellx910\cellx10500\trrh495\row}}}{\*\bkmkstart PARA3469}{\*\bkmkend PARA3469}\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA3470}{\*\bkmkend PARA3470}\par\pard\plain\ri154\cf1\f51\fs20\ql \~\~\~{\*\bkmkstart PARA3471}{\*\bkmkend PARA3471}\par\pard\plain\fi1012\cf1\f51\fs20\qj We believe that this structure provides significant visibility to our future financial results and allows us to take\plain\cf1\f51\fs20\qj advantage of the relatively stable cash flows and high utilization rates that are associated with medium-term time charters,\plain\cf1\f51\fs20\qj while at the same time providing us with the revenue upside potential from the index-linked or short-term time charters or\plain\cf1\f51\fs20\qj voyage charters or pool charters. We regularly monitor the dry bulk shipping market and based on market conditions we may\plain\cf1\f51\fs20\qj consider taking advantage of long-term charter rates.{\*\bkmkstart PARA3472}{\*\bkmkend PARA3472}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA3473}{\*\bkmkend PARA3473}\par\pard\plain\fi1012\cf1\f51\fs20\qj We have employed all of our vessels in our operating fleet on time and voyage charters. The following table\plain\cf1\f51\fs20\qj represents certain information about our revenue earning charters with respect to our operating fleet as of March 31, 2017:{\*\bkmkstart PARA3474}{\*\bkmkend PARA3474}\par\pard\plain\fi1012\cf1\f51\fs20\qj \~{\*\bkmkstart PARA3475}{\*\bkmkend PARA3475}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart TBL3978S1}{\*\bkmkend TBL3978S1} \par\pard\plain {\trowd\clbrdrb\brdrs\brdrcf1\clvertalb\cellx4807\clbrdrb\brdrs\brdrcf1\clvertalc\cellx5431\clvertalc\cellx5534\clbrdrb\brdrs\brdrcf1\clvertalc\cellx6948\clvertalc\cellx7053\clbrdrb\brdrs\brdrcf1\clvertalc\cellx8603\clvertalc\cellx8706\clbrdrb\brdrs\brdrcf1\clvertalc\cellx10322\clvertalc\cellx10650\trrh495 {\*\bkmkstart PARA3476}{\*\bkmkend PARA3476}\pard\plain\intbl\cf1\f51\fs20\b\ql Vessel\cell{\*\bkmkstart PARA3478}{\*\bkmkend PARA3478}\pard\plain\intbl\cf1\f51\fs20\b\qc Year{\*\bkmkstart PARA3479}{\*\bkmkend PARA3479}\par\pard\plain\intbl\cf1\f51\fs20\b\qc Built\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{\*\bkmkstart PARA3481}{\*\bkmkend PARA3481}\pard\plain\intbl\cf1\f51\fs20\b\qc Dwt\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{\*\bkmkstart PARA3483}{\*\bkmkend PARA3483}\pard\plain\intbl\cf1\f51\fs20\b\qc Charter{\*\bkmkstart PARA3484}{\*\bkmkend PARA3484}\par\pard\plain\intbl\cf1\f51\fs20\b\qc Expiration\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{\*\bkmkstart PARA3486}{\*\bkmkend PARA3486}\pard\plain\intbl\cf1\f51\fs20\b\qc Daily Charter{\*\bkmkstart PARA3487}{\*\bkmkend PARA3487}\par\pard\plain\intbl\cf1\f51\fs20\b\qc Hire Rate\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{ {\trowd\clbrdrb\brdrs\brdrcf1\clvertalb\cellx4807\clbrdrb\brdrs\brdrcf1\clvertalc\cellx5431\clvertalc\cellx5534\clbrdrb\brdrs\brdrcf1\clvertalc\cellx6948\clvertalc\cellx7053\clbrdrb\brdrs\brdrcf1\clvertalc\cellx8603\clvertalc\cellx8706\clbrdrb\brdrs\brdrcf1\clvertalc\cellx10322\clvertalc\cellx10650\trrh495\row}}} {\trowd\clvertalc\cellx4807\clvertalc\cellx5431\clvertalc\cellx5534\clvertalc\cellx5721\clvertalc\cellx6947\clvertalc\cellx7052\clvertalc\cellx8602\clvertalc\cellx8705\clvertalc\cellx9094\clvertalc\cellx10320\clvertalc\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\cellx4807\clvertalc\cellx5431\clvertalc\cellx5534\clvertalc\cellx5721\clvertalc\cellx6947\clvertalc\cellx7052\clvertalc\cellx8602\clvertalc\cellx8705\clvertalc\cellx9094\clvertalc\cellx10320\clvertalc\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4807\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5431\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5534\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5721\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6947\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7052\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8602\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8705\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9094\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10320\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA3501}{\*\bkmkend PARA3501}\pard\plain\intbl\cf1\f51\fs20\ql Avocet\cell{\*\bkmkstart PARA3503}{\*\bkmkend PARA3503}\pard\plain\intbl\cf1\f51\fs20\qc 2010\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 53,462\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA3508}{\*\bkmkend PARA3508}\pard\plain\intbl\cf1\f51\fs20\qc Apr 2017\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr 8,000\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4807\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5431\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5534\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5721\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6947\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7052\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8602\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8705\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9094\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10320\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4807\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5431\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5534\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5721\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6947\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7052\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8602\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8705\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9094\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10320\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4807\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5431\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5534\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5721\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6947\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7052\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8602\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8705\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9094\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10320\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4807\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5431\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5534\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5721\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6947\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7052\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8602\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8705\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9094\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10320\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA3524}{\*\bkmkend PARA3524}\pard\plain\intbl\cf1\f51\fs20\ql Bittern\cell{\*\bkmkstart PARA3526}{\*\bkmkend PARA3526}\pard\plain\intbl\cf1\f51\fs20\qc 2009\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 57,809\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA3531}{\*\bkmkend PARA3531}\pard\plain\intbl\cf1\f51\fs20\qc May 2017\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr 10,000\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4807\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5431\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5534\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5721\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6947\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7052\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8602\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8705\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9094\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10320\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4807\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5431\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5534\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5721\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6947\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7052\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8602\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8705\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9094\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10320\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4807\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5431\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5534\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5721\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6947\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7052\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8602\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8705\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9094\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10320\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4807\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5431\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5534\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5721\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6947\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7052\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8602\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8705\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9094\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10320\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA3547}{\*\bkmkend PARA3547}\pard\plain\intbl\cf1\f51\fs20\ql Canary\cell{\*\bkmkstart PARA3549}{\*\bkmkend PARA3549}\pard\plain\intbl\cf1\f51\fs20\qc 2009\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 57,809\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA3554}{\*\bkmkend PARA3554}\pard\plain\intbl\cf1\f51\fs20\qc Apr 2017\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr 8,550\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4807\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5431\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5534\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5721\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6947\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7052\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8602\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8705\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9094\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10320\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4807\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5431\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5534\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5721\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6947\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7052\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8602\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8705\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9094\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10320\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4807\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5431\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5534\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5721\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6947\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7052\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8602\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8705\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9094\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10320\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4807\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5431\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5534\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5721\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6947\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7052\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8602\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8705\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9094\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10320\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA3570}{\*\bkmkend PARA3570}\pard\plain\intbl\cf1\f51\fs20\ql Cardinal\cell{\*\bkmkstart PARA3572}{\*\bkmkend PARA3572}\pard\plain\intbl\cf1\f51\fs20\qc 2004\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 55,362\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA3577}{\*\bkmkend PARA3577}\pard\plain\intbl\cf1\f51\fs20\qc May 2017\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr 13,000\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4807\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5431\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5534\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5721\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6947\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7052\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8602\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8705\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9094\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10320\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4807\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5431\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5534\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5721\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6947\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7052\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8602\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8705\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9094\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10320\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4807\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5431\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5534\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5721\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6947\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7052\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8602\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8705\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9094\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10320\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4807\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5431\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5534\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5721\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6947\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7052\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8602\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8705\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10321\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA3588}{\*\bkmkend PARA3588}\pard\plain\intbl\cf1\f51\fs20\ql Condor\cell{\*\bkmkstart PARA3590}{\*\bkmkend PARA3590}\pard\plain\intbl\cf1\f51\fs20\qc 2001\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 50,296\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA3595}{\*\bkmkend PARA3595}\pard\plain\intbl\cf1\f51\fs20\qc Apr 2017\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA3596}{\*\bkmkend PARA3596}\pard\plain\intbl\cf1\f51\fs20\qr Voyage\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4807\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5431\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5534\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5721\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6947\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7052\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8602\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8705\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10321\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4807\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5431\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5534\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5721\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6947\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7052\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8602\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8705\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9094\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10320\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4807\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5431\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5534\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5721\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6947\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7052\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8602\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8705\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9094\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10320\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4807\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5431\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5534\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5721\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6947\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7052\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8602\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8705\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10321\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA3605}{\*\bkmkend PARA3605}\pard\plain\intbl\cf1\f51\fs20\ql Crane\cell{\*\bkmkstart PARA3607}{\*\bkmkend PARA3607}\pard\plain\intbl\cf1\f51\fs20\qc 2010\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 57,809\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA3612}{\*\bkmkend PARA3612}\pard\plain\intbl\cf1\f51\fs20\qc May 2017\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA3613}{\*\bkmkend PARA3613}\pard\plain\intbl\cf1\f51\fs20\qr Voyage\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4807\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5431\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5534\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5721\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6947\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7052\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8602\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8705\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10321\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4807\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5431\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5534\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5721\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6947\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7052\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8602\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8705\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9094\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10320\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4807\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5431\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5534\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5721\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6947\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7052\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8602\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8705\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9094\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10320\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4807\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5431\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5534\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5721\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6947\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7052\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8602\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8705\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9094\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10320\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA3621}{\*\bkmkend PARA3621}\pard\plain\intbl\cf1\f51\fs20\ql Crested Eagle\cell{\*\bkmkstart PARA3623}{\*\bkmkend PARA3623}\pard\plain\intbl\cf1\f51\fs20\qc 2009\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 55,989\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA3628}{\*\bkmkend PARA3628}\pard\plain\intbl\cf1\f51\fs20\qc Jun 2017\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr 4,600\cell\pard\plain\intbl\cf1\f51\fs20\ql \~(1)\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4807\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5431\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5534\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5721\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6947\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7052\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8602\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8705\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9094\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10320\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4807\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5431\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5534\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5721\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6947\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7052\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8602\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8705\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9094\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10320\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4807\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5431\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5534\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5721\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6947\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7052\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8602\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8705\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9094\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10320\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4807\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5431\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5534\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5721\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6947\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7052\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8602\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8705\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9094\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10320\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA3639}{\*\bkmkend PARA3639}\pard\plain\intbl\cf1\f51\fs20\ql Crowned Eagle\cell{\*\bkmkstart PARA3641}{\*\bkmkend PARA3641}\pard\plain\intbl\cf1\f51\fs20\qc 2008\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 55,940\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA3646}{\*\bkmkend PARA3646}\pard\plain\intbl\cf1\f51\fs20\qc Apr 2017\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr 9,800\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4807\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5431\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5534\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5721\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6947\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7052\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8602\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8705\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9094\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10320\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4807\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5431\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5534\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5721\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6947\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7052\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8602\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8705\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9094\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10320\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4807\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5431\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5534\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5721\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6947\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7052\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8602\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8705\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9094\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10320\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4807\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5431\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5534\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5721\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6947\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7052\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8602\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8705\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9094\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10320\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA3657}{\*\bkmkend PARA3657}\pard\plain\intbl\cf1\f51\fs20\ql Egret Bulker\cell{\*\bkmkstart PARA3659}{\*\bkmkend PARA3659}\pard\plain\intbl\cf1\f51\fs20\qc 2010\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 57,809\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA3664}{\*\bkmkend PARA3664}\pard\plain\intbl\cf1\f51\fs20\qc May 2017\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr 13,000\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4807\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5431\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5534\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5721\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6947\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7052\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8602\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8705\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9094\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10320\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4807\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5431\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5534\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5721\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6947\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7052\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8602\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8705\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9094\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10320\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4807\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5431\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5534\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5721\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6947\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7052\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8602\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8705\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9094\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10320\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4807\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5431\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5534\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5721\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6947\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7052\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8602\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8705\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10321\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA3675}{\*\bkmkend PARA3675}\pard\plain\intbl\cf1\f51\fs20\ql Gannet Bulker\cell{\*\bkmkstart PARA3677}{\*\bkmkend PARA3677}\pard\plain\intbl\cf1\f51\fs20\qc 2010\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 57,809\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA3682}{\*\bkmkend PARA3682}\pard\plain\intbl\cf1\f51\fs20\qc May 2017\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA3683}{\*\bkmkend PARA3683}\pard\plain\intbl\cf1\f51\fs20\qr Voyage\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4807\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5431\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5534\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5721\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6947\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7052\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8602\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8705\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10321\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4807\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5431\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5534\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5721\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6947\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7052\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8602\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8705\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9094\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10320\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4807\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5431\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5534\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5721\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6947\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7052\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8602\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8705\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9094\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10320\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4807\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5431\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5534\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5721\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6947\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7052\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8602\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8705\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9094\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10320\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA3692}{\*\bkmkend PARA3692}\pard\plain\intbl\cf1\f51\fs20\ql Golden Eagle\cell{\*\bkmkstart PARA3694}{\*\bkmkend PARA3694}\pard\plain\intbl\cf1\f51\fs20\qc 2010\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 55,989\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA3699}{\*\bkmkend PARA3699}\pard\plain\intbl\cf1\f51\fs20\qc Jun 2017\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr 4,600\cell\pard\plain\intbl\cf1\f51\fs20\ql \~(2)\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4807\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5431\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5534\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5721\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6947\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7052\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8602\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8705\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9094\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10320\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4807\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5431\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5534\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5721\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6947\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7052\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8602\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8705\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9094\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10320\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4807\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5431\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5534\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5721\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6947\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7052\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8602\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8705\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9094\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10320\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4807\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5431\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5534\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5721\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6947\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7052\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8602\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8705\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9094\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10320\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA3710}{\*\bkmkend PARA3710}\pard\plain\intbl\cf1\f51\fs20\ql Goldeneye\cell{\*\bkmkstart PARA3712}{\*\bkmkend PARA3712}\pard\plain\intbl\cf1\f51\fs20\qc 2002\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 52,421\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA3717}{\*\bkmkend PARA3717}\pard\plain\intbl\cf1\f51\fs20\qc May 2017\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr 7,650\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4807\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5431\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5534\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5721\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6947\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7052\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8602\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8705\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9094\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10320\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4807\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5431\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5534\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5721\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6947\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7052\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8602\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8705\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9094\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10320\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4807\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5431\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5534\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5721\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6947\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7052\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8602\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8705\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9094\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10320\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4807\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5431\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5534\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5721\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6947\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7052\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8602\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8705\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9094\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10320\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA3728}{\*\bkmkend PARA3728}\pard\plain\intbl\cf1\f51\fs20\ql Grebe Bulker\cell{\*\bkmkstart PARA3730}{\*\bkmkend PARA3730}\pard\plain\intbl\cf1\f51\fs20\qc 2010\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 57,809\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA3735}{\*\bkmkend PARA3735}\pard\plain\intbl\cf1\f51\fs20\qc Apr 2017\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr 10,000\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4807\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5431\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5534\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5721\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6947\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7052\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8602\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8705\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9094\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10320\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4807\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5431\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5534\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5721\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6947\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7052\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8602\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8705\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9094\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10320\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4807\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5431\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5534\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5721\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6947\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7052\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8602\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8705\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9094\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10320\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4807\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5431\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5534\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5721\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6947\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7052\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8602\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8705\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10321\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA3746}{\*\bkmkend PARA3746}\pard\plain\intbl\cf1\f51\fs20\ql Hawk I\cell{\*\bkmkstart PARA3748}{\*\bkmkend PARA3748}\pard\plain\intbl\cf1\f51\fs20\qc 2001\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 50,296\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA3753}{\*\bkmkend PARA3753}\pard\plain\intbl\cf1\f51\fs20\qc May 2017\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA3754}{\*\bkmkend PARA3754}\pard\plain\intbl\cf1\f51\fs20\qr Voyage\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4807\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5431\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5534\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5721\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6947\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7052\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8602\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8705\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10321\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}}{\*\bkmkstart PARA4933}{\*\bkmkend PARA4933}\pard\plain\cf1\f51\fs20\ql \~{\*\bkmkstart PGBK4934}{\*\bkmkend PGBK4934}{\*\bkmkstart PGFTR4934}{\*\bkmkend PGFTR4934}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PGNUM4934}{\*\bkmkend PGNUM4934}\par\pard\plain\cf1\f51\fs20\qc 2\par\pard\plain\f0\fs4\par\pard\plain\f0\fs2\brdrt\brdrs\brdrw15\brdrcf2\brdrsp0\par\pard\plain\f0\fs4\par \page{\*\bkmkstart PGHDR4934}{\*\bkmkend PGHDR4934}\par\pard\plain\cf1\f51\fs20\li150\ql \~{\*\bkmkstart PARA4934_2}{\*\bkmkend PARA4934_2}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart TBL3978}{\*\bkmkend TBL3978} \par\pard\plain {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5064\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5700\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5806\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5912\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7182\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7288\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8878\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8984\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9104\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10374\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA3763}{\*\bkmkend PARA3763}\pard\plain\intbl\cf1\f51\fs20\ql Ibis Bulker\cell{\*\bkmkstart PARA3765}{\*\bkmkend PARA3765}\pard\plain\intbl\cf1\f51\fs20\qc 2010\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 57,775\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA3770}{\*\bkmkend PARA3770}\pard\plain\intbl\cf1\f51\fs20\qc May 2017\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr 8,000\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5064\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5700\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5806\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5912\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7182\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7288\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8878\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8984\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9104\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10374\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5064\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5700\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5806\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5912\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7182\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7288\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8878\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8984\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9104\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10374\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5064\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5700\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5806\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5912\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7182\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7288\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8878\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8984\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9104\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10374\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5064\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5700\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5806\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5912\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7182\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7288\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8878\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8984\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9104\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10374\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA3781}{\*\bkmkend PARA3781}\pard\plain\intbl\cf1\f51\fs20\ql Imperial Eagle\cell{\*\bkmkstart PARA3783}{\*\bkmkend PARA3783}\pard\plain\intbl\cf1\f51\fs20\qc 2010\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 55,989\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA3788}{\*\bkmkend PARA3788}\pard\plain\intbl\cf1\f51\fs20\qc Apr 2017\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr 10,500\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5064\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5700\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5806\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5912\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7182\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7288\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8878\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8984\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9104\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10374\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5064\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5700\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5806\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5912\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7182\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7288\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8878\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8984\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9104\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10374\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5064\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5700\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5806\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5912\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7182\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7288\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8878\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8984\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9104\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10374\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5064\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5700\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5806\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5912\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7182\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7288\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8878\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8984\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10374\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA3798}{\*\bkmkend PARA3798}\pard\plain\intbl\cf1\f51\fs20\ql Jaeger\cell{\*\bkmkstart PARA3800}{\*\bkmkend PARA3800}\pard\plain\intbl\cf1\f51\fs20\qc 2004\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 52,248\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA3805}{\*\bkmkend PARA3805}\pard\plain\intbl\cf1\f51\fs20\qc May 2017\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA3806}{\*\bkmkend PARA3806}\pard\plain\intbl\cf1\f51\fs20\qr Voyage\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5064\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5700\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5806\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5912\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7182\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7288\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8878\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8984\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10374\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5064\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5700\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5806\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5912\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7182\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7288\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8878\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8984\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9104\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10374\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5064\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5700\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5806\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5912\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7182\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7288\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8878\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8984\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9104\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10374\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5064\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5700\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5806\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5912\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7182\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7288\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8878\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8984\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9104\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10374\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA3815}{\*\bkmkend PARA3815}\pard\plain\intbl\cf1\f51\fs20\ql Jay\cell{\*\bkmkstart PARA3817}{\*\bkmkend PARA3817}\pard\plain\intbl\cf1\f51\fs20\qc 2010\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 57,802\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA3822}{\*\bkmkend PARA3822}\pard\plain\intbl\cf1\f51\fs20\qc Jul 2017\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr 10,500\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5064\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5700\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5806\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5912\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7182\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7288\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8878\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8984\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9104\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10374\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5064\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5700\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5806\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5912\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7182\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7288\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8878\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8984\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9104\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10374\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5064\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5700\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5806\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5912\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7182\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7288\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8878\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8984\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9104\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10374\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5064\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5700\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5806\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5912\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7182\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7288\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8878\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8984\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9104\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10374\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA3833}{\*\bkmkend PARA3833}\pard\plain\intbl\cf1\f51\fs20\ql Kestrel I\cell{\*\bkmkstart PARA3835}{\*\bkmkend PARA3835}\pard\plain\intbl\cf1\f51\fs20\qc 2004\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 50,326\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA3840}{\*\bkmkend PARA3840}\pard\plain\intbl\cf1\f51\fs20\qc Undergoing repairs\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr -\cell\pard\plain\intbl\cf1\f51\fs20\ql (7)\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5064\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5700\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5806\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5912\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7182\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7288\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8878\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8984\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9104\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10374\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5064\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5700\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5806\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5912\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7182\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7288\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8878\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8984\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9104\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10374\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5064\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5700\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5806\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5912\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7182\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7288\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8878\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8984\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9104\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10374\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5064\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5700\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5806\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5912\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7182\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7288\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8878\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8984\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10374\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA3851}{\*\bkmkend PARA3851}\pard\plain\intbl\cf1\f51\fs20\ql Kingfisher\cell{\*\bkmkstart PARA3853}{\*\bkmkend PARA3853}\pard\plain\intbl\cf1\f51\fs20\qc 2010\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 57,776\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA3858}{\*\bkmkend PARA3858}\pard\plain\intbl\cf1\f51\fs20\qc Apr 2017\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA3859}{\*\bkmkend PARA3859}\pard\plain\intbl\cf1\f51\fs20\qr Voyage\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5064\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5700\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5806\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5912\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7182\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7288\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8878\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8984\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10374\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5064\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5700\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5806\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5912\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7182\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7288\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8878\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8984\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9104\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10374\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5064\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5700\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5806\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5912\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7182\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7288\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8878\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8984\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9104\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10374\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5064\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5700\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5806\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5912\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7182\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7288\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8878\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8984\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10374\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA3868}{\*\bkmkend PARA3868}\pard\plain\intbl\cf1\f51\fs20\ql Martin\cell{\*\bkmkstart PARA3870}{\*\bkmkend PARA3870}\pard\plain\intbl\cf1\f51\fs20\qc 2010\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 57,809\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA3875}{\*\bkmkend PARA3875}\pard\plain\intbl\cf1\f51\fs20\qc May 2017\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA3876}{\*\bkmkend PARA3876}\pard\plain\intbl\cf1\f51\fs20\qr Voyage\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5064\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5700\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5806\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5912\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7182\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7288\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8878\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8984\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10374\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5064\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5700\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5806\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5912\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7182\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7288\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8878\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8984\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9104\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10374\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5064\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5700\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5806\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5912\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7182\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7288\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8878\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8984\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9104\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10374\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5064\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5700\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5806\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5912\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7182\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7288\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8878\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8984\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9104\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10374\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA3883}{\*\bkmkend PARA3883}\pard\plain\intbl\cf1\f51\fs20\ql Merlin\cell{\*\bkmkstart PARA3885}{\*\bkmkend PARA3885}\pard\plain\intbl\cf1\f51\fs20\qc 2001\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 50,296\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA3890}{\*\bkmkend PARA3890}\pard\plain\intbl\cf1\f51\fs20\qc May 2017\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr 11,500\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5064\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5700\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5806\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5912\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7182\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7288\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8878\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8984\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9104\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10374\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5064\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5700\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5806\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5912\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7182\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7288\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8878\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8984\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9104\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10374\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5064\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5700\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5806\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5912\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7182\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7288\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8878\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8984\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9104\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10374\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5064\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5700\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5806\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5912\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7182\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7288\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8878\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8984\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10374\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA3901}{\*\bkmkend PARA3901}\pard\plain\intbl\cf1\f51\fs20\ql Nighthawk\cell{\*\bkmkstart PARA3903}{\*\bkmkend PARA3903}\pard\plain\intbl\cf1\f51\fs20\qc 2011\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 57,809\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA3908}{\*\bkmkend PARA3908}\pard\plain\intbl\cf1\f51\fs20\qc May 2017\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA3909}{\*\bkmkend PARA3909}\pard\plain\intbl\cf1\f51\fs20\qr Voyage\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5064\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5700\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5806\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5912\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7182\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7288\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8878\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8984\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10374\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5064\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5700\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5806\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5912\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7182\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7288\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8878\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8984\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9104\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10374\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5064\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5700\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5806\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5912\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7182\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7288\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8878\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8984\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9104\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10374\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5064\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5700\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5806\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5912\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7182\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7288\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8878\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8984\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10374\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA3917}{\*\bkmkend PARA3917}\pard\plain\intbl\cf1\f51\fs20\ql Oriole\cell{\*\bkmkstart PARA3919}{\*\bkmkend PARA3919}\pard\plain\intbl\cf1\f51\fs20\qc 2011\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 57,809\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA3924}{\*\bkmkend PARA3924}\pard\plain\intbl\cf1\f51\fs20\qc Apr 2017\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA3925}{\*\bkmkend PARA3925}\pard\plain\intbl\cf1\f51\fs20\qr Voyage\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5064\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5700\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5806\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5912\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7182\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7288\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8878\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8984\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10374\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5064\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5700\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5806\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5912\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7182\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7288\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8878\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8984\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9104\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10374\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5064\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5700\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5806\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5912\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7182\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7288\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8878\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8984\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9104\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10374\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5064\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5700\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5806\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5912\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7182\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7288\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8878\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8984\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9104\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10374\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA3933}{\*\bkmkend PARA3933}\pard\plain\intbl\cf1\f51\fs20\ql Osprey I\cell{\*\bkmkstart PARA3935}{\*\bkmkend PARA3935}\pard\plain\intbl\cf1\f51\fs20\qc 2002\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 50,206\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA3940}{\*\bkmkend PARA3940}\pard\plain\intbl\cf1\f51\fs20\qc Apr 2017\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr 10,500\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5064\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5700\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5806\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5912\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7182\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7288\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8878\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8984\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9104\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10374\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5064\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5700\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5806\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5912\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7182\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7288\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8878\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8984\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9104\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10374\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5064\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5700\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5806\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5912\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7182\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7288\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8878\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8984\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9104\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10374\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5064\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5700\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5806\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5912\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7182\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7288\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8878\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8984\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9104\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10374\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA3950}{\*\bkmkend PARA3950}\pard\plain\intbl\cf1\f51\fs20\ql Owl\cell{\*\bkmkstart PARA3952}{\*\bkmkend PARA3952}\pard\plain\intbl\cf1\f51\fs20\qc 2011\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 57,809\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA3957}{\*\bkmkend PARA3957}\pard\plain\intbl\cf1\f51\fs20\qc May 2017\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr 11,500\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5064\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5700\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5806\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5912\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7182\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7288\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8878\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8984\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9104\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10374\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5064\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5700\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5806\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5912\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7182\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7288\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8878\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8984\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9104\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10374\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5064\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5700\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5806\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5912\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7182\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7288\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8878\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8984\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9104\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10374\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5064\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5700\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5806\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5912\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7182\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7288\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8878\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8984\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10374\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA3968}{\*\bkmkend PARA3968}\pard\plain\intbl\cf1\f51\fs20\ql Petrel Bulker\cell{\*\bkmkstart PARA3970}{\*\bkmkend PARA3970}\pard\plain\intbl\cf1\f51\fs20\qc 2011\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 57,809\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA3975}{\*\bkmkend PARA3975}\pard\plain\intbl\cf1\f51\fs20\qc May 2017\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA3976}{\*\bkmkend PARA3976}\pard\plain\intbl\cf1\f51\fs20\qr Voyage\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5064\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5700\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5806\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5912\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7182\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7288\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8878\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8984\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10374\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}}{\*\bkmkstart PARA4923_2}{\*\bkmkend PARA4923_2}\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart TBL4204}{\*\bkmkend TBL4204} \par\pard\plain {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4912\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5644\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5748\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6991\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7096\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8653\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8757\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10321\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA3980}{\*\bkmkend PARA3980}\pard\plain\intbl\cf1\f51\fs20\ql Puffin Bulker\cell{\*\bkmkstart PARA3982}{\*\bkmkend PARA3982}\pard\plain\intbl\cf1\f51\fs20\qc 2011\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 57,809\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA3987}{\*\bkmkend PARA3987}\pard\plain\intbl\cf1\f51\fs20\qc Jun 2017\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA3988}{\*\bkmkend PARA3988}\pard\plain\intbl\cf1\f51\fs20\qr Voyage\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4912\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5644\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5748\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6991\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7096\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8653\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8757\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10321\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4912\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5540\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5644\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5748\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6991\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7096\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8653\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8757\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9077\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10320\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4912\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5540\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5644\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5748\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6991\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7096\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8653\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8757\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9077\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10320\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4912\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5644\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5748\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6991\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7096\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8653\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8757\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9077\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10320\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA3997}{\*\bkmkend PARA3997}\pard\plain\intbl\cf1\f51\fs20\ql Roadrunner Bulker\cell{\*\bkmkstart PARA3999}{\*\bkmkend PARA3999}\pard\plain\intbl\cf1\f51\fs20\qc 2011\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 57,809\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA4004}{\*\bkmkend PARA4004}\pard\plain\intbl\cf1\f51\fs20\qc Apr 2017\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr 600\cell\pard\plain\intbl\cf1\f51\fs20\ql \~(3)\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4912\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5644\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5748\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6991\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7096\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8653\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8757\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9077\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10320\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4912\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5540\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5644\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5748\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6991\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7096\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8653\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8757\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9077\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10320\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4912\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5540\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5644\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5748\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6991\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7096\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8653\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8757\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9077\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10320\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4912\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5644\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5748\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6991\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7096\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8653\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8757\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10321\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA4015}{\*\bkmkend PARA4015}\pard\plain\intbl\cf1\f51\fs20\ql Sandpiper Bulker\cell{\*\bkmkstart PARA4017}{\*\bkmkend PARA4017}\pard\plain\intbl\cf1\f51\fs20\qc 2011\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 57,809\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA4022}{\*\bkmkend PARA4022}\pard\plain\intbl\cf1\f51\fs20\qc Apr 2017\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA4023}{\*\bkmkend PARA4023}\pard\plain\intbl\cf1\f51\fs20\qr Voyage\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4912\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5644\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5748\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6991\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7096\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8653\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8757\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10321\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4912\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5540\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5644\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5748\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6991\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7096\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8653\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8757\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9077\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10320\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4912\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5540\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5644\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5748\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6991\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7096\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8653\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8757\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9077\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10320\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4912\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5644\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5748\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6991\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7096\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8653\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8757\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10321\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA4031}{\*\bkmkend PARA4031}\pard\plain\intbl\cf1\f51\fs20\ql Singapore Eagle\cell{\*\bkmkstart PARA4032}{\*\bkmkend PARA4032}\pard\plain\intbl\cf1\f51\fs20\qc 2017\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 61,530\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA4034}{\*\bkmkend PARA4034}\pard\plain\intbl\cf1\f51\fs20\qc Apr 2017\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA4035}{\*\bkmkend PARA4035}\pard\plain\intbl\cf1\f51\fs20\qr Voyage\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4912\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5644\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5748\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6991\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7096\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8653\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8757\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10321\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4912\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5540\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5644\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5748\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6991\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7096\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8653\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8757\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9077\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10320\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4912\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5540\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5644\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5748\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6991\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7096\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8653\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8757\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9077\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10320\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4912\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5644\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5748\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6991\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7096\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8653\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8757\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9077\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10320\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA4036}{\*\bkmkend PARA4036}\pard\plain\intbl\cf1\f51\fs20\ql Shrike\cell{\*\bkmkstart PARA4038}{\*\bkmkend PARA4038}\pard\plain\intbl\cf1\f51\fs20\qc 2003\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 53,343\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA4043}{\*\bkmkend PARA4043}\pard\plain\intbl\cf1\f51\fs20\qc May 2017\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr 13,000\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4912\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5644\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5748\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6991\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7096\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8653\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8757\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9077\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10320\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4912\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5540\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5644\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5748\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6991\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7096\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8653\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8757\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9077\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10320\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4912\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5540\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5644\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5748\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6991\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7096\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8653\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8757\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9077\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10320\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4912\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5644\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5748\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6991\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7096\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8653\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8757\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9077\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10320\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA4054}{\*\bkmkend PARA4054}\pard\plain\intbl\cf1\f51\fs20\ql Skua\cell{\*\bkmkstart PARA4056}{\*\bkmkend PARA4056}\pard\plain\intbl\cf1\f51\fs20\qc 2003\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 53,350\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA4061}{\*\bkmkend PARA4061}\pard\plain\intbl\cf1\f51\fs20\qc Apr 2017\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr 8,950\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4912\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5644\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5748\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6991\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7096\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8653\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8757\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9077\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10320\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4912\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5540\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5644\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5748\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6991\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7096\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8653\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8757\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9077\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10320\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4912\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5540\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5644\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5748\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6991\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7096\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8653\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8757\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9077\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10320\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4912\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5644\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5748\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6991\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7096\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8653\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8757\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx9077\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10320\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA4072}{\*\bkmkend PARA4072}\pard\plain\intbl\cf1\f51\fs20\ql Sparrow\cell{\*\bkmkstart PARA4074}{\*\bkmkend PARA4074}\pard\plain\intbl\cf1\f51\fs20\qc 2000\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 48,225\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA4079}{\*\bkmkend PARA4079}\pard\plain\intbl\cf1\f51\fs20\qc Awaiting sale\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qc \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~(4)\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4912\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5644\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5748\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6991\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7096\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8653\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8757\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx9077\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10320\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4912\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5540\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5644\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5748\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6991\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7096\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8653\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8757\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9077\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10320\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4912\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5540\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5644\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5748\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6991\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7096\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8653\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8757\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9077\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10320\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4912\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5644\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5748\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6991\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7096\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8653\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8757\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9077\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10320\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA4088}{\*\bkmkend PARA4088}\pard\plain\intbl\cf1\f51\fs20\ql Stamford Eagle\cell{\*\bkmkstart PARA4090}{\*\bkmkend PARA4090}\pard\plain\intbl\cf1\f51\fs20\qc 2016\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 61,530\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA4095}{\*\bkmkend PARA4095}\pard\plain\intbl\cf1\f51\fs20\qc Jun 2017\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr 14,250\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4912\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5644\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5748\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6991\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7096\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8653\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8757\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9077\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10320\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4912\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5540\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5644\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5748\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6991\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7096\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8653\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8757\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9077\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10320\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4912\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5540\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5644\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5748\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6991\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7096\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8653\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8757\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9077\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10320\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4912\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5644\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5748\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6991\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7096\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8653\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8757\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10321\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA4106}{\*\bkmkend PARA4106}\pard\plain\intbl\cf1\f51\fs20\ql Stellar Eagle\cell{\*\bkmkstart PARA4108}{\*\bkmkend PARA4108}\pard\plain\intbl\cf1\f51\fs20\qc 2009\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 55,989\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA4113}{\*\bkmkend PARA4113}\pard\plain\intbl\cf1\f51\fs20\qc Apr 2017\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA4114}{\*\bkmkend PARA4114}\pard\plain\intbl\cf1\f51\fs20\qr Voyage\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4912\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5644\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5748\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6991\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7096\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8653\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8757\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10321\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4912\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5540\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5644\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5748\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6991\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7096\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8653\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8757\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9077\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10320\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4912\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5540\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5644\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5748\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6991\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7096\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8653\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8757\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9077\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10320\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4912\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5644\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5748\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6991\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7096\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8653\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8757\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9077\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10320\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA4123}{\*\bkmkend PARA4123}\pard\plain\intbl\cf1\f51\fs20\ql Tern\cell{\*\bkmkstart PARA4125}{\*\bkmkend PARA4125}\pard\plain\intbl\cf1\f51\fs20\qc 2003\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 50,200\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA4130}{\*\bkmkend PARA4130}\pard\plain\intbl\cf1\f51\fs20\qc Apr 2017\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr 8,850\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4912\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5644\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5748\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6991\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7096\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8653\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8757\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9077\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10320\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4912\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5540\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5644\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5748\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6991\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7096\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8653\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8757\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9077\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10320\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4912\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5540\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5644\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5748\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6991\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7096\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8653\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8757\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9077\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10320\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4912\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5644\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5748\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6991\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7096\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8653\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8757\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9077\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10320\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA4141}{\*\bkmkend PARA4141}\pard\plain\intbl\cf1\f51\fs20\ql Thrasher\cell{\*\bkmkstart PARA4143}{\*\bkmkend PARA4143}\pard\plain\intbl\cf1\f51\fs20\qc 2010\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 53,360\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA4148}{\*\bkmkend PARA4148}\pard\plain\intbl\cf1\f51\fs20\qc Jun 2017\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr 4,250\cell\pard\plain\intbl\cf1\f51\fs20\ql \~(5)\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4912\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5644\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5748\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6991\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7096\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8653\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8757\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9077\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10320\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4912\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5540\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5644\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5748\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6991\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7096\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8653\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8757\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9077\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10320\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4912\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5540\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5644\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5748\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6991\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7096\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8653\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8757\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9077\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10320\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4912\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5644\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5748\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6991\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7096\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8653\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8757\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9077\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10320\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA4159}{\*\bkmkend PARA4159}\pard\plain\intbl\cf1\f51\fs20\ql Thrush\cell{\*\bkmkstart PARA4161}{\*\bkmkend PARA4161}\pard\plain\intbl\cf1\f51\fs20\qc 2011\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 53,297\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA4166}{\*\bkmkend PARA4166}\pard\plain\intbl\cf1\f51\fs20\qc Apr 2017\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr 7,000\cell\pard\plain\intbl\cf1\f51\fs20\ql \~(6)\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4912\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5644\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5748\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6991\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7096\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8653\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8757\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9077\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10320\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4912\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5540\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5644\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5748\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6991\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7096\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8653\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8757\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9077\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10320\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4912\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5540\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5644\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5748\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6991\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7096\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8653\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8757\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9077\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10320\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4912\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5644\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5748\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6991\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7096\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8653\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8757\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10321\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA4177}{\*\bkmkend PARA4177}\pard\plain\intbl\cf1\f51\fs20\ql Woodstar\cell{\*\bkmkstart PARA4179}{\*\bkmkend PARA4179}\pard\plain\intbl\cf1\f51\fs20\qc 2008\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 53,390\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA4184}{\*\bkmkend PARA4184}\pard\plain\intbl\cf1\f51\fs20\qc Apr 2017\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA4185}{\*\bkmkend PARA4185}\pard\plain\intbl\cf1\f51\fs20\qr Voyage\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4912\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5644\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5748\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6991\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7096\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8653\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8757\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10321\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4912\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5540\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5644\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5748\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6991\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7096\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8653\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8757\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9077\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10320\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4912\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5540\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5644\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5748\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6991\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7096\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8653\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8757\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx9077\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10320\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx10650\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4912\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5644\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5748\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6991\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7096\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8653\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8757\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9077\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10320\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248 {\*\bkmkstart PARA4194}{\*\bkmkend PARA4194}\pard\plain\intbl\cf1\f51\fs20\ql Wren\cell{\*\bkmkstart PARA4196}{\*\bkmkend PARA4196}\pard\plain\intbl\cf1\f51\fs20\qc 2008\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 53,349\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA4201}{\*\bkmkend PARA4201}\pard\plain\intbl\cf1\f51\fs20\qc Apr 2017\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr 9,100\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4912\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5540\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5644\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5748\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6991\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7096\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8653\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8757\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9077\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10320\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx10650\trrh248\row}}}{\*\bkmkstart PARA4205}{\*\bkmkend PARA4205}\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PARA4206}{\*\bkmkend PARA4206}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart TBL4225}{\*\bkmkend TBL4225} \par\pard\plain {\trowd\cellx245\cellx595\cellx10500\trrh248 {\*\bkmkstart PARA4207}{\*\bkmkend PARA4207}\pard\plain\intbl\cf1\f51\fs20\qj \~\cell{\*\bkmkstart PARA4208}{\*\bkmkend PARA4208}\pard\plain\intbl\cf1\f51\fs20\qj (1)\cell{\*\bkmkstart PARA4209}{\*\bkmkend PARA4209}\pard\plain\intbl\cf1\f51\fs20\qj The vessel is contracted to continue the existing time charter at an\~increased charter rate of $8,750 after May 29, 2017.\cell{ {\trowd\cellx245\cellx595\cellx10500\trrh248\row}}} {\trowd\cellx245\cellx595\cellx10500\trrh248 {\*\bkmkstart PARA4210}{\*\bkmkend PARA4210}\pard\plain\intbl\cf1\f51\fs20\qj \~\cell{\*\bkmkstart PARA4211}{\*\bkmkend PARA4211}\pard\plain\intbl\cf1\f51\fs20\qj (2)\cell{\*\bkmkstart PARA4212}{\*\bkmkend PARA4212}\pard\plain\intbl\cf1\f51\fs20\qj The vessel is contracted to continue the existing time charter at an\~increased charter rate of $8,750 after May 27, 2017.\cell{ {\trowd\cellx245\cellx595\cellx10500\trrh248\row}}} {\trowd\cellx245\cellx595\cellx10500\trrh495 {\*\bkmkstart PARA4213}{\*\bkmkend PARA4213}\pard\plain\intbl\cf1\f51\fs20\qj \~\cell{\*\bkmkstart PARA4214}{\*\bkmkend PARA4214}\pard\plain\intbl\cf1\f51\fs20\qj (3)\cell{\*\bkmkstart PARA4215}{\*\bkmkend PARA4215}\pard\plain\intbl\cf1\f51\fs20\qj The vessel is contracted to continue the existing time charter at an\~increased charter rate of $6,500 after April 11,\plain\intbl\cf1\f51\fs20\qj 2017.\cell{ {\trowd\cellx245\cellx595\cellx10500\trrh495\row}}} {\trowd\cellx245\cellx595\cellx10500\trrh742 {\*\bkmkstart PARA4216}{\*\bkmkend PARA4216}\pard\plain\intbl\cf1\f51\fs20\qj \~\cell{\*\bkmkstart PARA4217}{\*\bkmkend PARA4217}\pard\plain\intbl\cf1\f51\fs20\qj (4)\cell{\*\bkmkstart PARA4218}{\*\bkmkend PARA4218}\pard\plain\intbl\cf1\f51\fs20\qj On March 15, 2017, the Company signed a memorandum of agreement to sell the vessel Sparrow for $4.8 million\plain\intbl\cf1\f51\fs20\qj after brokerage commissions and associated selling expenses. The vessel was delivered to the buyers in the second\plain\intbl\cf1\f51\fs20\qj quarter of 2017.\~The Company will record a gain of $1.8 million in the second quarter of 2017.\cell{ {\trowd\cellx245\cellx595\cellx10500\trrh742\row}}} {\trowd\cellx245\cellx595\cellx10500\trrh248 {\*\bkmkstart PARA4219}{\*\bkmkend PARA4219}\pard\plain\intbl\cf1\f51\fs20\qj \~\cell{\*\bkmkstart PARA4220}{\*\bkmkend PARA4220}\pard\plain\intbl\cf1\f51\fs20\qj (5)\cell{\*\bkmkstart PARA4221}{\*\bkmkend PARA4221}\pard\plain\intbl\cf1\f51\fs20\qj The vessel is contracted to continue the existing time charter at an\~increased charter rate of $8,850 after June 2, 2017\cell{ {\trowd\cellx245\cellx595\cellx10500\trrh248\row}}} {\trowd\cellx245\cellx595\cellx10500\trrh248 {\*\bkmkstart PARA4222}{\*\bkmkend PARA4222}\pard\plain\intbl\cf1\f51\fs20\qj \~\cell{\*\bkmkstart PARA4223}{\*\bkmkend PARA4223}\pard\plain\intbl\cf1\f51\fs20\qj (6)\cell{\*\bkmkstart PARA4224}{\*\bkmkend PARA4224}\pard\plain\intbl\cf1\f51\fs20\qj The vessel is contracted to continue existing time charter at an increased charter rate of $9,000 after April 5, 2017.\cell{ {\trowd\cellx245\cellx595\cellx10500\trrh248\row}}} {\trowd\cellx245\cellx595\cellx10500\trrh495 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql (7)\cell\pard\plain\intbl\cf1\f51\fs20\ql The vessel is undergoing emergency repairs after a grounding incident from March 8, 2017 and is expected to be in\plain\intbl\cf1\f51\fs20\ql service from June 1, 2017.\cell{ {\trowd\cellx245\cellx595\cellx10500\trrh495\row}}}{\*\bkmkstart PARA4924_1}{\*\bkmkend PARA4924_1}\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PGBK4924}{\*\bkmkend PGBK4924}{\*\bkmkstart PGFTR4924}{\*\bkmkend PGFTR4924}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PGNUM4924}{\*\bkmkend PGNUM4924}\par\pard\plain\cf1\f51\fs20\qc 4\par\pard\plain\f0\fs4\par\pard\plain\f0\fs2\brdrt\brdrs\brdrw15\brdrcf2\brdrsp0\par\pard\plain\f0\fs4\par \page{\*\bkmkstart PGHDR4924}{\*\bkmkend PGHDR4924}\par\pard\plain\cf1\f51\fs20\li150\ql \~{\*\bkmkstart PARA4924_2}{\*\bkmkend PARA4924_2}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA4228}{\*\bkmkend PARA4228}\par\pard\plain\cf1\f51\fs20\b\i\qj Fleet Management{\*\bkmkstart PARA4229}{\*\bkmkend PARA4229}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA4230}{\*\bkmkend PARA4230}\par\pard\plain\fi1012\cf1\f51\fs20\qj The management of our fleet includes the following functions:{\*\bkmkstart PARA4231}{\*\bkmkend PARA4231}\par\pard\plain\fi1012\cf1\f51\fs20\qj \~{\*\bkmkstart TBL4241}{\*\bkmkend TBL4241} \par\pard\plain {\trowd\clvertalc\cellx512\cellx1176\cellx10500\trrh248 {\*\bkmkstart PARA4232}{\*\bkmkend PARA4232}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA4233}{\*\bkmkend PARA4233}\pard\plain\intbl\cf1\f51\fs20\qc \u9679?\cell{\*\bkmkstart PARA4234}{\*\bkmkend PARA4234}\pard\plain\intbl\cf1\f51\fs20\i\ql Strategic management\plain\intbl\cf1\f51\fs20\ql . We locate and obtain financing and insurance for, the purchase and sale of vessels.\cell{ {\trowd\clvertalc\cellx512\cellx1176\cellx10500\trrh248\row}}} {\trowd\clvertalc\cellx512\cellx1176\cellx10500\trrh248 {\*\bkmkstart PARA4235}{\*\bkmkend PARA4235}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA4236}{\*\bkmkend PARA4236}\pard\plain\intbl\cf1\f51\fs20\qc \u9679?\cell{\*\bkmkstart PARA4237}{\*\bkmkend PARA4237}\pard\plain\intbl\cf1\f51\fs20\i\ql Commercial management\plain\intbl\cf1\f51\fs20\ql . We obtain employment for our vessels and manage our relationships with charterers.\cell{ {\trowd\clvertalc\cellx512\cellx1176\cellx10500\trrh248\row}}} {\trowd\clvertalc\cellx512\cellx1176\cellx10500\trrh495 {\*\bkmkstart PARA4238}{\*\bkmkend PARA4238}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA4239}{\*\bkmkend PARA4239}\pard\plain\intbl\cf1\f51\fs20\qc \u9679?\cell{\*\bkmkstart PARA4240}{\*\bkmkend PARA4240}\pard\plain\intbl\cf1\f51\fs20\i\ql Technical management\plain\intbl\cf1\f51\fs20\ql . We have established an in-house technical management function to perform\plain\intbl\cf1\f51\fs20\ql day-to-day operations and maintenance of our vessels.\cell{ {\trowd\clvertalc\cellx512\cellx1176\cellx10500\trrh495\row}}}{\*\bkmkstart PARA4242}{\*\bkmkend PARA4242}\pard\plain\li1012\fi-1012\cf1\f51\fs20\b\i\qj \~{\*\bkmkstart PARA4243}{\*\bkmkend PARA4243}\par\pard\plain\li1012\fi-1012\cf1\f51\fs20\b\i\qj Commercial and Strategic Management{\*\bkmkstart PARA4244}{\*\bkmkend PARA4244}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~\~\~{\*\bkmkstart PARA5060}{\*\bkmkend PARA5060}\par\pard\plain\fi1012\cf1\f51\fs20\qj We carry out the commercial and strategic management of our fleet through our wholly-owned subsidiaries of Eagle\plain\cf1\f51\fs20\qj Shipping LLC, Eagle Shipping International (USA) LLC, a Marshall Islands limited liability company, Eagle Bulk Pte. Ltd, a\plain\cf1\f51\fs20\qj Singapore company and Eagle Bulk Europe GmbH, a German Company. We currently have seventy-five shore based\plain\cf1\f51\fs20\qj personnel, including our senior management team and our office staff, who either directly or through these subsidiaries,\plain\cf1\f51\fs20\qj provides the following services:\par\pard\plain\fi1012\cf1\f51\fs20\qj \~{\*\bkmkstart TBL4259}{\*\bkmkend TBL4259} \par\pard\plain {\trowd\clvertalc\cellx555\cellx1219\cellx7972\clvertalc\cellx8328\trrh248 {\*\bkmkstart PARA4247}{\*\bkmkend PARA4247}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA4248}{\*\bkmkend PARA4248}\pard\plain\intbl\cf1\f51\fs20\qc \u9679?\cell{\*\bkmkstart PARA4249}{\*\bkmkend PARA4249}\pard\plain\intbl\cf1\f51\fs20\ql commercial operations and technical supervision;\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\cellx555\cellx1219\cellx7972\clvertalc\cellx8328\trrh248\row}}} {\trowd\clvertalc\cellx555\cellx1219\cellx6158\clvertalc\cellx7065\clvertalc\cellx7972\clvertalc\cellx8328\trrh248 {\*\bkmkstart PARA4250}{\*\bkmkend PARA4250}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA4251}{\*\bkmkend PARA4251}\pard\plain\intbl\cf1\f51\fs20\qc \u9679?\cell{\*\bkmkstart PARA4252}{\*\bkmkend PARA4252}\pard\plain\intbl\cf1\f51\fs20\ql safety monitoring;\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\cellx555\cellx1219\cellx6158\clvertalc\cellx7065\clvertalc\cellx7972\clvertalc\cellx8328\trrh248\row}}} {\trowd\clvertalc\cellx555\cellx1219\cellx7065\clvertalc\cellx7972\clvertalc\cellx8328\trrh248 {\*\bkmkstart PARA4253}{\*\bkmkend PARA4253}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA4254}{\*\bkmkend PARA4254}\pard\plain\intbl\cf1\f51\fs20\qc \u9679?\cell{\*\bkmkstart PARA4255}{\*\bkmkend PARA4255}\pard\plain\intbl\cf1\f51\fs20\ql vessel acquisition; and\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\cellx555\cellx1219\cellx7065\clvertalc\cellx7972\clvertalc\cellx8328\trrh248\row}}} {\trowd\clvertalc\cellx555\cellx1219\cellx8327\trrh248 {\*\bkmkstart PARA4256}{\*\bkmkend PARA4256}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA4257}{\*\bkmkend PARA4257}\pard\plain\intbl\cf1\f51\fs20\qc \u9679?\cell{\*\bkmkstart PARA4258}{\*\bkmkend PARA4258}\pard\plain\intbl\cf1\f51\fs20\ql financial, accounting and information technology services.\cell{ {\trowd\clvertalc\cellx555\cellx1219\cellx8327\trrh248\row}}}{\*\bkmkstart PARA4260}{\*\bkmkend PARA4260}\pard\plain\fi1012\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4261}{\*\bkmkend PARA4261}\par\pard\plain\fi1012\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4262}{\*\bkmkend PARA4262}\par\pard\plain\fi1012\cf1\f51\fs20\ql Technical management includes managing day-to-day vessel operations, performing general vessel maintenance,\plain\cf1\f51\fs20\ql ensuring regulatory and classification society compliance, supervising the maintenance and general efficiency of vessels,\plain\cf1\f51\fs20\ql arranging our hire of qualified officers and crew, arranging and supervising drydocking and repairs, purchasing supplies, spare\plain\cf1\f51\fs20\ql parts and new equipment for vessels, appointing supervisors and technical consultants and providing technical support.{\*\bkmkstart PARA4263}{\*\bkmkend PARA4263}\par\pard\plain\cf1\f51\fs20\b\i\qj \~{\*\bkmkstart PARA4264}{\*\bkmkend PARA4264}\par\pard\plain\cf1\f51\fs20\b\i\qj Value of Assets and Cash Requirements{\*\bkmkstart PARA4265}{\*\bkmkend PARA4265}\par\pard\plain\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4266}{\*\bkmkend PARA4266}\par\pard\plain\fi1012\cf1\f51\fs20\qj The replacement costs of comparable new vessels may be above or below the book value of our fleet. The market\plain\cf1\f51\fs20\qj value of our fleet may be below book value when market conditions are weak and exceed book value when markets conditions\plain\cf1\f51\fs20\qj are strong. Customary with industry practice, we may consider asset redeployment which at times may include the sale of\plain\cf1\f51\fs20\qj vessels at less than their book value. The Company\u8217?s results of operations and cash flow may be significantly affected\plain\cf1\f51\fs20\qj by future charter markets.{\*\bkmkstart PARA4267}{\*\bkmkend PARA4267}\par\pard\plain\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4268}{\*\bkmkend PARA4268}\par\pard\plain\cf1\f51\fs20\b\i\qj Critical Accounting Policies{\*\bkmkstart PARA4269}{\*\bkmkend PARA4269}\par\pard\plain\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4270}{\*\bkmkend PARA4270}\par\pard\plain\fi1012\cf1\f51\fs20\qj The discussion and analysis of our financial condition and results of operations is based upon our interim unaudited\plain\cf1\f51\fs20\qj consolidated financial statements, which have been prepared in accordance with U.S. GAAP and the rules and regulations of the\plain\cf1\f51\fs20\qj SEC which apply to interim financial statements. The preparation of those financial statements requires us to make estimates\plain\cf1\f51\fs20\qj and judgments that affect the reported amounts of assets and liabilities, revenues, expenses and warrants and related disclosure\plain\cf1\f51\fs20\qj of contingent assets and liabilities at the date of our financial statements. Actual results may differ from these estimates under\plain\cf1\f51\fs20\qj different assumptions and conditions.{\*\bkmkstart PARA4271}{\*\bkmkend PARA4271}\par\pard\plain\cf1\f51\fs20\qj \~{\*\bkmkstart PARA5061}{\*\bkmkend PARA5061}\par\pard\plain\fi1012\cf1\f51\fs20\qj Critical accounting policies are those that reflect significant judgments of uncertainties and potentially result in\plain\cf1\f51\fs20\qj materially different results under different assumptions and conditions. As the discussion and analysis of our financial condition\plain\cf1\f51\fs20\qj and results of operations is based upon our interim unaudited consolidated financial statements, they do not include all of the\plain\cf1\f51\fs20\qj information on critical accounting policies normally included in consolidated financial statements. Accordingly, a detailed\plain\cf1\f51\fs20\qj description of these critical accounting policies should be read in conjunction with the consolidated financial statements and\plain\cf1\f51\fs20\qj notes thereto included in the Company\u8217?s Annual Report on Form 10-K for the year ended December 31, 2016, filed\plain\cf1\f51\fs20\qj with the SEC on March 31, 2017. There have been no material changes from the \u8220?Critical Accounting Policies\u8221?\plain\cf1\f51\fs20\qj previously disclosed in our Annual Report on Form 10-K for the year ended December 31, 2016, filed with the SEC on March\plain\cf1\f51\fs20\qj 31, 2017.{\*\bkmkstart PARA4273}{\*\bkmkend PARA4273}\par\pard\plain\fi1012\cf1\f51\fs20\qj \~{\*\bkmkstart PGBK4925}{\*\bkmkend PGBK4925}{\*\bkmkstart PGFTR4925}{\*\bkmkend PGFTR4925}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PGNUM4925}{\*\bkmkend PGNUM4925}\par\pard\plain\cf1\f51\fs20\qc 5\par\pard\plain\f0\fs4\par\pard\plain\f0\fs2\brdrt\brdrs\brdrw15\brdrcf2\brdrsp0\par\pard\plain\f0\fs4\par \page{\*\bkmkstart PGHDR4925}{\*\bkmkend PGHDR4925}\par\pard\plain\cf1\f51\fs20\li150\ql \~{\*\bkmkstart PARA4925_2}{\*\bkmkend PARA4925_2}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA4274}{\*\bkmkend PARA4274}\par\pard\plain\fi1012\cf1\f51\fs20\b\i\qj Use of Estimates:\plain\cf1\f51\fs20\qj The preparation of consolidated financial statements in conformity with U.S. GAAP requires\plain\cf1\f51\fs20\qj management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of\plain\cf1\f51\fs20\qj contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and\plain\cf1\f51\fs20\qj expenses during the reporting period. Actual results could differ from those estimates. The significant estimates and assumptions\plain\cf1\f51\fs20\qj of the Company are useful lives of fixed assets, the period of amortization, asset impairment, and the fair value of\~warrants and\plain\cf1\f51\fs20\qj stock-based compensation.{\*\bkmkstart PARA4275}{\*\bkmkend PARA4275}\par\pard\plain\cf1\f51\fs20\b\i\qj \~{\*\bkmkstart PARA4276}{\*\bkmkend PARA4276}\par\pard\plain\cf1\f51\fs20\b\i\qj \~{\*\bkmkstart PARA4277}{\*\bkmkend PARA4277}\par\pard\plain\cf1\f51\fs20\b\i\qj Results of Operations for the three-month periods ended March 31, 2017 and 2016:{\*\bkmkstart PARA4278}{\*\bkmkend PARA4278}\par\pard\plain\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4279}{\*\bkmkend PARA4279}\par\pard\plain\cf1\f51\fs20\b\i\qj Fleet Data{\*\bkmkstart PARA4280}{\*\bkmkend PARA4280}\par\pard\plain\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4281}{\*\bkmkend PARA4281}\par\pard\plain\cf1\f51\fs20\qj We believe that the measures for analyzing future trends in our results of operations consist of the following:{\*\bkmkstart PARA4282}{\*\bkmkend PARA4282}\par\pard\plain\cf1\f51\fs20\qj \~{\*\bkmkstart TBL4342}{\*\bkmkend TBL4342} \par\pard\plain {\trowd\clbrdrb\brdrs\brdrcf1\clvertalb\cellx5761\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\clvertalb\cellx5854\clbrdrb\brdrs\brdrcf1\clvertalb\cellx7466\clvertalb\cellx7672\clvertalb\cellx7765\clbrdrb\brdrs\brdrcf1\clvertalb\cellx9377\clvertalb\cellx9585\trrh495 \pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{\*\bkmkstart PARA4285}{\*\bkmkend PARA4285}\pard\plain\intbl\cf1\f51\fs20\b\qc Three months\par\pard\plain\intbl\cf1\f51\fs20\b\qc Ended\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{\*\bkmkstart PARA4288}{\*\bkmkend PARA4288}\pard\plain\intbl\cf1\f51\fs20\b\qc Three months\par\pard\plain\intbl\cf1\f51\fs20\b\qc Ended\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{ {\trowd\clbrdrb\brdrs\brdrcf1\clvertalb\cellx5761\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\clvertalb\cellx5854\clbrdrb\brdrs\brdrcf1\clvertalb\cellx7466\clvertalb\cellx7672\clvertalb\cellx7765\clbrdrb\brdrs\brdrcf1\clvertalb\cellx9377\clvertalb\cellx9585\trrh495\row}}} {\trowd\clbrdrb\brdrs\brdrcf1\clvertalb\cellx5761\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\clvertalb\cellx5854\clbrdrb\brdrs\brdrcf1\clvertalb\cellx7466\clvertalb\cellx7672\clvertalb\cellx7765\clbrdrb\brdrs\brdrcf1\clvertalb\cellx9377\clvertalb\cellx9585\trrh248 \pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{\*\bkmkstart PARA4292}{\*\bkmkend PARA4292}\pard\plain\intbl\cf1\f51\fs20\b\qc March 31, 2017\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{\*\bkmkstart PARA4295}{\*\bkmkend PARA4295}\pard\plain\intbl\cf1\f51\fs20\b\qc March 31, 2016\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{ {\trowd\clbrdrb\brdrs\brdrcf1\clvertalb\cellx5761\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\clvertalb\cellx5854\clbrdrb\brdrs\brdrcf1\clvertalb\cellx7466\clvertalb\cellx7672\clvertalb\cellx7765\clbrdrb\brdrs\brdrcf1\clvertalb\cellx9377\clvertalb\cellx9585\trrh248\row}}} {\trowd\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5761\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5854\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6215\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7465\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7671\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7764\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8125\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9375\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9585\trrh248 {\*\bkmkstart PARA4297}{\*\bkmkend PARA4297}\pard\plain\intbl\cf1\f51\fs20\ql Ownership Days\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 3,686\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 4,004\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5761\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5854\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6215\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7465\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7671\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7764\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8125\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9375\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9585\trrh248\row}}} {\trowd\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx5761\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx5854\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6215\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7465\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7671\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7764\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8125\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9375\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9585\trrh248 {\*\bkmkstart PARA4306}{\*\bkmkend PARA4306}\pard\plain\intbl\cf1\f51\fs20\ql Chartered in Days\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 514\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 151\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx5761\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx5854\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6215\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7465\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7671\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7764\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8125\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9375\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9585\trrh248\row}}} {\trowd\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5761\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5854\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6215\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7465\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7671\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7764\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8125\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9375\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9585\trrh248 {\*\bkmkstart PARA4315}{\*\bkmkend PARA4315}\pard\plain\intbl\cf1\f51\fs20\ql Available Days\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 4,134\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 4,096\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5761\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5854\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6215\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7465\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7671\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7764\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8125\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9375\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9585\trrh248\row}}} {\trowd\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx5761\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx5854\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6215\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7465\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7671\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7764\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8125\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9375\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9585\trrh248 {\*\bkmkstart PARA4324}{\*\bkmkend PARA4324}\pard\plain\intbl\cf1\f51\fs20\ql Operating Days\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 4,105\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 4,030\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx5761\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx5854\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6215\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7465\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7671\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7764\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8125\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9375\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9585\trrh248\row}}} {\trowd\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5761\clbrdrr\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5854\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6215\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7465\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7671\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7764\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8125\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9375\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9585\trrh248 {\*\bkmkstart PARA4333}{\*\bkmkend PARA4333}\pard\plain\intbl\cf1\f51\fs20\ql Fleet Utilization (%)\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 99.3\cell{\*\bkmkstart PARA4337}{\*\bkmkend PARA4337}\pard\plain\intbl\cf1\f51\fs20\ql %\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 98.4\cell{\*\bkmkstart PARA4341}{\*\bkmkend PARA4341}\pard\plain\intbl\cf1\f51\fs20\ql %\cell{ {\trowd\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5761\clbrdrr\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5854\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6215\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7465\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7671\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7764\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8125\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9375\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9585\trrh248\row}}}{\*\bkmkstart PARA4343}{\*\bkmkend PARA4343}\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA4344}{\*\bkmkend PARA4344}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PARA4345}{\*\bkmkend PARA4345}\par\pard\plain\fi1012\cf1\f51\fs20\qj In order to understand our discussion of our results of operations, it is important to understand the meaning of the\plain\cf1\f51\fs20\qj following terms used in our analysis and the factors that influence our results of operations.{\*\bkmkstart PARA4346}{\*\bkmkend PARA4346}\par\pard\plain\fi1012\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB4348}{\*\bkmkend MTAB4348} \par\pard\plain {\trowd\clvertalc\cellx3259\cellx6802\cellx10650\trrh1980 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA4349}{\*\bkmkend PARA4349}\pard\plain\intbl\ri154\cf1\f51\fs20\qj \u8226?\cell{\*\bkmkstart PARA4350}{\*\bkmkend PARA4350}\pard\plain\intbl\ri154\cf1\f51\fs20\ul\qj Ownership days:\plain\intbl\ri154\cf1\f51\fs20\qj We define ownership days\plain\intbl\ri154\cf1\f51\fs20\qj as the aggregate number of days in a period\plain\intbl\ri154\cf1\f51\fs20\qj during which each vessel in our fleet has\plain\intbl\ri154\cf1\f51\fs20\qj been owned by us. Ownership days are an\plain\intbl\ri154\cf1\f51\fs20\qj indicator of the size of our fleet over a period\plain\intbl\ri154\cf1\f51\fs20\qj and affect both the amount of revenues and\plain\intbl\ri154\cf1\f51\fs20\qj the amount of expenses that we record during\plain\intbl\ri154\cf1\f51\fs20\qj a period.\cell{ {\trowd\clvertalc\cellx3259\cellx6802\cellx10650\trrh1980\row}}}{\*\bkmkstart PARA4351}{\*\bkmkend PARA4351}\pard\plain\fi44\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB4353}{\*\bkmkend MTAB4353} \par\pard\plain {\trowd\clvertalc\cellx520\cellx1184\cellx10650\trrh742 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA4354}{\*\bkmkend PARA4354}\pard\plain\intbl\cf1\f51\fs20\qj \u8226?\cell{\*\bkmkstart PARA4355}{\*\bkmkend PARA4355}\pard\plain\intbl\cf1\f51\fs20\ul\qj Chartered-in under operating lease days:\plain\intbl\cf1\f51\fs20\qj We define chartered-in under operating lease days as the aggregate\plain\intbl\cf1\f51\fs20\qj number of days in a period during which we chartered-in vessels. Periodically, the Company charters in vessels\plain\intbl\cf1\f51\fs20\qj on a single trip basis.\cell{ {\trowd\clvertalc\cellx520\cellx1184\cellx10650\trrh742\row}}}{\*\bkmkstart PARA4356}{\*\bkmkend PARA4356}\pard\plain\fi44\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB4358}{\*\bkmkend MTAB4358} \par\pard\plain {\trowd\clvertalc\cellx520\cellx1184\cellx10650\trrh1732 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA4359}{\*\bkmkend PARA4359}\pard\plain\intbl\cf1\f51\fs20\qj \u8226?\cell{\*\bkmkstart PARA4360}{\*\bkmkend PARA4360}\pard\plain\intbl\cf1\f51\fs20\ul\qj Available days:\plain\intbl\cf1\f51\fs20\qj We define available days as the number of our ownership days less the aggregate number of\plain\intbl\cf1\f51\fs20\qj days that our vessels are off-hire due to vessel familiarization upon acquisition, scheduled repairs or repairs\plain\intbl\cf1\f51\fs20\qj under guarantee, vessel upgrades or special surveys and the aggregate amount of time that we spend positioning\plain\intbl\cf1\f51\fs20\qj our vessels. The shipping industry uses available days to measure the number of days in a period during which\plain\intbl\cf1\f51\fs20\qj vessels should be capable of generating revenues. During the three-month period ended March 31, 2017, the\plain\intbl\cf1\f51\fs20\qj Company did not drydock any vessels. During the three-month period ended March 31, 2016, the Company\plain\intbl\cf1\f51\fs20\qj completed drydocking of five vessels of which two started in 2015.\cell{ {\trowd\clvertalc\cellx520\cellx1184\cellx10650\trrh1732\row}}}{\*\bkmkstart PARA4361}{\*\bkmkend PARA4361}\pard\plain\fi44\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB4363}{\*\bkmkend MTAB4363} \par\pard\plain {\trowd\clvertalc\cellx520\cellx1184\cellx10650\trrh990 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA4364}{\*\bkmkend PARA4364}\pard\plain\intbl\cf1\f51\fs20\qj \u8226?\cell{\*\bkmkstart PARA4365}{\*\bkmkend PARA4365}\pard\plain\intbl\cf1\f51\fs20\ul\qj Operating days:\plain\intbl\cf1\f51\fs20\qj We define operating days as the number of available days in a period less the aggregate number\plain\intbl\cf1\f51\fs20\qj of days that our vessels are off-hire due to any reason, including unforeseen circumstances. The shipping\plain\intbl\cf1\f51\fs20\qj industry uses operating days to measure the aggregate number of days in a period during which vessels actually\plain\intbl\cf1\f51\fs20\qj generate revenues.\cell{ {\trowd\clvertalc\cellx520\cellx1184\cellx10650\trrh990\row}}}{\*\bkmkstart PARA4366}{\*\bkmkend PARA4366}\pard\plain\fi44\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB4368}{\*\bkmkend MTAB4368} \par\pard\plain {\trowd\clvertalc\cellx520\cellx1184\cellx10650\trrh1238 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA4369}{\*\bkmkend PARA4369}\pard\plain\intbl\cf1\f51\fs20\qj \u8226?\cell{\*\bkmkstart PARA4370}{\*\bkmkend PARA4370}\pard\plain\intbl\cf1\f51\fs20\ul\qj Fleet utilization:\plain\intbl\cf1\f51\fs20\qj We calculate fleet utilization by dividing the number of our operating days during a period by\plain\intbl\cf1\f51\fs20\qj the number of our available days during the period. The shipping industry uses fleet utilization to measure a\plain\intbl\cf1\f51\fs20\qj company\u8217?s efficiency in finding suitable employment for its vessels and minimizing the amount of days\plain\intbl\cf1\f51\fs20\qj that its vessels are off-hire for reasons other than scheduled repairs or repairs under guarantee, vessel upgrades,\plain\intbl\cf1\f51\fs20\qj special surveys or vessel positioning. Our fleet continues to perform at high utilization rates.\cell{ {\trowd\clvertalc\cellx520\cellx1184\cellx10650\trrh1238\row}}}{\*\bkmkstart PARA4371}{\*\bkmkend PARA4371}\pard\plain\ri154\fi44\cf1\f51\fs20\b\i\qj \~{\*\bkmkstart PARA4372}{\*\bkmkend PARA4372}\par\pard\plain\cf1\f51\fs20\b\i\qj Time Charter and Voyage Revenue{\*\bkmkstart PARA4373}{\*\bkmkend PARA4373}\par\pard\plain\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4374}{\*\bkmkend PARA4374}\par\pard\plain\fi1012\cf1\f51\fs20\qj Shipping revenues are highly sensitive to patterns of supply and demand for vessels of the size and design\plain\cf1\f51\fs20\qj configurations owned and operated by a company and the trades in which those vessels operate. In the dry bulk sector of the\plain\cf1\f51\fs20\qj shipping industry, rates for the transportation of dry bulk cargoes such as ores, grains, steel, fertilizers, and similar\plain\cf1\f51\fs20\qj commodities, are determined by market forces such as the supply and demand for such commodities, the distance that cargoes\plain\cf1\f51\fs20\qj must be transported, and the number of vessels expected to be available at the time such cargoes need to be transported. The\plain\cf1\f51\fs20\qj demand for shipments is significantly affected by the state of the global economy and in discrete geographical areas. The\plain\cf1\f51\fs20\qj number of vessels is affected by newbuilding deliveries and by the removal of existing vessels from service, principally because\plain\cf1\f51\fs20\qj of scrapping.\~{\*\bkmkstart PARA4375}{\*\bkmkend PARA4375}\par\pard\plain\fi1012\cf1\f51\fs20\qj \~{\*\bkmkstart PGBK4926}{\*\bkmkend PGBK4926}{\*\bkmkstart PGFTR4926}{\*\bkmkend PGFTR4926}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PGNUM4926}{\*\bkmkend PGNUM4926}\par\pard\plain\cf1\f51\fs20\qc 6\par\pard\plain\f0\fs4\par\pard\plain\f0\fs2\brdrt\brdrs\brdrw15\brdrcf2\brdrsp0\par\pard\plain\f0\fs4\par \page{\*\bkmkstart PGHDR4926}{\*\bkmkend PGHDR4926}\par\pard\plain\cf1\f51\fs20\li150\ql \~{\*\bkmkstart PARA4926_2}{\*\bkmkend PARA4926_2}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA4376}{\*\bkmkend PARA4376}\par\pard\plain\fi1012\cf1\f51\fs20\qj The mix of charters between spot or voyage charters and mid-term time charters also affects revenues. Because the\plain\cf1\f51\fs20\qj mix between voyage charters and time charters significantly affects shipping revenues and voyage expenses, vessel revenues are\plain\cf1\f51\fs20\qj benchmarked based on time charter equivalent (\u8220?TCE\u8221?). TCE comprises revenue from vessels operating on time\plain\cf1\f51\fs20\qj charters, and voyage revenue less voyage expenses from vessels operating on voyage charters in the spot market. TCE serves as\plain\cf1\f51\fs20\qj a measure of analyzing fluctuations between financial periods and as a method of equating revenue generated from a voyage\plain\cf1\f51\fs20\qj charter to time charter revenue. TCE also serves as an industry standard for measuring revenue and comparing results between\plain\cf1\f51\fs20\qj geographical regions and among competitors.{\*\bkmkstart PARA4377}{\*\bkmkend PARA4377}\par\pard\plain\cf1\f51\fs20\ql \~{\*\bkmkstart PARA4378}{\*\bkmkend PARA4378}\par\pard\plain\cf1\f51\fs20\ql The following table represents the reconciliation of TCE for the three months ended March 31, 2017 and 2016:{\*\bkmkstart PARA4379}{\*\bkmkend PARA4379}\par\pard\plain\cf1\f51\fs20\ql \~{\*\bkmkstart TBL4424}{\*\bkmkend TBL4424} \par\pard\plain {\trowd\clbrdrb\brdrs\brdrcf1\clvertalb\cellx4627\clbrdrb\brdrs\brdrcf1\clvertalb\cellx4709\clbrdrb\brdrs\brdrcf1\clvertalb\cellx6365\clbrdrb\brdrs\brdrcf1\clvertalb\cellx6571\clbrdrb\brdrs\brdrcf1\clvertalb\cellx6653\clbrdrb\brdrs\brdrcf1\clvertalb\cellx8309\clbrdrb\brdrs\brdrcf1\clvertalb\cellx8520\trrh742 \pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{\*\bkmkstart PARA4382}{\*\bkmkend PARA4382}\pard\plain\intbl\cf1\f51\fs20\b\qc Three months\par\pard\plain\intbl\cf1\f51\fs20\b\qc Ended March\par\pard\plain\intbl\cf1\f51\fs20\b\qc 31, 2017\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{\*\bkmkstart PARA4385}{\*\bkmkend PARA4385}\pard\plain\intbl\cf1\f51\fs20\b\qc Three months\par\pard\plain\intbl\cf1\f51\fs20\b\qc Ended March\par\pard\plain\intbl\cf1\f51\fs20\b\qc 31, 2016\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{ {\trowd\clbrdrb\brdrs\brdrcf1\clvertalb\cellx4627\clbrdrb\brdrs\brdrcf1\clvertalb\cellx4709\clbrdrb\brdrs\brdrcf1\clvertalb\cellx6365\clbrdrb\brdrs\brdrcf1\clvertalb\cellx6571\clbrdrb\brdrs\brdrcf1\clvertalb\cellx6653\clbrdrb\brdrs\brdrcf1\clvertalb\cellx8309\clbrdrb\brdrs\brdrcf1\clvertalb\cellx8520\trrh742\row}}} {\trowd\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4627\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4709\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5070\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6365\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6571\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6653\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7014\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8309\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8520\trrh248 {\*\bkmkstart PARA4387}{\*\bkmkend PARA4387}\pard\plain\intbl\cf1\f51\fs20\ql Revenue, Net\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr 45,855,057\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr 21,278,288\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4627\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4709\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5070\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6365\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6571\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6653\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7014\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8309\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8520\trrh248\row}}} {\trowd\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx4627\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx4709\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx5070\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6365\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6571\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6653\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7014\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8309\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8520\trrh248 {\*\bkmkstart PARA4393}{\*\bkmkend PARA4393}\pard\plain\intbl\cf1\f51\fs20\ql Voyage Expenses\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 13,353,347\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 9,244,047\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx4627\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx4709\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx5070\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6365\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6571\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6653\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7014\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8309\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8520\trrh248\row}}} {\trowd\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4627\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4709\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5070\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6365\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6571\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6653\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7014\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8309\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8520\trrh248 {\*\bkmkstart PARA4398}{\*\bkmkend PARA4398}\pard\plain\intbl\cf1\f51\fs20\ql Time charter equivalent\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 32,501,710\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 12,034,241\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4627\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4709\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5070\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6365\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6571\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6653\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7014\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8309\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8520\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4627\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4709\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5070\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6365\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6571\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6653\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7014\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8309\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8520\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4627\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4709\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5070\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6365\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6571\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6653\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7014\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8309\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8520\trrh248\row}}} {\trowd\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4627\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4709\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5070\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6365\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6571\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6653\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7014\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8309\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8520\trrh248 {\*\bkmkstart PARA4406}{\*\bkmkend PARA4406}\pard\plain\intbl\cf1\f51\fs20\b\ql % of TCE from\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{ {\trowd\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4627\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4709\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5070\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6365\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6571\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6653\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7014\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8309\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8520\trrh248\row}}} {\trowd\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx4627\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx4709\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx5070\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6365\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6571\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6653\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7014\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8309\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8520\trrh248 {\*\bkmkstart PARA4409}{\*\bkmkend PARA4409}\pard\plain\intbl\cf1\f51\fs20\ql Time charter\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 58\cell\pard\plain\intbl\cf1\f51\fs20\ql %\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 63\cell\pard\plain\intbl\cf1\f51\fs20\ql %\cell{ {\trowd\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx4627\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx4709\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx5070\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6365\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6571\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6653\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7014\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8309\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8520\trrh248\row}}} {\trowd\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4627\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4709\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5070\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6365\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6571\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6653\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7014\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8309\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8520\trrh248 {\*\bkmkstart PARA4414}{\*\bkmkend PARA4414}\pard\plain\intbl\cf1\f51\fs20\ql Voyage charter\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 39\cell\pard\plain\intbl\cf1\f51\fs20\ql %\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 34\cell\pard\plain\intbl\cf1\f51\fs20\ql %\cell{ {\trowd\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4627\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4709\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5070\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6365\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6571\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6653\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7014\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8309\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8520\trrh248\row}}} {\trowd\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx4627\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx4709\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx5070\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6365\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6571\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6653\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7014\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8309\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8520\trrh248 {\*\bkmkstart PARA4419}{\*\bkmkend PARA4419}\pard\plain\intbl\cf1\f51\fs20\ql Commercial pool\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 3\cell\pard\plain\intbl\cf1\f51\fs20\ql %\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 3\cell\pard\plain\intbl\cf1\f51\fs20\ql %\cell{ {\trowd\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx4627\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx4709\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx5070\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6365\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6571\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6653\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7014\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8309\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8520\trrh248\row}}}{\*\bkmkstart PARA4425}{\*\bkmkend PARA4425}\pard\plain\cf1\f51\fs20\ql \~{\*\bkmkstart PARA4426}{\*\bkmkend PARA4426}\par\pard\plain\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4427}{\*\bkmkend PARA4427}\par\pard\plain\fi1012\cf1\f51\fs20\qj Our revenues are derived from time and voyage charters. As is common in the shipping industry, we pay\plain\cf1\f51\fs20\qj commissions ranging from 1.25% to 5.50% of the total daily charter hire rate of each charter to unaffiliated ship brokers\plain\cf1\f51\fs20\qj associated with the charterers, depending on the number of brokers involved with arranging the charter.{\*\bkmkstart PARA4428}{\*\bkmkend PARA4428}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA4429}{\*\bkmkend PARA4429}\par\pard\plain\fi1012\cf1\f51\fs20\qj Net time and voyage charter revenues in the quarter ended March 31, 2017 were $45,855,057 compared with\plain\cf1\f51\fs20\qj $21,278,288 recorded in the comparable quarter in 2016. The increase in revenue was attributable to higher time charter hire\plain\cf1\f51\fs20\qj rates in the first quarter of 2017 as well as increase in available days due to chartered in vessels. Our fleet utilization increased\plain\cf1\f51\fs20\qj from 98.4% to 99.3% due to better vessel performance and lower off hire days.{\*\bkmkstart PARA4430}{\*\bkmkend PARA4430}\par\pard\plain\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4431}{\*\bkmkend PARA4431}\par\pard\plain\ri154\fi858\cf1\f51\fs20\b\i\qj Voyage Expenses{\*\bkmkstart PARA4432}{\*\bkmkend PARA4432}\par\pard\plain\fi1012\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4999}{\*\bkmkend PARA4999}\par\pard\plain\fi1012\cf1\f51\fs20\qj To the extent that we employ our vessels on voyage charters, we will incur expenses that include bunkers, port\plain\cf1\f51\fs20\qj charges, canal tolls, cargo handling operations, as these expenses are borne by the vessel owner on voyage charters. Bunkers,\plain\cf1\f51\fs20\qj port charges, and canal toll expenses primarily increase in periods during which vessels are employed on voyage charters\plain\cf1\f51\fs20\qj because these expenses are for vessels account. Voyage expenses for the three-month period ended March 31, 2017 were\plain\cf1\f51\fs20\qj $13,353,347, compared to $9,244,047 in the comparable quarter in 2016. The increase was mainly attributable to an increase in\plain\cf1\f51\fs20\qj the number of freight voyages in the current quarter compared to the comparable quarter as reflected in the table above in the\plain\cf1\f51\fs20\qj prior year as well as increased bunker prices year over year.{\*\bkmkstart PARA5000}{\*\bkmkend PARA5000}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~\~{\*\bkmkstart PARA4435}{\*\bkmkend PARA4435}\par\pard\plain\fi858\cf1\f51\fs20\b\i\qj Vessel Expenses{\*\bkmkstart PARA4436}{\*\bkmkend PARA4436}\par\pard\plain\fi1012\cf1\f51\fs20\qj \~{\*\bkmkstart PARA5028}{\*\bkmkend PARA5028}\par\pard\plain\fi1012\cf1\f51\fs20\qj Vessel expenses for the three-month period ended March 31, 2017 were $17,955,519 compared to $20,480,635 in\plain\cf1\f51\fs20\qj the comparable quarter in 2016. The lower vessel expenses were attributable to the efficiencies achieved through in-house\plain\cf1\f51\fs20\qj technical management of vessels as well as vessel sales of the Falcon, Harrier, Peregrine and Kittiwake during 2016, and the\plain\cf1\f51\fs20\qj sale of the Redwing in the first quarter of 2017 offset by the purchase of two Ultramax vessels which were delivered in the\plain\cf1\f51\fs20\qj fourth quarter of 2016 and the first quarter of 2017 respectively.\par\pard\plain\fi858\cf1\f51\fs20\qj \~\par\pard\plain\fi1012\cf1\f51\fs20\qj We believe daily vessel operating expenses are a good measure for comparative purposes over a 12-month period in\plain\cf1\f51\fs20\qj order to take into account all of the expenses that each vessel in our fleet will incur over a full year of operation.\~{\*\bkmkstart PARA4440}{\*\bkmkend PARA4440}\par\pard\plain\fi1012\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4441}{\*\bkmkend PARA4441}\par\pard\plain\fi1012\cf1\f51\fs20\qj Average daily vessel operating expenses for our fleet decreased by $244 per day to $4,871 in the first quarter of\plain\cf1\f51\fs20\qj 2017 as compared to $5,115 in the comparable period in 2016.{\*\bkmkstart PARA4442}{\*\bkmkend PARA4442}\par\pard\plain\fi1012\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4443}{\*\bkmkend PARA4443}\par\pard\plain\fi1012\cf1\f51\fs20\qj Vessel operating expenses include crew wages and related costs, the cost of insurance, expenses relating to repairs\plain\cf1\f51\fs20\qj and maintenance, the cost of spares and consumable stores and related inventory, tonnage taxes, pre-operating costs associated\plain\cf1\f51\fs20\qj with the delivery of acquired vessels including providing the newly acquired vessels with initial provisions and stores, other\plain\cf1\f51\fs20\qj miscellaneous expenses.{\*\bkmkstart PARA4444}{\*\bkmkend PARA4444}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA4445}{\*\bkmkend PARA4445}\par\pard\plain\fi1012\cf1\f51\fs20\qj Other factors beyond our control, some of which may affect the shipping industry in general, may cause vessel\plain\cf1\f51\fs20\qj operating expenses to increase, including, for instance, developments relating to market prices for crew, insurance and\plain\cf1\f51\fs20\qj petroleum-based lubricants and supplies.{\*\bkmkstart PARA4927_1}{\*\bkmkend PARA4927_1}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PGBK4927}{\*\bkmkend PGBK4927}{\*\bkmkstart PGFTR4927}{\*\bkmkend PGFTR4927}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PGNUM4927}{\*\bkmkend PGNUM4927}\par\pard\plain\cf1\f51\fs20\qc 7\par\pard\plain\f0\fs4\par\pard\plain\f0\fs2\brdrt\brdrs\brdrw15\brdrcf2\brdrsp0\par\pard\plain\f0\fs4\par \page{\*\bkmkstart PGHDR4927}{\*\bkmkend PGHDR4927}\par\pard\plain\cf1\f51\fs20\li150\ql \~{\*\bkmkstart PARA4927_2}{\*\bkmkend PARA4927_2}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA4447}{\*\bkmkend PARA4447}\par\pard\plain\fi1012\cf1\f51\fs20\b\i\qj Charter hire expenses{\*\bkmkstart PARA4448}{\*\bkmkend PARA4448}{\*\bkmkstart PARA4449}{\*\bkmkend PARA4449}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~\par\pard\plain\fi1012\cf1\f51\fs20\qj The charter hire expenses for the three-month periods ended March 31, 2017 were $3,873,332 compared to\plain\cf1\f51\fs20\qj $1,488,518 in the comparable quarter in 2016. The increase in charter hire expense was principally due to increase in the\plain\cf1\f51\fs20\qj number of chartered in vessels. The Company chartered in a 63,000 dwt newbuilding vessel in May 2016 for a period of nine\plain\cf1\f51\fs20\qj to fourteen months and a 61,000 dwt newbuilding vessel that was delivered in July 2016 for a period of eleven to thirteen\plain\cf1\f51\fs20\qj months. In addition, the Company chartered in vessels on a short-term basis as needed. The total chartered in days for the\plain\cf1\f51\fs20\qj three-month period ended March 31, 2017 were 562 compared to 151 for the comparable quarter in the prior year.{\*\bkmkstart PARA4451}{\*\bkmkend PARA4451}\par\pard\plain\fi1012\cf1\f51\fs20\qj \~\par\pard\plain\cf1\f51\fs20\b\i\qj Depreciation and Amortization{\*\bkmkstart PARA4452}{\*\bkmkend PARA4452}\par\pard\plain\cf1\f51\fs20\qj \~\~\~{\*\bkmkstart PARA5062}{\*\bkmkend PARA5062}\par\pard\plain\fi1012\cf1\f51\fs20\qj For the three-month periods ended March 31, 2017 and 2016, total depreciation and amortization expense was\plain\cf1\f51\fs20\qj $7,492,808\~\~\~ and $9,396,701, respectively. Total depreciation and amortization expense for the three-month period ended\plain\cf1\f51\fs20\qj March 31, 2017 includes $6,510,735 of vessel and other fixed assets depreciation and $982,073 relating to the amortization of\plain\cf1\f51\fs20\qj deferred drydocking costs. Comparable amounts for the three-month period ended March 31, 2016 were $8,902,929 of vessel\plain\cf1\f51\fs20\qj and other fixed assets depreciation and $493,772 of amortization of deferred drydocking costs. The decrease in depreciation\plain\cf1\f51\fs20\qj expense is attributable to the sale of five vessels during 2016 and the first quarter of 2017 and lower book value of vessels\plain\cf1\f51\fs20\qj subsequent to the impairment charge of $129,027,862 recorded in the first and fourth quarters of 2016 offset by purchase of\plain\cf1\f51\fs20\qj two new Ultramax vessels in the fourth quarter of 2016 and first quarter of 2017. The decrease in depreciation expense was\plain\cf1\f51\fs20\qj offset by an increase in drydock amortization.\par\pard\plain\fi1012\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4455}{\*\bkmkend PARA4455}\par\pard\plain\fi1012\cf1\f51\fs20\qj The cost of all vessels is depreciated on a straight-line basis over the expected useful life of each vessel.\plain\cf1\f51\fs20\qj Depreciation is based on the cost of the vessel less its estimated residual value. We estimate the useful life of our vessels to be\plain\cf1\f51\fs20\qj 25 years from the date of initial delivery from the shipyard to the original owner. Furthermore, we estimate the residual values\plain\cf1\f51\fs20\qj of our vessels to be $300 per lightweight ton, which we believe is common in the dry bulk shipping industry. Drydocking\plain\cf1\f51\fs20\qj relates to our regularly scheduled maintenance program necessary to preserve the quality of our vessels as well as to comply\plain\cf1\f51\fs20\qj with international shipping standards and environmental laws and regulations. Management anticipates that vessels are to be\plain\cf1\f51\fs20\qj drydocked every two and a half years for vessels older than 15 years and every five years for vessels younger than 15 years,\plain\cf1\f51\fs20\qj accordingly, these expenses are deferred and amortized over that period.\~{\*\bkmkstart PARA4456}{\*\bkmkend PARA4456}\par\pard\plain\fi1012\cf1\f51\fs20\ql \~\~{\*\bkmkstart PARA4459}{\*\bkmkend PARA4459}\par\pard\plain\fi1012\cf1\f51\fs20\b\i\qj General and Administrative Expenses{\*\bkmkstart PARA4460}{\*\bkmkend PARA4460}\par\pard\plain\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4461}{\*\bkmkend PARA4461}\par\pard\plain\fi1012\cf1\f51\fs20\ql Our general and administrative expenses include onshore vessel administration related expenses such as legal and\plain\cf1\f51\fs20\ql professional expenses and administrative and other expenses including payroll and expenses relating to our executive officers\plain\cf1\f51\fs20\ql and office staff, office rent and expenses, directors\u8217? fees, and directors and officers insurance. General and administrative\plain\cf1\f51\fs20\ql expenses also include non-cash compensation expenses.\~{\*\bkmkstart PARA4462}{\*\bkmkend PARA4462}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4463}{\*\bkmkend PARA4463}\par\pard\plain\fi1012\cf1\f51\fs20\qj General and administrative expenses for the three-month periods ended March 31, 2017 and 2016 were $7,778,821\plain\cf1\f51\fs20\qj and $5,331,343, respectively. These general and administrative expenses include a non-cash compensation component of\plain\cf1\f51\fs20\qj $2,170,700 and $826,613 for 2017 and 2016, respectively. The increase in general and administrative expenses was mainly\plain\cf1\f51\fs20\qj attributable to increases in advisers\u8217? fees, non-cash compensation expense and general and administrative expenses\plain\cf1\f51\fs20\qj relating to our\~new office in Germany offset by a decrease in rental expense due to moving the corporate office to Stamford,\plain\cf1\f51\fs20\qj Connecticut in March 2016 which necessitated payment of rent on both offices for the three-month period ended March 31,\plain\cf1\f51\fs20\qj 2016.{\*\bkmkstart PARA4464}{\*\bkmkend PARA4464}\par\pard\plain\fi1012\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4962}{\*\bkmkend PARA4962}\par\pard\plain\fi1012\cf1\f51\fs20\b\i\qj Interest Expense{\*\bkmkstart PARA4963}{\*\bkmkend PARA4963}\par\pard\plain\fi1012\cf1\f51\fs20\b\i\qj \~{\*\bkmkstart PARA4964}{\*\bkmkend PARA4964}\par\pard\plain\fi1012\cf1\f51\fs20\qj Our interest expense for the three-month periods ending March 31, 2017 and 2016 was $6,445,031 and $2,817,646,\plain\cf1\f51\fs20\qj respectively. The increase in interest expense is primarily due to assumption of debt under Second Lien Facility which bears a\plain\cf1\f51\fs20\qj payment-in-kind interest rate of 15% including a margin over LIBOR and higher amortization of deferred financing costs and\plain\cf1\f51\fs20\qj debt discount.{\*\bkmkstart PARA4965}{\*\bkmkend PARA4965}\par\pard\plain\fi1012\cf1\f51\fs20\qj \~{\*\bkmkstart PARA5063}{\*\bkmkend PARA5063}\par\pard\plain\fi1012\cf1\f51\fs20\qj Amortization of debt issuance costs is included in interest expense. These financing costs relate to costs associated\plain\cf1\f51\fs20\qj with the First Lien Facility, the Second Lien Loan Facility and Exit Financing Facility. The Company paid $3,086,947\plain\cf1\f51\fs20\qj (2,340,627 paid in the first quarter of 2016) during 2016 in connection with the First Lien Facility and the Second Lien Loan\plain\cf1\f51\fs20\qj Facility and $6,575,000 during 2014 for the Exit Financing Facility, which is recorded as debt issuance costs that amortize over\plain\cf1\f51\fs20\qj the term of the related loan. In addition, in the first quarter of 2016, the Company issued shares of common stock, the fair\plain\cf1\f51\fs20\qj value of which was determined to be $17.8 million to Second Lien Lenders, which was also recorded as debt discount and\plain\cf1\f51\fs20\qj amortized over the term of the Second Lien Facility. For the three-month periods ended March 31, 2017 and 2016, the\plain\cf1\f51\fs20\qj amortization of debt issuance costs was $1,443,963 and $308,504, respectively.\par\pard\plain\fi1012\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4465}{\*\bkmkend PARA4465}\par\pard\plain\fi1012\cf1\f51\fs20\b\i\qj Refinancing Expenses{\*\bkmkstart PARA4466}{\*\bkmkend PARA4466}\par\pard\plain\fi1012\cf1\f51\fs20\b\i\qj \~{\*\bkmkstart PARA4467}{\*\bkmkend PARA4467}\par\pard\plain\fi1012\cf1\f51\fs20\ql Refinancing charges for the three-month period ended March 31, 2017 and 2016 were none and $5,634,260\plain\cf1\f51\fs20\ql respectively. These costs primarily relate to the professional fees incurred in connection with the refinancing transaction, which\plain\cf1\f51\fs20\ql was closed on March 30, 2016.{\*\bkmkstart PARA4468}{\*\bkmkend PARA4468}\par\pard\plain\fi1012\cf1\f51\fs20\ql \~{\*\bkmkstart PARA4469}{\*\bkmkend PARA4469}\par\pard\plain\ri154\fi858\cf1\f51\fs20\b\i\qj Effects of Inflation{\*\bkmkstart PARA4471}{\*\bkmkend PARA4471}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4472}{\*\bkmkend PARA4472}\par\pard\plain\li594\cf1\f51\fs20\qj \~\~\~\~\~\~We do not believe that inflation has had or is likely, in the foreseeable future, to have a significant impact on vessel\plain\li594\cf1\f51\fs20\qj operating expenses, drydocking expenses or general and administrative expenses.{\*\bkmkstart PARA4928_1}{\*\bkmkend PARA4928_1}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PGBK4928}{\*\bkmkend PGBK4928}{\*\bkmkstart PGFTR4928}{\*\bkmkend PGFTR4928}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PGNUM4928}{\*\bkmkend PGNUM4928}\par\pard\plain\cf1\f51\fs20\qc 8\par\pard\plain\f0\fs4\par\pard\plain\f0\fs2\brdrt\brdrs\brdrw15\brdrcf2\brdrsp0\par\pard\plain\f0\fs4\par \page{\*\bkmkstart PGHDR4928}{\*\bkmkend PGHDR4928}\par\pard\plain\cf1\f51\fs20\li150\ql \~{\*\bkmkstart PARA4474}{\*\bkmkend PARA4474}\par\pard\plain\fi858\cf1\f51\fs20\b\i\qj \~{\*\bkmkstart PARA4475}{\*\bkmkend PARA4475}\par\pard\plain\fi858\cf1\f51\fs20\b\i\qj Liquidity and Capital Resources{\*\bkmkstart PARA4476}{\*\bkmkend PARA4476}\par\pard\plain\fi858\cf1\f51\fs20\b\i\qj \~{\*\bkmkstart PARA4477}{\*\bkmkend PARA4477}\par\pard\plain\fi858\cf1\f51\fs20\b\i\qj \~{\*\bkmkstart TBL4544}{\*\bkmkend TBL4544} \par\pard\plain {\trowd\clvertalb\cellx4789\clvertalb\cellx4872\clbrdrb\brdrs\brdrcf1\clvertalb\cellx6549\clvertalb\cellx6655\clvertalb\cellx6738\clbrdrb\brdrs\brdrcf1\clvertalb\cellx8411\clvertalb\cellx8520\trrh742 \pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{\*\bkmkstart PARA4479}{\*\bkmkend PARA4479}\pard\plain\intbl\cf1\f51\fs20\b\qc Three months\par\pard\plain\intbl\cf1\f51\fs20\b\qc Ended March\par\pard\plain\intbl\cf1\f51\fs20\b\qc 31,\~2017\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{\*\bkmkstart PARA4482}{\*\bkmkend PARA4482}\pard\plain\intbl\cf1\f51\fs20\b\qc Three months\par\pard\plain\intbl\cf1\f51\fs20\b\qc Ended March\par\pard\plain\intbl\cf1\f51\fs20\b\qc 31, 2016\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{ {\trowd\clvertalb\cellx4789\clvertalb\cellx4872\clbrdrb\brdrs\brdrcf1\clvertalb\cellx6549\clvertalb\cellx6655\clvertalb\cellx6738\clbrdrb\brdrs\brdrcf1\clvertalb\cellx8411\clvertalb\cellx8520\trrh742\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx4789\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4872\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5233\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6549\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6655\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6738\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7099\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8410\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8520\trrh248 {\*\bkmkstart PARA4483}{\*\bkmkend PARA4483}\pard\plain\intbl\cf1\f51\fs20\ql Net cash used in operating activities\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr (2,009,318\cell{\*\bkmkstart PARA4487}{\*\bkmkend PARA4487}\pard\plain\intbl\cf1\f51\fs20\ql )\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql $\cell\pard\plain\intbl\cf1\f51\fs20\qr (19,494,868\cell{\*\bkmkstart PARA4491}{\*\bkmkend PARA4491}\pard\plain\intbl\cf1\f51\fs20\ql )\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx4789\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4872\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5233\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6549\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6655\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6738\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7099\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8410\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8520\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx4789\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx4872\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx5233\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6549\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6655\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6738\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7099\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8410\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8520\trrh248 {\*\bkmkstart PARA4492}{\*\bkmkend PARA4492}\pard\plain\intbl\cf1\f51\fs20\ql Net cash used in investing activities\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr (21,873,831\cell{\*\bkmkstart PARA4496}{\*\bkmkend PARA4496}\pard\plain\intbl\cf1\f51\fs20\ql )\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr (508,792\cell{\*\bkmkstart PARA4500}{\*\bkmkend PARA4500}\pard\plain\intbl\cf1\f51\fs20\ql )\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx4789\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx4872\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx5233\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6549\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6655\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6738\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7099\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8410\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8520\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx4789\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4872\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5233\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6549\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6655\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6738\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7099\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8410\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8520\trrh248 {\*\bkmkstart PARA4501}{\*\bkmkend PARA4501}\pard\plain\intbl\cf1\f51\fs20\ql Net cash provided by financing activities\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 93,134,753\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 11,876,073\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx4789\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4872\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5233\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6549\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6655\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6738\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7099\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8410\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8520\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4789\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4872\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5233\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6549\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6655\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6738\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7099\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8410\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8520\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4789\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx4872\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx5233\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6549\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6655\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx6738\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx7099\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8410\clvertalc\clshdng100\clcfpat7\clcbpat7\cellx8520\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx4789\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4872\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5233\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6549\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6655\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6738\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7099\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8410\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8520\trrh248 {\*\bkmkstart PARA4517}{\*\bkmkend PARA4517}\pard\plain\intbl\cf1\f51\fs20\b\ql Increase/(Decrease) in cash and cash equivalents\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\qr 69,251,604\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\qr (8,127,587\cell{\*\bkmkstart PARA4522}{\*\bkmkend PARA4522}\pard\plain\intbl\cf1\f51\fs20\b\ql )\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx4789\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx4872\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5233\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6549\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6655\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6738\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7099\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8410\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8520\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx4789\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx4872\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx5233\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6549\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6655\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6738\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7099\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8410\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8520\trrh248 {\*\bkmkstart PARA4523}{\*\bkmkend PARA4523}\pard\plain\intbl\cf1\f51\fs20\ql Cash and cash equivalents, beginning of period\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 76,516,110\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 24,896,161\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx4789\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx4872\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx5233\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6549\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6655\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6738\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7099\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8410\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8520\trrh248\row}}} {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4789\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4872\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5233\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6549\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6655\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6738\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx7099\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8410\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8520\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4789\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx4872\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx5233\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6549\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6655\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx6738\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx7099\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8410\clvertalc\clshdng100\clcfpat10\clcbpat10\cellx8520\trrh248\row}}} {\trowd\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx4789\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx4872\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx5233\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6549\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6655\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6738\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7099\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8410\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8520\trrh248 {\*\bkmkstart PARA4536}{\*\bkmkend PARA4536}\pard\plain\intbl\cf1\f51\fs20\b\ql Cash and cash equivalents, end of period\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql $\cell\pard\plain\intbl\cf1\f51\fs20\b\qr 145,767,714\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql $\cell\pard\plain\intbl\cf1\f51\fs20\b\qr 16,768,574\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{ {\trowd\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx4789\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx4872\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx5233\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6549\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6655\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6738\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7099\clbrdrb\brdrdb\brdrcf1\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8410\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8520\trrh248\row}}}{\*\bkmkstart PARA4545}{\*\bkmkend PARA4545}\pard\plain\fi858\cf1\f51\fs20\b\i\qj \~{\*\bkmkstart PARA4546}{\*\bkmkend PARA4546}\par\pard\plain\fi1012\cf1\f51\fs20\ql \~{\*\bkmkstart PARA5007}{\*\bkmkend PARA5007}\par\pard\plain\fi1012\cf1\f51\fs20\ql Net cash used in operating activities during the three-month period ended March 31, 2017 and 2016 was $2,009,318\plain\cf1\f51\fs20\ql and $19,494,868, respectively. The cash flow from operating activities improved over prior year primarily due to increase in\plain\cf1\f51\fs20\ql charter hire rates because of improvement in dry bulk market.{\*\bkmkstart PARA5008}{\*\bkmkend PARA5008}\par\pard\plain\cf1\f51\fs20\ql \~\~{\*\bkmkstart PARA4549}{\*\bkmkend PARA4549}\par\pard\plain\fi1012\cf1\f51\fs20\qj Net cash used in investing activities during the three-month period ended\~March 31, 2017 was $21,873,831,\plain\cf1\f51\fs20\qj compared with $508,792 during the corresponding three-month period ended March 31, 2016. The increase in cash used in\plain\cf1\f51\fs20\qj investing activities relates to the purchase of one Ultramax Vessel for $17.0 million and $10.3 million paid as an advance\plain\cf1\f51\fs20\qj towards the purchase of six Vessels, which are expected to be delivered\~between the second and third quarters of 2017.{\*\bkmkstart PARA4550}{\*\bkmkend PARA4550}\par\pard\plain\fi1012\cf1\f51\fs20\ql \~{\*\bkmkstart PARA5030}{\*\bkmkend PARA5030}\par\pard\plain\fi1012\cf1\f51\fs20\qj Net cash provided by financing activities during the three-month period ended March 31, 2017 was $93,134,753\plain\cf1\f51\fs20\qj compared with $11,876,073 during the corresponding three-month period ended March 31, 2016. The Company received net\plain\cf1\f51\fs20\qj proceeds of $96.0 million in the December Private Placement, which closed on January 20, 2017 and repaid $2,895,250 of its\plain\cf1\f51\fs20\qj term loan under the First Lien Facility from the proceeds of the sale of the vessel Redwing. In the first quarter of 2016, the\plain\cf1\f51\fs20\qj Company received proceeds of $60.0 million from the Second Lien Facility and repaid $15.6 million of its term loan and $30.1\plain\cf1\f51\fs20\qj million of its revolver loan under the Exit Financing Facility as part of the debt restructuring transaction, which closed on\plain\cf1\f51\fs20\qj March 30, 2016. The Company paid $2.3 million as deferred financing costs relating to the restructuring transaction.{\*\bkmkstart PARA5031}{\*\bkmkend PARA5031}\par\pard\plain\fi1012\cf1\f51\fs20\ql \~{\*\bkmkstart PARA5064}{\*\bkmkend PARA5064}\par\pard\plain\fi924\cf1\f51\fs20\qj On February 28, 2017, Eagle Bulk Ultraco LLC, a wholly-owned subsidiary of the Company, entered into the\plain\cf1\f51\fs20\qj Agreement with Sellers for the purchase of nine Vessels. Of the nine Vessels, three Vessels were Contingent Vessels. The\plain\cf1\f51\fs20\qj approval to acquire the Contingent Vessels was obtained subsequently on March 27, 2017. The aggregate purchase price for the\plain\cf1\f51\fs20\qj nine Vessels is $153.0 million. The allocated purchase price for each Vessel is $17.0 million. The Company paid a deposit of\plain\cf1\f51\fs20\qj $10.3 million in the first quarter of 2017 for the purchase of the first six Vessels. Subsequent to the quarter, the Company took\plain\cf1\f51\fs20\qj delivery of two Vessels, Mystic Eagle and Southport Eagle and the remaining Vessels are expected to be delivered charter free\plain\cf1\f51\fs20\qj between May 2017 to September 2017.\par\pard\plain\fi1012\cf1\f51\fs20\ql \~{\*\bkmkstart PARA4555}{\*\bkmkend PARA4555}\par\pard\plain\fi1012\cf1\f51\fs20\qj Our principal sources of funds are operating cash flows, long-term bank borrowings and borrowings under our\plain\cf1\f51\fs20\qj revolving credit facility. Our principal use of funds is capital expenditures to establish and grow our fleet, maintain the quality\plain\cf1\f51\fs20\qj of our vessels, comply with international shipping standards and environmental laws and regulations, fund working capital\plain\cf1\f51\fs20\qj requirements and repayments of interest on our outstanding loan facilities.{\*\bkmkstart PARA4556}{\*\bkmkend PARA4556}\par\pard\plain\fi1012\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4557}{\*\bkmkend PARA4557}\par\pard\plain\cf1\f51\fs20\i\qj First Lien Facility{\*\bkmkstart PARA4558}{\*\bkmkend PARA4558}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA5033}{\*\bkmkend PARA5033}\par\pard\plain\fi1100\cf1\f51\fs20\qj On March 30, 2016, Eagle Shipping, as borrower, and certain of its subsidiaries that were guarantors of the\plain\cf1\f51\fs20\qj Company\u8217?s obligations under the Company\u8217?s senior secured credit facility (the \u8220?Exit Financing\plain\cf1\f51\fs20\qj Facility\u8221?), as guarantors, entered into an Amended and Restated First Lien Loan Agreement (the \u8220?A&R First Lien\plain\cf1\f51\fs20\qj Loan Agreement\u8221?) with the lenders thereunder (the \u8220?First Lien Lenders\u8221?) and ABN AMRO Capital USA\plain\cf1\f51\fs20\qj LLC, as agent and security trustee for the lenders. The A&R First Lien Loan Agreement amended and restated the Exit\plain\cf1\f51\fs20\qj Financing Facility in its entirety, provided for Eagle Shipping to be the borrower in the place of the Company, and further\plain\cf1\f51\fs20\qj provided for a waiver of any and all events of default occurring as a result of the voluntary OFAC Disclosure (as defined in\plain\cf1\f51\fs20\qj Note 7 \u8220?Commitments and Contingencies - Legal Proceedings\u8221?) to the condensed consolidated financial\plain\cf1\f51\fs20\qj statements. The A&R First Lien Loan Agreement provides for a term loan which was outstanding as of March 30, 2016, in the\plain\cf1\f51\fs20\qj amount of $201,468,750 after giving effect to the entry into the A&R First Lien Loan Agreement and the Second Lien Loan\plain\cf1\f51\fs20\qj Agreement (as defined below) as well as a $50,000,000 revolving credit facility, of which $10,000,000 was undrawn as of\plain\cf1\f51\fs20\qj March 30, 2016 (the term loan, together with the revolving credit facility, the \u8220?First Lien Facility\u8221?). The First\plain\cf1\f51\fs20\qj Lien Facility matures on October 15, 2019. An aggregate fee of $600,000 was paid to the agent and First Lien Lenders in\plain\cf1\f51\fs20\qj connection with the First Lien Facility.\par\pard\plain\fi1100\cf1\f51\fs20\qj \~{\*\bkmkstart PGBK4929}{\*\bkmkend PGBK4929}{\*\bkmkstart PGFTR4929}{\*\bkmkend PGFTR4929}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PGNUM4929}{\*\bkmkend PGNUM4929}\par\pard\plain\cf1\f51\fs20\qc 9\par\pard\plain\f0\fs4\par\pard\plain\f0\fs2\brdrt\brdrs\brdrw15\brdrcf2\brdrsp0\par\pard\plain\f0\fs4\par \page{\*\bkmkstart PGHDR4929}{\*\bkmkend PGHDR4929}\par\pard\plain\cf1\f51\fs20\li150\ql \~{\*\bkmkstart PARA4929_2}{\*\bkmkend PARA4929_2}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4561}{\*\bkmkend PARA4561}\par\pard\plain\fi1100\cf1\f51\fs20\qj As of March 31, 2017, Eagle Shipping\u8217?s total availability in the revolving credit facility under the First Lien\plain\cf1\f51\fs20\qj Facility was $25,000,000.{\*\bkmkstart PARA4562}{\*\bkmkend PARA4562}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4563}{\*\bkmkend PARA4563}\par\pard\plain\cf1\f51\fs20\i\qj Second Lien Facility{\*\bkmkstart PARA4564}{\*\bkmkend PARA4564}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA5034}{\*\bkmkend PARA5034}\par\pard\plain\fi924\cf1\f51\fs20\qj On March 30, 2016, Eagle Shipping, as borrower, and certain of its subsidiaries that were guarantors of the\plain\cf1\f51\fs20\qj Company\u8217?s obligations under the Exit Financing Facility, as guarantors, entered into a Second Lien Loan Agreement (the\plain\cf1\f51\fs20\qj \u8220?Second Lien Loan Agreement\u8221?) with certain lenders (the \u8220?Second Lien Lenders\u8221?) and Wilmington\plain\cf1\f51\fs20\qj Savings Fund Society, FSB as agent for the Second Lien Lenders (the \u8220?Second Lien Agent\u8221?). The Second Lien\plain\cf1\f51\fs20\qj Lenders include certain of the Company\u8217?s existing shareholders as well as other investors. The Second Lien Loan\plain\cf1\f51\fs20\qj Agreement provides for a term loan in the amount of $60,000,000 (the \u8220?Second Lien Facility\u8221?), and matures on\plain\cf1\f51\fs20\qj January 14, 2020 (91 days after the original stated maturity of the First Lien Facility). The term loan under the Second Lien\plain\cf1\f51\fs20\qj Facility bears interest at a rate of LIBOR plus 14.00% per annum (with a 1.0% LIBOR floor) or the Base Rate (as defined in\plain\cf1\f51\fs20\qj the Second Lien Loan Agreement) plus 13.00% per annum, paid in kind quarterly in arrears. Eagle Shipping used the proceeds\plain\cf1\f51\fs20\qj from the Second Lien Facility to pay down $30,158,500, a portion of the amount outstanding in respect of the revolving credit\plain\cf1\f51\fs20\qj facility under the First Lien Facility, pay three quarters of amortization payments under the First Lien Facility, pay transaction\plain\cf1\f51\fs20\qj fees in connection with the entry into the A&R First Lien Loan Agreement and the Second Lien Loan Agreement, maintain a\plain\cf1\f51\fs20\qj minimum liquidity of $8,140,000 and add cash to its balance sheet.\par\pard\plain\fi924\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4569}{\*\bkmkend PARA4569}\par\pard\plain\fi1100\cf1\f51\fs20\qj Refer to \u8220?Note. 5 Debt\u8221? to the condensed consolidated financial statements.{\*\bkmkstart PARA4570}{\*\bkmkend PARA4570}\par\pard\plain\fi1210\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4571}{\*\bkmkend PARA4571}\par\pard\plain\fi1012\cf1\f51\fs20\qj We believe that our current financial resources, together with the undrawn revolving credit facility and cash\plain\cf1\f51\fs20\qj generated from operations will be sufficient to meet our ongoing business needs and other obligations over the next twelve\plain\cf1\f51\fs20\qj months. Our ability to generate sufficient cash depends on many factors beyond our control including, among other things,\plain\cf1\f51\fs20\qj continuing to improve the profitability of its operations and future cash flows, which contemplates an improvement in charter\plain\cf1\f51\fs20\qj rates.\~{\*\bkmkstart PARA4572}{\*\bkmkend PARA4572}\par\pard\plain\cf1\f51\fs20\ql \~{\*\bkmkstart PARA4573}{\*\bkmkend PARA4573}\par\pard\plain\fi1012\cf1\f51\fs20\ql As of March 31, 2017, our cash balance was $145,767,714, compared to a cash balance of $76,516,110 at December\plain\cf1\f51\fs20\ql 31, 2016. Also recorded as Restricted Cash is an amount of $74,917, which collateralizes letters of credit relating to our office\plain\cf1\f51\fs20\ql leases.\~{\*\bkmkstart PARA4574}{\*\bkmkend PARA4574}\par\pard\plain\cf1\f51\fs20\i\ql \~{\*\bkmkstart PARA4575}{\*\bkmkend PARA4575}\par\pard\plain\fi1012\cf1\f51\fs20\ql As of March 31, 2017, our total availability in the revolving credit facility\~under the First Lien Facility\~was\plain\cf1\f51\fs20\ql $25,000,000.{\*\bkmkstart PARA4576}{\*\bkmkend PARA4576}\par\pard\plain\cf1\f51\fs20\ql \~{\*\bkmkstart PARA4577}{\*\bkmkend PARA4577}\par\pard\plain\fi1012\cf1\f51\fs20\ql At March 31, 2017, the Company\u8217?s debt consisted of $206,203,750 in term loans, net of $4,319,000 of debt\plain\cf1\f51\fs20\ql discount and deferred financing costs and the\~Second Lien Facility of $69,662,736, net of $14,719,336 of deferred financing\plain\cf1\f51\fs20\ql costs.{\*\bkmkstart PARA4578}{\*\bkmkend PARA4578}\par\pard\plain\fi1012\cf1\f51\fs20\ql \~{\*\bkmkstart PARA4579}{\*\bkmkend PARA4579}\par\pard\plain\fi1100\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4580}{\*\bkmkend PARA4580}\par\pard\plain\li154\ri154\cf1\f51\fs20\b\i\qj Capital Expenditures{\*\bkmkstart PARA4581}{\*\bkmkend PARA4581}\par\pard\plain\cf1\f51\fs20\ql \~{\*\bkmkstart PARA4582}{\*\bkmkend PARA4582}\par\pard\plain\fi1012\cf1\f51\fs20\qj Our capital expenditures relate to the purchase of vessels and capital improvements to our vessels, which are\plain\cf1\f51\fs20\qj expected to enhance the revenue earning capabilities and safety of these vessels.{\*\bkmkstart PARA4583}{\*\bkmkend PARA4583}\par\pard\plain\cf1\f51\fs20\ql \~{\*\bkmkstart PARA4584}{\*\bkmkend PARA4584}\par\pard\plain\fi1012\cf1\f51\fs20\ql In addition to acquisitions that we may undertake in future periods, the other major capital expenditures include\plain\cf1\f51\fs20\ql funding the Company\u8217?s program of regularly scheduled drydocking necessary to comply with international shipping\plain\cf1\f51\fs20\ql standards and environmental laws and regulations. Although the Company has some flexibility regarding the timing of its dry\plain\cf1\f51\fs20\ql docking, the costs are relatively predictable. The Company anticipates that vessels are to be drydocked every five years for\plain\cf1\f51\fs20\ql vessels younger than 15 years and every two and a half years for vessels older than 15 years, accordingly, these expenses\~will\plain\cf1\f51\fs20\ql be\~deferred and amortized over that period. Funding of these requirements is anticipated to be met with cash from operations.\plain\cf1\f51\fs20\ql We anticipate that this process of recertification will require us to reposition these vessels from a discharge port to shipyard\plain\cf1\f51\fs20\ql facilities, which will reduce our available days and operating days during that period.{\*\bkmkstart PARA4585}{\*\bkmkend PARA4585}\par\pard\plain\fi1012\cf1\f51\fs20\ql \~{\*\bkmkstart PARA4586}{\*\bkmkend PARA4586}\par\pard\plain\fi1012\cf1\f51\fs20\qj Drydocking costs incurred are deferred and amortized to expense on a straight-line basis over the period through the\plain\cf1\f51\fs20\qj date of the next scheduled drydocking for those vessels. In the three months ended March 31, 2017, none of our vessels was\plain\cf1\f51\fs20\qj drydocked. In the three months ended March 31, 2016, three of our vessels were drydocked, and we incurred $1,276,178 in\plain\cf1\f51\fs20\qj drydocking related costs. The following table represents certain information about the estimated costs for anticipated vessel\plain\cf1\f51\fs20\qj drydockings in the next four quarters, along with the anticipated off-hire days:{\*\bkmkstart PARA4587}{\*\bkmkend PARA4587}\par\pard\plain\fi1012\cf1\f51\fs20\qj \~{\*\bkmkstart PGBK4930}{\*\bkmkend PGBK4930}{\*\bkmkstart PGFTR4930}{\*\bkmkend PGFTR4930}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PGNUM4930}{\*\bkmkend PGNUM4930}\par\pard\plain\cf1\f51\fs20\qc 10\par\pard\plain\f0\fs4\par\pard\plain\f0\fs2\brdrt\brdrs\brdrw15\brdrcf2\brdrsp0\par\pard\plain\f0\fs4\par \page{\*\bkmkstart PGHDR4930}{\*\bkmkend PGHDR4930}\par\pard\plain\cf1\f51\fs20\li150\ql \~{\*\bkmkstart PARA4930_2}{\*\bkmkend PARA4930_2}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart TBL4630}{\*\bkmkend TBL4630} \par\pard\plain {\trowd\clbrdrt\brdrs\brdrcf1\cellx5874\clbrdrt\brdrs\brdrcf1\clvertalb\cellx5967\clbrdrt\brdrs\brdrcf1\clvertalb\cellx7613\clbrdrt\brdrs\brdrcf1\clvertalb\cellx7708\clbrdrt\brdrs\brdrcf1\clvertalb\cellx7801\clbrdrt\brdrs\brdrcf1\clvertalb\cellx9487\clbrdrt\brdrs\brdrcf1\clvertalb\cellx9585\trrh264 {\*\bkmkstart PARA4590}{\*\bkmkend PARA4590}\pard\plain\intbl\li396\cf1\f51\fs20\b\ql Quarter Ending\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{\*\bkmkstart PARA4592}{\*\bkmkend PARA4592}\pard\plain\intbl\cf1\f51\fs20\b\qc Off-hire Days\plain\intbl\cf1\f51\fs18\b\qc\super (1)\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{\*\bkmkstart PARA4595}{\*\bkmkend PARA4595}\pard\plain\intbl\cf1\f51\fs20\b\qc Projected Costs\plain\intbl\cf1\f51\fs18\b\qc\super (2)\cell\pard\plain\intbl\cf1\f51\fs20\b\ql \~\cell{ {\trowd\clbrdrt\brdrs\brdrcf1\cellx5874\clbrdrt\brdrs\brdrcf1\clvertalb\cellx5967\clbrdrt\brdrs\brdrcf1\clvertalb\cellx7613\clbrdrt\brdrs\brdrcf1\clvertalb\cellx7708\clbrdrt\brdrs\brdrcf1\clvertalb\cellx7801\clbrdrt\brdrs\brdrcf1\clvertalb\cellx9487\clbrdrt\brdrs\brdrcf1\clvertalb\cellx9585\trrh264\row}}} {\trowd\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5874\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5967\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6350\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7612\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7707\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7800\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8220\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9485\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9585\trrh248 {\*\bkmkstart PARA4597}{\*\bkmkend PARA4597}\pard\plain\intbl\cf1\f51\fs20\ql June 30, 2017\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr -\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr -\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5874\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5967\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6350\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7612\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7707\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7800\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8220\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9485\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9585\trrh248\row}}} {\trowd\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx5874\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx5967\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6350\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7612\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7707\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7800\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9486\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9585\trrh248 {\*\bkmkstart PARA4605}{\*\bkmkend PARA4605}\pard\plain\intbl\cf1\f51\fs20\ql September 30, 2017\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr 22\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA4611}{\*\bkmkend PARA4611}\pard\plain\intbl\cf1\f51\fs20\qr $0.65 million\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx5874\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx5967\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6350\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7612\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7707\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7800\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9486\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9585\trrh248\row}}} {\trowd\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5874\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5967\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6350\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7612\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7707\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7800\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8220\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9485\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9585\trrh248 {\*\bkmkstart PARA4613}{\*\bkmkend PARA4613}\pard\plain\intbl\cf1\f51\fs20\ql December 31, 2017\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr -\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr -\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5874\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5967\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6350\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7612\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7707\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7800\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8220\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9485\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9585\trrh248\row}}} {\trowd\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx5874\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx5967\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6350\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7612\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7707\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7800\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8220\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9485\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9585\trrh248 {\*\bkmkstart PARA4621}{\*\bkmkend PARA4621}\pard\plain\intbl\cf1\f51\fs20\ql March 31, 2018\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr -\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr -\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx5874\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx5967\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx6350\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7612\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7707\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx7800\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx8220\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9485\clvertalb\clshdng100\clcfpat7\clcbpat7\cellx9585\trrh248\row}}} {\trowd\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5874\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5967\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6350\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7612\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7707\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7800\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8220\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9485\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9585\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qr \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5874\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx5967\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx6350\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7612\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7707\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx7800\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx8220\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9485\clbrdrb\brdrs\brdrcf1\clvertalb\clshdng100\clcfpat10\clcbpat10\cellx9585\trrh248\row}}}{\*\bkmkstart PARA4631}{\*\bkmkend PARA4631}\pard\plain\cf1\f51\fs20\ql \~{\*\bkmkstart TBL4636}{\*\bkmkend TBL4636} \par\pard\plain {\trowd\clbrdrt\brdrs\brdrcf1\cellx466\clbrdrt\brdrs\brdrcf1\cellx9329\trrh512 {\*\bkmkstart PARA4632}{\*\bkmkend PARA4632}\pard\plain\intbl\cf1\f51\fs18\i\ql\super (1)\cell{\*\bkmkstart PARA4633}{\*\bkmkend PARA4633}\pard\plain\intbl\cf1\f51\fs20\ql Actual duration of drydocking will vary based on the condition of the vessel, yard schedules and other\plain\intbl\cf1\f51\fs20\ql factors.\cell{ {\trowd\clbrdrt\brdrs\brdrcf1\cellx466\clbrdrt\brdrs\brdrcf1\cellx9329\trrh512\row}}} {\trowd\clbrdrb\brdrs\brdrcf1\cellx466\clbrdrb\brdrs\brdrcf1\cellx9329\trrh248 {\*\bkmkstart PARA4634}{\*\bkmkend PARA4634}\pard\plain\intbl\cf1\f51\fs18\i\ql\super (2)\cell{\*\bkmkstart PARA4635}{\*\bkmkend PARA4635}\pard\plain\intbl\cf1\f51\fs20\ql Actual costs will vary based on various factors, including where the drydockings are actually performed.\cell{ {\trowd\clbrdrb\brdrs\brdrcf1\cellx466\clbrdrb\brdrs\brdrcf1\cellx9329\trrh248\row}}}{\*\bkmkstart PARA4637}{\*\bkmkend PARA4637}\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA4638}{\*\bkmkend PARA4638}\par\pard\plain\li154\ri154\cf1\f51\fs20\b\i\qj Off-balance Sheet Arrangements{\*\bkmkstart PARA4639}{\*\bkmkend PARA4639}\par\pard\plain\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4640}{\*\bkmkend PARA4640}\par\pard\plain\fi1012\cf1\f51\fs20\qj We do not have any off-balance sheet arrangements.{\*\bkmkstart PARA4641}{\*\bkmkend PARA4641}\par\pard\plain\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4642}{\*\bkmkend PARA4642}\par\pard\plain\cf1\f51\fs20\b\i\qj Other Contingencies{\*\bkmkstart PARA4643}{\*\bkmkend PARA4643}\par\pard\plain\cf1\f51\fs20\ql \~{\*\bkmkstart PARA5065}{\*\bkmkend PARA5065}\par\pard\plain\fi1012\cf1\f51\fs20\qj We refer you to \u8220?Note\~7. Commitments and Contingencies - Legal Proceedings\u8221? to our condensed\plain\cf1\f51\fs20\qj consolidated financial statements for a discussion of our contingencies related to claim litigation. If an unfavorable ruling were\plain\cf1\f51\fs20\qj to occur in these matters, there exists the possibility of a material adverse impact on our business, liquidity, results of\plain\cf1\f51\fs20\qj operations, financial position and cash flows in the period in which the ruling occurs. The potential impact from legal\plain\cf1\f51\fs20\qj proceedings on our business, liquidity, results of operations, financial position and cash flows, could change in the future.{\*\bkmkstart PARA4645}{\*\bkmkend PARA4645}\par\pard\plain\fi1012\cf1\f51\fs20\ql \~{\*\bkmkstart PARA4646}{\*\bkmkend PARA4646}{\*\bkmkstart item_1_3_4}{\*\bkmkend item_1_3_4}\par\pard\plain\li154\ri154\cf1\f51\fs20\b\qj Item 3.\plain\li154\ri154\cf1\f51\fs20\b\i\qj Quantitative and Qualitative Disclosures about Market Risk{\*\bkmkstart PARA4647}{\*\bkmkend PARA4647}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA4648}{\*\bkmkend PARA4648}\par\pard\plain\fi1012\cf1\f51\fs20\qj There have been no material changes from the market risk disclosure set forth in the section entitled\plain\cf1\f51\fs20\qj \u8220?Quantitative and Qualitative Disclosures about Market Risk\u8221? in the Company\u8217?s Annual Report on Form\plain\cf1\f51\fs20\qj 10-K for the year ended December 31, 2016, filed with the SEC on March 31, 2017.{\*\bkmkstart PARA4649}{\*\bkmkend PARA4649}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA4650}{\*\bkmkend PARA4650}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA4651}{\*\bkmkend PARA4651}{\*\bkmkstart item_1_3_5}{\*\bkmkend item_1_3_5}\par\pard\plain\li154\ri154\cf1\f51\fs20\b\qj Item 4.\plain\li154\ri154\cf1\f51\fs20\b\i\qj Controls and Procedures{\*\bkmkstart PARA4652}{\*\bkmkend PARA4652}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4653}{\*\bkmkend PARA4653}\par\pard\plain\li154\ri154\cf1\f51\fs20\b\i\qj Effectiveness of Disclosure Controls and Procedures\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4654}{\*\bkmkend PARA4654}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA4655}{\*\bkmkend PARA4655}\par\pard\plain\li154\ri154\fi1166\cf1\f51\fs20\ql We maintain disclosure controls and procedures, as defined in Rule 13a-15(e) of the Exchange Act, that are\plain\li154\ri154\cf1\f51\fs20\ql designed to ensure that information required to be disclosed in our reports filed or submitted under the Exchange Act is\plain\li154\ri154\cf1\f51\fs20\ql recorded, processed, summarized and reported within the time periods specified in the SEC\u8217?s rules and forms, and that\plain\li154\ri154\cf1\f51\fs20\ql such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief\plain\li154\ri154\cf1\f51\fs20\ql Financial Officer, as appropriate, to allow for timely decisions regarding required disclosure. In designing and evaluating the\plain\li154\ri154\cf1\f51\fs20\ql disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed\plain\li154\ri154\cf1\f51\fs20\ql and operated, can provide only reasonable assurance of achieving the desired control objectives, and management is required\plain\li154\ri154\cf1\f51\fs20\ql to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures.{\*\bkmkstart PARA4656}{\*\bkmkend PARA4656}\par\pard\plain\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA4657}{\*\bkmkend PARA4657}\par\pard\plain\fi858\cf1\f51\fs20\qj As of March 31, 2017, we carried out an evaluation, under the supervision and with the participation of our\plain\cf1\f51\fs20\qj management, including our Chief Executive Officer and our Chief Financial Officer, of the effectiveness of the design and\plain\cf1\f51\fs20\qj operation of our disclosure controls and procedures. Based on the foregoing, our Chief Executive Officer and Chief Financial\plain\cf1\f51\fs20\qj Officer concluded that our disclosure controls and procedures were effective and were operating at a reasonable assurance level\plain\cf1\f51\fs20\qj as of March 31, 2017.{\*\bkmkstart PARA4658}{\*\bkmkend PARA4658}\par\pard\plain\li154\ri154\cf1\f51\fs20\b\i\qj \~{\*\bkmkstart PARA4659}{\*\bkmkend PARA4659}\par\pard\plain\ri154\cf1\f51\fs20\b\i\qj Internal Control Over Financial Reporting\plain\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4660}{\*\bkmkend PARA4660}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4661}{\*\bkmkend PARA4661}\par\pard\plain\fi858\cf1\f51\fs20\ql There have been no changes in our internal control over financial reporting during the period covered by this report\plain\cf1\f51\fs20\ql that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.\~{\*\bkmkstart PARA4662}{\*\bkmkend PARA4662}\par\pard\plain\cf1\f51\fs20\b\i\ql \~{\*\bkmkstart PARA4663}{\*\bkmkend PARA4663}{\*\bkmkstart part_1_2_3}{\*\bkmkend part_1_2_3}\par\pard\plain\li154\ri154\cf1\f51\fs20\b\qj PART II: OTHER INFORMATION{\*\bkmkstart PARA4664}{\*\bkmkend PARA4664}\par\pard\plain\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4665}{\*\bkmkend PARA4665}{\*\bkmkstart item_1_3_6}{\*\bkmkend item_1_3_6}\par\pard\plain\cf1\f51\fs20\b\qj Item 1 - Legal Proceedings{\*\bkmkstart PARA4666}{\*\bkmkend PARA4666}\par\pard\plain\cf1\f51\fs20\qj \~{\*\bkmkstart PARA5035}{\*\bkmkend PARA5035}\par\pard\plain\fi1012\cf1\f51\fs20\qj From time to time, we are involved in various disputes and litigation matters that arise in the ordinary course of our\plain\cf1\f51\fs20\qj business, principally personal injury and property casualty claims. Those claims, even if lacking merit, could result in the\plain\cf1\f51\fs20\qj expenditure by us of significant financial and managerial resources. Information about legal proceedings is set forth in Note\~7.\plain\cf1\f51\fs20\qj \u8220?Commitments and Contingencies \u8211? Legal Proceedings\u8221? to the condensed consolidated financial statements\plain\cf1\f51\fs20\qj and is incorporated by reference herein.\par\pard\plain\fi1012\cf1\f51\fs20\qj \~{\*\bkmkstart PGBK4931}{\*\bkmkend PGBK4931}{\*\bkmkstart PGFTR4931}{\*\bkmkend PGFTR4931}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PGNUM4931}{\*\bkmkend PGNUM4931}\par\pard\plain\cf1\f51\fs20\qc 11\par\pard\plain\f0\fs4\par\pard\plain\f0\fs2\brdrt\brdrs\brdrw15\brdrcf2\brdrsp0\par\pard\plain\f0\fs4\par \page{\*\bkmkstart PGHDR4931}{\*\bkmkend PGHDR4931}\par\pard\plain\cf1\f51\fs20\li150\ql \~{\*\bkmkstart PARA4668}{\*\bkmkend PARA4668}\par\pard\plain\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4669}{\*\bkmkend PARA4669}{\*\bkmkstart item_1_3_7}{\*\bkmkend item_1_3_7}\par\pard\plain\cf1\f51\fs20\b\qj Item 1A \u8211? Risk Factors{\*\bkmkstart PARA4670}{\*\bkmkend PARA4670}\par\pard\plain\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4671}{\*\bkmkend PARA4671}\par\pard\plain\fi1012\cf1\f51\fs20\qj There have been no material changes from the \u8220?Risk Factors\u8221? previously disclosed in our Annual\plain\cf1\f51\fs20\qj Report on Form 10-K for the year ended December 31, 2016, filed with the SEC on March 31, 2017.{\*\bkmkstart PARA4672}{\*\bkmkend PARA4672}\par\pard\plain\fi1012\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4673}{\*\bkmkend PARA4673}{\*\bkmkstart item_1_3_8}{\*\bkmkend item_1_3_8}\par\pard\plain\cf1\f51\fs20\b\qj Item 2 \u8211? Unregistered Sales of Equity Securities and Use of Proceeds{\*\bkmkstart PARA4674}{\*\bkmkend PARA4674}\par\pard\plain\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4675}{\*\bkmkend PARA4675}\par\pard\plain\fi1012\cf1\f51\fs20\qj During the period covered by this report, the Company sold securities without registration under the Securities Act,\plain\cf1\f51\fs20\qj as previously disclosed on a Current Report on Form 8-K.{\*\bkmkstart PARA4676}{\*\bkmkend PARA4676}\par\pard\plain\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4677}{\*\bkmkend PARA4677}{\*\bkmkstart item_1_3_9}{\*\bkmkend item_1_3_9}\par\pard\plain\cf1\f51\fs20\b\qj Item 3 - Defaults Upon Senior Securities{\*\bkmkstart PARA4678}{\*\bkmkend PARA4678}\par\pard\plain\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4679}{\*\bkmkend PARA4679}\par\pard\plain\fi1012\cf1\f51\fs20\qj None.{\*\bkmkstart PARA4680}{\*\bkmkend PARA4680}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA4681}{\*\bkmkend PARA4681}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA4682}{\*\bkmkend PARA4682}{\*\bkmkstart item_1_3_10}{\*\bkmkend item_1_3_10}\par\pard\plain\ri154\cf1\f51\fs20\b\qj Item 4 \u8211? Mine Safety Disclosures{\*\bkmkstart PARA4683}{\*\bkmkend PARA4683}\par\pard\plain\fi1012\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4684}{\*\bkmkend PARA4684}\par\pard\plain\fi1012\cf1\f51\fs20\qj None.{\*\bkmkstart PARA4685}{\*\bkmkend PARA4685}\par\pard\plain\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4686}{\*\bkmkend PARA4686}{\*\bkmkstart item_1_3_11}{\*\bkmkend item_1_3_11}\par\pard\plain\cf1\f51\fs20\b\qj Item 5 - Other Information\plain\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4687}{\*\bkmkend PARA4687}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA4688}{\*\bkmkend PARA4688}\par\pard\plain\fi1012\cf1\f51\fs20\qj None.{\*\bkmkstart PARA4689}{\*\bkmkend PARA4689}\par\pard\plain\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4690}{\*\bkmkend PARA4690}{\*\bkmkstart item_1_3_12}{\*\bkmkend item_1_3_12}\par\pard\plain\cf1\f51\fs20\b\qj Item 6 \u8211? Exhibits{\*\bkmkstart PARA4691}{\*\bkmkend PARA4691}\par\pard\plain\cf1\f51\fs20\b\qj \~{\*\bkmkstart PARA4692}{\*\bkmkend PARA4692}\par\pard\plain\cf1\f51\fs20\b\qc \~{\*\bkmkstart PARA4693}{\*\bkmkend PARA4693}\par\pard\plain\cf1\f51\fs20\b\qc EXHIBIT INDEX{\*\bkmkstart PARA4694}{\*\bkmkend PARA4694}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA4695}{\*\bkmkend PARA4695}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart TBL4720}{\*\bkmkend TBL4720} \par\pard\plain {\trowd\clvertalc\cellx105\cellx735\cellx10500\trrh495 {\*\bkmkstart PARA4696}{\*\bkmkend PARA4696}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA4697}{\*\bkmkend PARA4697}\pard\plain\intbl\cf1\f51\fs20\ql 10.1*\cell{\*\bkmkstart PARA4698}{\*\bkmkend PARA4698}\pard\plain\intbl\cf1\f51\fs20\ql Framework Agreement, dated as of February 28, 2017, by and between Eagle Bulk Ultraco LLC and Greenship Bulk\plain\intbl\cf1\f51\fs20\ql Manager Pte. Ltd., as Trustee-Manager of Greenship Bulk Trust.\cell{ {\trowd\clvertalc\cellx105\cellx735\cellx10500\trrh495\row}}} {\trowd\clvertalc\cellx105\cellx735\cellx10500\trrh742 {\*\bkmkstart PARA4699}{\*\bkmkend PARA4699}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA4700}{\*\bkmkend PARA4700}\pard\plain\intbl\cf1\f51\fs20\ql 10.2\cell{\*\bkmkstart PARA4701}{\*\bkmkend PARA4701}\pard\plain\intbl\cf1\f51\fs20\ql Form of Restricted Stock Award Agreement under the Eagle Bulk Shipping Inc. 2016 Equity Incentive Plan,\plain\intbl\cf1\f51\fs20\ql incorporated by reference to Exhibit 10.1 to the Report on Form 8-K of Eagle Bulk Shipping Inc., filed with the\plain\intbl\cf1\f51\fs20\ql SEC on March 7, 2017.\cell{ {\trowd\clvertalc\cellx105\cellx735\cellx10500\trrh742\row}}} {\trowd\clvertalc\cellx105\cellx735\cellx10500\trrh742 {\*\bkmkstart PARA4702}{\*\bkmkend PARA4702}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA4703}{\*\bkmkend PARA4703}\pard\plain\intbl\cf1\f51\fs20\ql 10.3\cell{\*\bkmkstart PARA4704}{\*\bkmkend PARA4704}\pard\plain\intbl\cf1\f51\fs20\ql Form of Option Award Agreement under the Eagle Bulk Shipping Inc. 2016 Equity Incentive Plan, incorporated by\plain\intbl\cf1\f51\fs20\ql reference to Exhibit 10.2 to the Report on Form 8-K of Eagle Bulk Shipping Inc., filed with the SEC on March 7,\plain\intbl\cf1\f51\fs20\ql 2017.\cell{ {\trowd\clvertalc\cellx105\cellx735\cellx10500\trrh742\row}}} {\trowd\clvertalc\cellx105\cellx735\cellx10500\trrh248 {\*\bkmkstart PARA4705}{\*\bkmkend PARA4705}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA4706}{\*\bkmkend PARA4706}\pard\plain\intbl\cf1\f51\fs20\ql 31.1*\cell{\*\bkmkstart PARA4707}{\*\bkmkend PARA4707}\pard\plain\intbl\cf1\f51\fs20\ql Sarbanes-Oxley Section 302 Certification of Principal Executive Officer.\cell{ {\trowd\clvertalc\cellx105\cellx735\cellx10500\trrh248\row}}} {\trowd\clvertalc\cellx105\cellx735\cellx10500\trrh248 {\*\bkmkstart PARA4708}{\*\bkmkend PARA4708}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA4709}{\*\bkmkend PARA4709}\pard\plain\intbl\cf1\f51\fs20\ql 31.2*\cell{\*\bkmkstart PARA4710}{\*\bkmkend PARA4710}\pard\plain\intbl\cf1\f51\fs20\ql Sarbanes-Oxley Section 302 Certification of Principal Financial Officer.\cell{ {\trowd\clvertalc\cellx105\cellx735\cellx10500\trrh248\row}}} {\trowd\clvertalc\cellx105\cellx735\cellx10500\trrh248 {\*\bkmkstart PARA4711}{\*\bkmkend PARA4711}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA4712}{\*\bkmkend PARA4712}\pard\plain\intbl\cf1\f51\fs20\ql 32.1**\cell{\*\bkmkstart PARA4713}{\*\bkmkend PARA4713}\pard\plain\intbl\cf1\f51\fs20\ql Section 1350 Certification of Principal Executive Officer.\cell{ {\trowd\clvertalc\cellx105\cellx735\cellx10500\trrh248\row}}} {\trowd\clvertalc\cellx105\cellx735\cellx10500\trrh248 {\*\bkmkstart PARA4714}{\*\bkmkend PARA4714}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA4715}{\*\bkmkend PARA4715}\pard\plain\intbl\cf1\f51\fs20\ql 32.2**\cell{\*\bkmkstart PARA4716}{\*\bkmkend PARA4716}\pard\plain\intbl\cf1\f51\fs20\ql Section 1350 Certification of Principal Financial Officer.\cell{ {\trowd\clvertalc\cellx105\cellx735\cellx10500\trrh248\row}}} {\trowd\clvertalc\cellx105\cellx735\cellx10500\trrh1980 {\*\bkmkstart PARA4717}{\*\bkmkend PARA4717}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA4718}{\*\bkmkend PARA4718}\pard\plain\intbl\cf1\f51\fs20\ql 101*\cell{\*\bkmkstart PARA4719}{\*\bkmkend PARA4719}\pard\plain\intbl\cf1\f51\fs20\ql The following materials from Eagle Bulk Shipping Inc.\u8217?s Quarterly Report on Form 10-Q for the quarter\plain\intbl\cf1\f51\fs20\ql ended March 31, 2017, formatted in eXtensible Business Reporting Language (XBRL): (i)Condensed Consolidated\plain\intbl\cf1\f51\fs20\ql Balance Sheets (unaudited) as of March 31, 2017 and December 31, 2016, (ii) Condensed Consolidated Statements\plain\intbl\cf1\f51\fs20\ql of Operations (unaudited) for the three months ended March 31, 2017 and 2016, (iii) Condensed Consolidated\plain\intbl\cf1\f51\fs20\ql Statements of Comprehensive Loss (unaudited) for the three months ended March 31, 2017 and 2016, (iv)\plain\intbl\cf1\f51\fs20\ql Condensed Consolidated Statements of Stockholders\u8217? Equity (unaudited) for the three months ended March\plain\intbl\cf1\f51\fs20\ql 31, 2017 and 2016, (v) Condensed Consolidated Statements of Cash Flows (unaudited) for the three months ended\plain\intbl\cf1\f51\fs20\ql March 31, 2017 and 2016, and (vi) Notes to Condensed Consolidated Financial Statements (unaudited).\cell{ {\trowd\clvertalc\cellx105\cellx735\cellx10500\trrh1980\row}}}{\*\bkmkstart PARA4721}{\*\bkmkend PARA4721}\pard\plain\li154\ri154\cf1\f51\fs20\ql \~\par\pard\plain\li154\ri154\cf1\f51\fs20\ql * Filed herewith.{\*\bkmkstart PARA4722}{\*\bkmkend PARA4722}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql ** Furnished herewith.{\*\bkmkstart PARA4723}{\*\bkmkend PARA4723}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PGBK4724}{\*\bkmkend PGBK4724}{\*\bkmkstart PGFTR4724}{\*\bkmkend PGFTR4724}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PGNUM4724}{\*\bkmkend PGNUM4724}\par\pard\plain\cf1\f51\fs20\qc 12\par\pard\plain\f0\fs4\par\pard\plain\f0\fs2\brdrt\brdrs\brdrw15\brdrcf2\brdrsp0\par\pard\plain\f0\fs4\par \page{\*\bkmkstart PGHDR4724}{\*\bkmkend PGHDR4724}\par\pard\plain\cf1\f51\fs20\li150\ql \~{\*\bkmkstart PARA4728}{\*\bkmkend PARA4728}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA4729}{\*\bkmkend PARA4729}{\*\bkmkstart part_1_2_4}{\*\bkmkend part_1_2_4}\par\pard\plain\li154\ri154\cf1\f51\fs20\b\qc SIGNATURES{\*\bkmkstart PARA4730}{\*\bkmkend PARA4730}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4731}{\*\bkmkend PARA4731}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed\plain\li154\ri154\cf1\f51\fs20\qj on its behalf by the undersigned thereunto duly authorized.{\*\bkmkstart PARA4732}{\*\bkmkend PARA4732}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4733}{\*\bkmkend PARA4733}\par\pard\plain\li154\ri154\cf1\f51\fs20\b\qj EAGLE BULK SHIPPING INC.{\*\bkmkstart PARA4734}{\*\bkmkend PARA4734}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4735}{\*\bkmkend PARA4735}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj By: /s/ Gary Vogel{\*\bkmkstart PARA4736}{\*\bkmkend PARA4736}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj --------------------------------------------------------------------------------{\*\bkmkstart PARA4737}{\*\bkmkend PARA4737}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj Gary Vogel{\*\bkmkstart PARA4738}{\*\bkmkend PARA4738}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj Chief Executive Officer{\*\bkmkstart PARA4739}{\*\bkmkend PARA4739}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj (Principal executive officer of the registrant){\*\bkmkstart PARA4740}{\*\bkmkend PARA4740}\par\pard\plain\li154\ri154\cf1\f51\fs20\b\qj Date:\plain\li154\ri154\cf1\f51\fs20\qj May 9, 2017{\*\bkmkstart PARA4741}{\*\bkmkend PARA4741}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA4742}{\*\bkmkend PARA4742}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj By: /s/ Frank De Costanzo{\*\bkmkstart PARA4743}{\*\bkmkend PARA4743}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj --------------------------------------------------------------------------------{\*\bkmkstart PARA4744}{\*\bkmkend PARA4744}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj Frank De Costanzo{\*\bkmkstart PARA4745}{\*\bkmkend PARA4745}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj Chief Financial Officer{\*\bkmkstart PARA4746}{\*\bkmkend PARA4746}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj (Principal financial officer of the registrant){\*\bkmkstart PARA4747}{\*\bkmkend PARA4747}\par\pard\plain\li154\ri154\cf1\f51\fs20\b\qj Date:\plain\li154\ri154\cf1\f51\fs20\qj May 9, 2017{\*\bkmkstart PARA4748}{\*\bkmkend PARA4748}\par\pard\plain\li154\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart PARA4749}{\*\bkmkend PARA4749}\par\pard\plain\li154\ri154\cf1\f51\fs20\qc \~13 \page{\*\bkmkstart doc_1_2}{\*\bkmkend doc_1_2}{\*\bkmkstart PARA904}{\*\bkmkend PARA904}\par\pard\plain\li154\ri154\cf1\f51\fs20\b\qr Exhibit 10.1{\*\bkmkstart PARA2}{\*\bkmkend PARA2}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA3}{\*\bkmkend PARA3}\par\pard\plain\cf1\f51\fs20\b\qc Framework Agreement \par\pard\plain\fs16\pard\plain\cf1\f51\fs20\b\qc Ships sale{\*\bkmkstart PARA4}{\*\bkmkend PARA4}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA5}{\*\bkmkend PARA5}\par\pard\plain\cf1\f51\fs20\b\qc Dated 28 February 2017{\*\bkmkstart PARA6}{\*\bkmkend PARA6}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA7}{\*\bkmkend PARA7}\par\pard\plain\cf1\f51\fs20\qc between{\*\bkmkstart PARA8}{\*\bkmkend PARA8}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA9}{\*\bkmkend PARA9}\par\pard\plain\cf1\f51\fs20\qj \~{\*\bkmkstart PARA10}{\*\bkmkend PARA10}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA11}{\*\bkmkend PARA11}\par\pard\plain\cf1\f51\fs20\b\qc gREENSHIP BULK MANAGER PTE. lTD. AS TRUSTEE-MANAGER OF Greenship Bulk Trust{\*\bkmkstart PARA12}{\*\bkmkend PARA12}\par\pard\plain\cf1\f51\fs20\qc as Sellers{\*\bkmkstart PARA13}{\*\bkmkend PARA13}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA14}{\*\bkmkend PARA14}\par\pard\plain\cf1\f51\fs20\qc and{\*\bkmkstart PARA15}{\*\bkmkend PARA15}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA16}{\*\bkmkend PARA16}\par\pard\plain\cf1\f51\fs20\b\qc Eagle Bulk Ultraco LLC{\*\bkmkstart PARA17}{\*\bkmkend PARA17}\par\pard\plain\cf1\f51\fs20\qc as Buyers{\*\bkmkstart PARA18}{\*\bkmkend PARA18}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA19}{\*\bkmkend PARA19}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PARA20}{\*\bkmkend PARA20}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA34}{\*\bkmkend PARA34}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA909}{\*\bkmkend PARA909}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PARA38}{\*\bkmkend PARA38}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PGBK39}{\*\bkmkend PGBK39}{\*\bkmkstart PGFTR39}{\*\bkmkend PGFTR39}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PGNUM39}{\*\bkmkend PGNUM39}\par\pard\plain\cf1\f51\fs20\qc \~\par\pard\plain\f0\fs4\par\pard\plain\f0\fs2\brdrt\brdrs\brdrw15\brdrcf2\brdrsp0\par\pard\plain\f0\fs4\par \page{\*\bkmkstart PGHDR39}{\*\bkmkend PGHDR39}\par\pard\plain\cf1\f51\fs20\li225\ql \~{\*\bkmkstart PARA39_2}{\*\bkmkend PARA39_2}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA40}{\*\bkmkend PARA40}\par\pard\plain\cf1\f51\fs20\b\qc Index{\*\bkmkstart PARA41}{\*\bkmkend PARA41}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart TBL975}{\*\bkmkend TBL975} \par\pard\plain {\trowd\cellx597\cellx9965\cellx10489\trrh248 {\*\bkmkstart PARA910}{\*\bkmkend PARA910}\pard\plain\intbl\cf1\f51\fs20\b\qj Clause\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA976}{\*\bkmkend PARA976}\pard\plain\intbl\cf1\f51\fs20\b\qr Page\cell{ {\trowd\cellx597\cellx9965\cellx10489\trrh248\row}}} {\trowd\cellx597\cellx9965\cellx10489\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\cellx597\cellx9965\cellx10489\trrh248\row}}} {\trowd\cellx597\cellx9965\cellx10489\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\cellx597\cellx9965\cellx10489\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx597\clshdng100\clcfpat10\clcbpat10\cellx9965\clshdng100\clcfpat10\clcbpat10\cellx10489\trrh248 {\*\bkmkstart PARA912}{\*\bkmkend PARA912}\pard\plain\intbl\cf1\f51\fs20\qj 1\cell{\*\bkmkstart PARA913}{\*\bkmkend PARA913}\pard\plain\intbl\cf1\f51\fs20\qj Definitions\cell{\*\bkmkstart PARA914}{\*\bkmkend PARA914}\pard\plain\intbl\cf1\f51\fs20\qr 2\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx597\clshdng100\clcfpat10\clcbpat10\cellx9965\clshdng100\clcfpat10\clcbpat10\cellx10489\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx597\clshdng100\clcfpat7\clcbpat7\cellx9965\clshdng100\clcfpat7\clcbpat7\cellx10489\trrh248 {\*\bkmkstart PARA915}{\*\bkmkend PARA915}\pard\plain\intbl\cf1\f51\fs20\qj 2\cell{\*\bkmkstart PARA916}{\*\bkmkend PARA916}\pard\plain\intbl\cf1\f51\fs20\qj Sale of the Vessels\cell{\*\bkmkstart PARA917}{\*\bkmkend PARA917}\pard\plain\intbl\cf1\f51\fs20\qr 3\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx597\clshdng100\clcfpat7\clcbpat7\cellx9965\clshdng100\clcfpat7\clcbpat7\cellx10489\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx597\clshdng100\clcfpat10\clcbpat10\cellx9965\clshdng100\clcfpat10\clcbpat10\cellx10489\trrh248 {\*\bkmkstart PARA918}{\*\bkmkend PARA918}\pard\plain\intbl\cf1\f51\fs20\qj 3\cell{\*\bkmkstart PARA919}{\*\bkmkend PARA919}\pard\plain\intbl\cf1\f51\fs20\qj Personnel Issues\cell{\*\bkmkstart PARA920}{\*\bkmkend PARA920}\pard\plain\intbl\cf1\f51\fs20\qr 3\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx597\clshdng100\clcfpat10\clcbpat10\cellx9965\clshdng100\clcfpat10\clcbpat10\cellx10489\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx597\clshdng100\clcfpat7\clcbpat7\cellx9965\clshdng100\clcfpat7\clcbpat7\cellx10489\trrh248 {\*\bkmkstart PARA921}{\*\bkmkend PARA921}\pard\plain\intbl\cf1\f51\fs20\qj 4\cell{\*\bkmkstart PARA922}{\*\bkmkend PARA922}\pard\plain\intbl\cf1\f51\fs20\qj Acceding Buyers\cell{\*\bkmkstart PARA923}{\*\bkmkend PARA923}\pard\plain\intbl\cf1\f51\fs20\qr 3\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx597\clshdng100\clcfpat7\clcbpat7\cellx9965\clshdng100\clcfpat7\clcbpat7\cellx10489\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx597\clshdng100\clcfpat10\clcbpat10\cellx9965\clshdng100\clcfpat10\clcbpat10\cellx10489\trrh248 {\*\bkmkstart PARA924}{\*\bkmkend PARA924}\pard\plain\intbl\cf1\f51\fs20\qj 5\cell{\*\bkmkstart PARA925}{\*\bkmkend PARA925}\pard\plain\intbl\cf1\f51\fs20\qj Purchase Price and Adjustment\cell{\*\bkmkstart PARA926}{\*\bkmkend PARA926}\pard\plain\intbl\cf1\f51\fs20\qr 4\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx597\clshdng100\clcfpat10\clcbpat10\cellx9965\clshdng100\clcfpat10\clcbpat10\cellx10489\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx597\clshdng100\clcfpat7\clcbpat7\cellx9965\clshdng100\clcfpat7\clcbpat7\cellx10489\trrh248 {\*\bkmkstart PARA927}{\*\bkmkend PARA927}\pard\plain\intbl\cf1\f51\fs20\qj 6\cell{\*\bkmkstart PARA928}{\*\bkmkend PARA928}\pard\plain\intbl\cf1\f51\fs20\qj Delivery of the Vessels\cell{\*\bkmkstart PARA929}{\*\bkmkend PARA929}\pard\plain\intbl\cf1\f51\fs20\qr 4\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx597\clshdng100\clcfpat7\clcbpat7\cellx9965\clshdng100\clcfpat7\clcbpat7\cellx10489\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx597\clshdng100\clcfpat10\clcbpat10\cellx9965\clshdng100\clcfpat10\clcbpat10\cellx10489\trrh248 {\*\bkmkstart PARA930}{\*\bkmkend PARA930}\pard\plain\intbl\cf1\f51\fs20\qj 7\cell{\*\bkmkstart PARA931}{\*\bkmkend PARA931}\pard\plain\intbl\cf1\f51\fs20\qj General Default Provision\cell{\*\bkmkstart PARA932}{\*\bkmkend PARA932}\pard\plain\intbl\cf1\f51\fs20\qr 5\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx597\clshdng100\clcfpat10\clcbpat10\cellx9965\clshdng100\clcfpat10\clcbpat10\cellx10489\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx597\clshdng100\clcfpat7\clcbpat7\cellx9965\clshdng100\clcfpat7\clcbpat7\cellx10489\trrh248 {\*\bkmkstart PARA933}{\*\bkmkend PARA933}\pard\plain\intbl\cf1\f51\fs20\qj 8\cell{\*\bkmkstart PARA934}{\*\bkmkend PARA934}\pard\plain\intbl\cf1\f51\fs20\qj Signing\cell{\*\bkmkstart PARA935}{\*\bkmkend PARA935}\pard\plain\intbl\cf1\f51\fs20\qr 5\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx597\clshdng100\clcfpat7\clcbpat7\cellx9965\clshdng100\clcfpat7\clcbpat7\cellx10489\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx597\clshdng100\clcfpat10\clcbpat10\cellx9965\clshdng100\clcfpat10\clcbpat10\cellx10489\trrh248 {\*\bkmkstart PARA936}{\*\bkmkend PARA936}\pard\plain\intbl\cf1\f51\fs20\qj 9\cell{\*\bkmkstart PARA937}{\*\bkmkend PARA937}\pard\plain\intbl\cf1\f51\fs20\qj Conditions relating to the six fleet\cell{\*\bkmkstart PARA938}{\*\bkmkend PARA938}\pard\plain\intbl\cf1\f51\fs20\qr 6\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx597\clshdng100\clcfpat10\clcbpat10\cellx9965\clshdng100\clcfpat10\clcbpat10\cellx10489\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx597\clshdng100\clcfpat7\clcbpat7\cellx9965\clshdng100\clcfpat7\clcbpat7\cellx10489\trrh248 {\*\bkmkstart PARA939}{\*\bkmkend PARA939}\pard\plain\intbl\cf1\f51\fs20\qj 10\cell{\*\bkmkstart PARA940}{\*\bkmkend PARA940}\pard\plain\intbl\cf1\f51\fs20\qj conditions relating to the THree fleet\cell{\*\bkmkstart PARA941}{\*\bkmkend PARA941}\pard\plain\intbl\cf1\f51\fs20\qr 6\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx597\clshdng100\clcfpat7\clcbpat7\cellx9965\clshdng100\clcfpat7\clcbpat7\cellx10489\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx597\clshdng100\clcfpat10\clcbpat10\cellx9965\clshdng100\clcfpat10\clcbpat10\cellx10489\trrh248 {\*\bkmkstart PARA942}{\*\bkmkend PARA942}\pard\plain\intbl\cf1\f51\fs20\qj 11\cell{\*\bkmkstart PARA943}{\*\bkmkend PARA943}\pard\plain\intbl\cf1\f51\fs20\qj Governmental Approvals\cell{\*\bkmkstart PARA944}{\*\bkmkend PARA944}\pard\plain\intbl\cf1\f51\fs20\qr 7\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx597\clshdng100\clcfpat10\clcbpat10\cellx9965\clshdng100\clcfpat10\clcbpat10\cellx10489\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx597\clshdng100\clcfpat7\clcbpat7\cellx9965\clshdng100\clcfpat7\clcbpat7\cellx10489\trrh248 {\*\bkmkstart PARA945}{\*\bkmkend PARA945}\pard\plain\intbl\cf1\f51\fs20\qj 12\cell{\*\bkmkstart PARA946}{\*\bkmkend PARA946}\pard\plain\intbl\cf1\f51\fs20\qj Assignment\cell{\*\bkmkstart PARA947}{\*\bkmkend PARA947}\pard\plain\intbl\cf1\f51\fs20\qr 7\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx597\clshdng100\clcfpat7\clcbpat7\cellx9965\clshdng100\clcfpat7\clcbpat7\cellx10489\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx597\clshdng100\clcfpat10\clcbpat10\cellx9965\clshdng100\clcfpat10\clcbpat10\cellx10489\trrh248 {\*\bkmkstart PARA948}{\*\bkmkend PARA948}\pard\plain\intbl\cf1\f51\fs20\qj 13\cell{\*\bkmkstart PARA949}{\*\bkmkend PARA949}\pard\plain\intbl\cf1\f51\fs20\qj Confidentiality\cell{\*\bkmkstart PARA950}{\*\bkmkend PARA950}\pard\plain\intbl\cf1\f51\fs20\qr 7\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx597\clshdng100\clcfpat10\clcbpat10\cellx9965\clshdng100\clcfpat10\clcbpat10\cellx10489\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx597\clshdng100\clcfpat7\clcbpat7\cellx9965\clshdng100\clcfpat7\clcbpat7\cellx10489\trrh248 {\*\bkmkstart PARA951}{\*\bkmkend PARA951}\pard\plain\intbl\cf1\f51\fs20\qj 14\cell{\*\bkmkstart PARA952}{\*\bkmkend PARA952}\pard\plain\intbl\cf1\f51\fs20\qj Representations and Warranties\cell{\*\bkmkstart PARA953}{\*\bkmkend PARA953}\pard\plain\intbl\cf1\f51\fs20\qr 8\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx597\clshdng100\clcfpat7\clcbpat7\cellx9965\clshdng100\clcfpat7\clcbpat7\cellx10489\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx597\clshdng100\clcfpat10\clcbpat10\cellx9965\clshdng100\clcfpat10\clcbpat10\cellx10489\trrh248 {\*\bkmkstart PARA954}{\*\bkmkend PARA954}\pard\plain\intbl\cf1\f51\fs20\qj 15\cell{\*\bkmkstart PARA955}{\*\bkmkend PARA955}\pard\plain\intbl\cf1\f51\fs20\qj Interpretation\cell{\*\bkmkstart PARA956}{\*\bkmkend PARA956}\pard\plain\intbl\cf1\f51\fs20\qr 8\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx597\clshdng100\clcfpat10\clcbpat10\cellx9965\clshdng100\clcfpat10\clcbpat10\cellx10489\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx597\clshdng100\clcfpat7\clcbpat7\cellx9965\clshdng100\clcfpat7\clcbpat7\cellx10489\trrh248 {\*\bkmkstart PARA957}{\*\bkmkend PARA957}\pard\plain\intbl\cf1\f51\fs20\qj 16\cell{\*\bkmkstart PARA958}{\*\bkmkend PARA958}\pard\plain\intbl\cf1\f51\fs20\qj Sanctions\cell{\*\bkmkstart PARA959}{\*\bkmkend PARA959}\pard\plain\intbl\cf1\f51\fs20\qr 9\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx597\clshdng100\clcfpat7\clcbpat7\cellx9965\clshdng100\clcfpat7\clcbpat7\cellx10489\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx597\clshdng100\clcfpat10\clcbpat10\cellx9965\clshdng100\clcfpat10\clcbpat10\cellx10489\trrh248 {\*\bkmkstart PARA960}{\*\bkmkend PARA960}\pard\plain\intbl\cf1\f51\fs20\qj 17\cell{\*\bkmkstart PARA961}{\*\bkmkend PARA961}\pard\plain\intbl\cf1\f51\fs20\qj Costs and Expenses\cell{\*\bkmkstart PARA962}{\*\bkmkend PARA962}\pard\plain\intbl\cf1\f51\fs20\qr 10\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx597\clshdng100\clcfpat10\clcbpat10\cellx9965\clshdng100\clcfpat10\clcbpat10\cellx10489\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx597\clshdng100\clcfpat7\clcbpat7\cellx9965\clshdng100\clcfpat7\clcbpat7\cellx10489\trrh248 {\*\bkmkstart PARA963}{\*\bkmkend PARA963}\pard\plain\intbl\cf1\f51\fs20\qj 18\cell{\*\bkmkstart PARA964}{\*\bkmkend PARA964}\pard\plain\intbl\cf1\f51\fs20\qj Conflict Between Provisions\cell{\*\bkmkstart PARA965}{\*\bkmkend PARA965}\pard\plain\intbl\cf1\f51\fs20\qr 10\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx597\clshdng100\clcfpat7\clcbpat7\cellx9965\clshdng100\clcfpat7\clcbpat7\cellx10489\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx597\clshdng100\clcfpat10\clcbpat10\cellx9965\clshdng100\clcfpat10\clcbpat10\cellx10489\trrh248 {\*\bkmkstart PARA966}{\*\bkmkend PARA966}\pard\plain\intbl\cf1\f51\fs20\qj 19\cell{\*\bkmkstart PARA967}{\*\bkmkend PARA967}\pard\plain\intbl\cf1\f51\fs20\qj Notices\cell{\*\bkmkstart PARA968}{\*\bkmkend PARA968}\pard\plain\intbl\cf1\f51\fs20\qr 10\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx597\clshdng100\clcfpat10\clcbpat10\cellx9965\clshdng100\clcfpat10\clcbpat10\cellx10489\trrh248\row}}} {\trowd\clshdng100\clcfpat7\clcbpat7\cellx597\clshdng100\clcfpat7\clcbpat7\cellx9965\clshdng100\clcfpat7\clcbpat7\cellx10489\trrh248 {\*\bkmkstart PARA969}{\*\bkmkend PARA969}\pard\plain\intbl\cf1\f51\fs20\qj 20\cell{\*\bkmkstart PARA970}{\*\bkmkend PARA970}\pard\plain\intbl\cf1\f51\fs20\qj Governing Law and Jurisdiction\cell{\*\bkmkstart PARA971}{\*\bkmkend PARA971}\pard\plain\intbl\cf1\f51\fs20\qr 11\cell{ {\trowd\clshdng100\clcfpat7\clcbpat7\cellx597\clshdng100\clcfpat7\clcbpat7\cellx9965\clshdng100\clcfpat7\clcbpat7\cellx10489\trrh248\row}}} {\trowd\clshdng100\clcfpat10\clcbpat10\cellx597\clshdng100\clcfpat10\clcbpat10\cellx9965\clshdng100\clcfpat10\clcbpat10\cellx10489\trrh248 {\*\bkmkstart PARA972}{\*\bkmkend PARA972}\pard\plain\intbl\cf1\f51\fs20\qj 21\cell{\*\bkmkstart PARA973}{\*\bkmkend PARA973}\pard\plain\intbl\cf1\f51\fs20\qj List of Appendices\cell{\*\bkmkstart PARA974}{\*\bkmkend PARA974}\pard\plain\intbl\cf1\f51\fs20\qr 11\cell{ {\trowd\clshdng100\clcfpat10\clcbpat10\cellx597\clshdng100\clcfpat10\clcbpat10\cellx9965\clshdng100\clcfpat10\clcbpat10\cellx10489\trrh248\row}}}{\*\bkmkstart PARA45}{\*\bkmkend PARA45}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PGBK74}{\*\bkmkend PGBK74}{\*\bkmkstart PGFTR74}{\*\bkmkend PGFTR74}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PGNUM74}{\*\bkmkend PGNUM74}\par\pard\plain\cf1\f51\fs20\qc \~\par\pard\plain\f0\fs4\par\pard\plain\f0\fs2\brdrt\brdrs\brdrw15\brdrcf2\brdrsp0\par\pard\plain\f0\fs4\par \page{\*\bkmkstart PGHDR74}{\*\bkmkend PGHDR74}\par\pard\plain\cf1\f51\fs20\li225\ql \~{\*\bkmkstart PARA74_2}{\*\bkmkend PARA74_2}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA75}{\*\bkmkend PARA75}\par\pard\plain\cf1\f51\fs20\ql \~{\*\bkmkstart PARA76}{\*\bkmkend PARA76}\par\pard\plain\cf1\f51\fs20\qj This framework agreement (the "\plain\cf1\f51\fs20\b\qj Agreement\plain\cf1\f51\fs20\qj ") is entered into on 28 February 2017 between{\*\bkmkstart PARA77}{\*\bkmkend PARA77}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB79}{\*\bkmkend MTAB79} \par\pard\plain {\trowd\cellx720\cellx10500\trrh495 {\*\bkmkstart PARA80}{\*\bkmkend PARA80}\pard\plain\intbl\cf1\f51\fs20\qj (1)\cell{\*\bkmkstart PARA81}{\*\bkmkend PARA81}\pard\plain\intbl\cf1\f51\fs20\b\qj Greenship Bulk Manager Pte. Ltd as Trustee-Manager of Greenship Bulk Trust\plain\intbl\cf1\f51\fs20\qj , Singapore, (the "\plain\intbl\cf1\f51\fs20\b\qj Sellers\plain\intbl\cf1\f51\fs20\qj ");\plain\intbl\cf1\f51\fs20\qj and\cell{ {\trowd\cellx720\cellx10500\trrh495\row}}}{\*\bkmkstart PARA82}{\*\bkmkend PARA82}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB84}{\*\bkmkend MTAB84} \par\pard\plain {\trowd\cellx720\cellx10500\trrh248 {\*\bkmkstart PARA85}{\*\bkmkend PARA85}\pard\plain\intbl\cf1\f51\fs20\qj (2)\cell{\*\bkmkstart PARA86}{\*\bkmkend PARA86}\pard\plain\intbl\cf1\f51\fs20\b\qj Eagle Bulk Ultraco LLC\plain\intbl\cf1\f51\fs20\qj , Marshall Islands ("\plain\intbl\cf1\f51\fs20\b\qj Buyers\plain\intbl\cf1\f51\fs20\qj ").\cell{ {\trowd\cellx720\cellx10500\trrh248\row}}}{\*\bkmkstart PARA87}{\*\bkmkend PARA87}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA88}{\*\bkmkend PARA88}\par\pard\plain\cf1\f51\fs20\b\qj WHEREAS:{\*\bkmkstart PARA89}{\*\bkmkend PARA89}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB91}{\*\bkmkend MTAB91} \par\pard\plain {\trowd\cellx720\cellx10500\trrh742 {\*\bkmkstart PARA92}{\*\bkmkend PARA92}\pard\plain\intbl\cf1\f51\fs20\qj A.\cell{\*\bkmkstart PARA93}{\*\bkmkend PARA93}\pard\plain\intbl\cf1\f51\fs20\qj The Sellers have agreed to sell and Buyers have agreed to buy 9 Bulk Carrier vessels (as more particularly defined\plain\intbl\cf1\f51\fs20\qj below, the "Vessels") for a total price of USD 153,000,000 made up of each Allocated Purchase Price and otherwise\plain\intbl\cf1\f51\fs20\qj on the terms and conditions set out in this Agreement and in the MOAs (as each expression is defined below);\cell{ {\trowd\cellx720\cellx10500\trrh742\row}}}{\*\bkmkstart PARA94}{\*\bkmkend PARA94}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB96}{\*\bkmkend MTAB96} \par\pard\plain {\trowd\cellx720\cellx10500\trrh742 {\*\bkmkstart PARA97}{\*\bkmkend PARA97}\pard\plain\intbl\cf1\f51\fs20\qj B.\cell{\*\bkmkstart PARA98}{\*\bkmkend PARA98}\pard\plain\intbl\cf1\f51\fs20\qj The Parties have agreed that each of the Vessels will be delivered separately to the Buyers and that the delivery date\plain\intbl\cf1\f51\fs20\qj for each Vessel will be nominated by the Sellers in consultation with the Buyers in accordance with the provisions\plain\intbl\cf1\f51\fs20\qj set out below and in the MOAs.\cell{ {\trowd\cellx720\cellx10500\trrh742\row}}}{\*\bkmkstart PARA99}{\*\bkmkend PARA99}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart TBL100}{\*\bkmkend TBL100} \par\pard\plain {\trowd\cellx720\cellx10500\trrh495 {\*\bkmkstart PARA1116}{\*\bkmkend PARA1116}\pard\plain\intbl\cf1\f51\fs20\ql C.\cell{\*\bkmkstart PARA1117}{\*\bkmkend PARA1117}\pard\plain\intbl\cf1\f51\fs20\qj The Vessels have been allocated between two groups, the Six Fleet and the Three Fleet (as each expression is\plain\intbl\cf1\f51\fs20\qj defined below) as different conditions and other arrangements apply to each such group.\cell{ {\trowd\cellx720\cellx10500\trrh495\row}}}{\*\bkmkstart PARA101}{\*\bkmkend PARA101}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA102}{\*\bkmkend PARA102}\par\pard\plain\cf1\f51\fs20\b\qj IT IS AGREED as follows:{\*\bkmkstart PARA103}{\*\bkmkend PARA103}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB105}{\*\bkmkend MTAB105} \par\pard\plain {\trowd\cellx720\cellx10500\trrh248 {\*\bkmkstart PARA106}{\*\bkmkend PARA106}\pard\plain\intbl\cf1\f51\fs20\b\qj 1\cell{\*\bkmkstart PARA107}{\*\bkmkend PARA107}\pard\plain\intbl\cf1\f51\fs20\b\qj Definitions\cell{ {\trowd\cellx720\cellx10500\trrh248\row}}}{\*\bkmkstart PARA108}{\*\bkmkend PARA108}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB110}{\*\bkmkend MTAB110} \par\pard\plain {\trowd\cellx720\cellx10500\trrh248 {\*\bkmkstart PARA111}{\*\bkmkend PARA111}\pard\plain\intbl\cf1\f51\fs20\b\qj 1.1\cell{\*\bkmkstart PARA112}{\*\bkmkend PARA112}\pard\plain\intbl\cf1\f51\fs20\qj In this Agreement the following terms and expressions shall have the meaning set out below:\cell{ {\trowd\cellx720\cellx10500\trrh248\row}}}{\*\bkmkstart PARA113}{\*\bkmkend PARA113}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA114}{\*\bkmkend PARA114}\par\pard\plain\li792\ri154\cf1\f51\fs20\qj "\plain\li792\ri154\cf1\f51\fs20\b\qj Acceding Buyer\plain\li792\ri154\cf1\f51\fs20\qj " shall have the meaning set out in Clause 4.1.{\*\bkmkstart PARA115}{\*\bkmkend PARA115}\par\pard\plain\li792\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA116}{\*\bkmkend PARA116}\par\pard\plain\li792\ri154\cf1\f51\fs20\qj "\plain\li792\ri154\cf1\f51\fs20\b\qj Allocated Purchase Price\plain\li792\ri154\cf1\f51\fs20\qj " shall have the meaning set out in Clause 5.2.{\*\bkmkstart PARA117}{\*\bkmkend PARA117}\par\pard\plain\li792\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA118}{\*\bkmkend PARA118}\par\pard\plain\li792\ri154\cf1\f51\fs20\qj "\plain\li792\ri154\cf1\f51\fs20\b\qj Buyers\plain\li792\ri154\cf1\f51\fs20\qj " means the Buyers and, upon the accession by an Acceding Buyer, that Acceding Buyer in relation to the\plain\li792\ri154\cf1\f51\fs20\qj relevant Vessel.{\*\bkmkstart PARA119}{\*\bkmkend PARA119}\par\pard\plain\li792\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA120}{\*\bkmkend PARA120}\par\pard\plain\li792\ri154\cf1\f51\fs20\qj "\plain\li792\ri154\cf1\f51\fs20\b\qj Banking Days\plain\li792\ri154\cf1\f51\fs20\qj " means days on which banks are open in New York, Singapore and London.{\*\bkmkstart PARA121}{\*\bkmkend PARA121}\par\pard\plain\li792\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA122}{\*\bkmkend PARA122}\par\pard\plain\li792\ri154\cf1\f51\fs20\qj \u8220?\plain\li792\ri154\cf1\f51\fs20\b\qj Cancelling Date\plain\li792\ri154\cf1\f51\fs20\qj \u8221? means the cancelling date under the MOAs set out against the name of each Vessel\plain\li792\ri154\cf1\f51\fs20\qj in Appendix 2.{\*\bkmkstart PARA123}{\*\bkmkend PARA123}\par\pard\plain\li792\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA124}{\*\bkmkend PARA124}\par\pard\plain\li792\ri154\cf1\f51\fs20\qj "\plain\li792\ri154\cf1\f51\fs20\b\qj Delivery Port\plain\li792\ri154\cf1\f51\fs20\qj " means the Delivery Port as defined in the MOA, but in any event excluding any area or port within\plain\li792\ri154\cf1\f51\fs20\qj the jurisdiction of any nation prohibited under the laws of the United States, the United Nations or the European\plain\li792\ri154\cf1\f51\fs20\qj Union or in relation to which the Laws of the United States restrict or prohibit transactions.{\*\bkmkstart PARA125}{\*\bkmkend PARA125}\par\pard\plain\li792\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA126}{\*\bkmkend PARA126}\par\pard\plain\li792\ri154\cf1\f51\fs20\qj "\plain\li792\ri154\cf1\f51\fs20\b\qj Delivery Window\plain\li792\ri154\cf1\f51\fs20\qj " means, in relation to any relevant Vessel, the dates for delivery of such Vessel to be inserted in\plain\li792\ri154\cf1\f51\fs20\qj the relevant MOA by the Sellers and the Buyers in accordance with Clause 6.1 and 6.7.{\*\bkmkstart PARA127}{\*\bkmkend PARA127}\par\pard\plain\li792\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA128}{\*\bkmkend PARA128}\par\pard\plain\li792\ri154\cf1\f51\fs20\b\qj "Deposit"\plain\li792\ri154\cf1\f51\fs20\qj means the deposits payable pursuant to the MOAs.{\*\bkmkstart PARA129}{\*\bkmkend PARA129}\par\pard\plain\li792\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA130}{\*\bkmkend PARA130}\par\pard\plain\li792\ri154\cf1\f51\fs20\qj "\plain\li792\ri154\cf1\f51\fs20\b\qj Effective Date\plain\li792\ri154\cf1\f51\fs20\qj " means in relation to the Six Fleet and the Three Fleet respectively, the later of the dates upon\plain\li792\ri154\cf1\f51\fs20\qj which the obligations under this Agreement and the MOAs become final and binding.{\*\bkmkstart PARA131}{\*\bkmkend PARA131}\par\pard\plain\li792\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA132}{\*\bkmkend PARA132}\par\pard\plain\li792\ri154\cf1\f51\fs20\qj "\plain\li792\ri154\cf1\f51\fs20\b\qj Losses\plain\li792\ri154\cf1\f51\fs20\qj " means liabilities, losses, costs, claims and expenses.{\*\bkmkstart PARA977_1}{\*\bkmkend PARA977_1}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PGBK977}{\*\bkmkend PGBK977}{\*\bkmkstart PGFTR977}{\*\bkmkend PGFTR977}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PGNUM977}{\*\bkmkend PGNUM977}\par\pard\plain\cf1\f51\fs20\qc 2\par\pard\plain\f0\fs4\par\pard\plain\f0\fs2\brdrt\brdrs\brdrw15\brdrcf2\brdrsp0\par\pard\plain\f0\fs4\par \page{\*\bkmkstart PGHDR977}{\*\bkmkend PGHDR977}\par\pard\plain\cf1\f51\fs20\li225\ql \~{\*\bkmkstart PARA977_2}{\*\bkmkend PARA977_2}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA134}{\*\bkmkend PARA134}\par\pard\plain\li792\ri154\cf1\f51\fs20\qj "\plain\li792\ri154\cf1\f51\fs20\b\qj MOA\plain\li792\ri154\cf1\f51\fs20\qj " means the Norwegian Saleform 2012 Memorandum of Agreement with amendments for the sale of each\plain\li792\ri154\cf1\f51\fs20\qj Vessel in the form attached as Appendix 1 to this Agreement to be entered into by the parties thereto promptly after\plain\li792\ri154\cf1\f51\fs20\qj the satisfaction of the conditions set forth in Clause 9 or 10 (as the case may be).{\*\bkmkstart PARA135}{\*\bkmkend PARA135}\par\pard\plain\li792\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA136}{\*\bkmkend PARA136}\par\pard\plain\li792\ri154\cf1\f51\fs20\b\qj "Parties"\plain\li792\ri154\cf1\f51\fs20\qj means each party to this Agreement and any Acceding Buyer nominated by the Buyers in accordance with\plain\li792\ri154\cf1\f51\fs20\qj Clause 4 of this Agreement.{\*\bkmkstart PARA137}{\*\bkmkend PARA137}\par\pard\plain\li792\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA138}{\*\bkmkend PARA138}\par\pard\plain\li792\ri154\cf1\f51\fs20\b\qj \u8220?Six Fleet\u8221?\plain\li792\ri154\cf1\f51\fs20\qj means the six Vessels listed in Part A of Appendix 2 to this Agreement;{\*\bkmkstart PARA139}{\*\bkmkend PARA139}\par\pard\plain\li792\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA140}{\*\bkmkend PARA140}\par\pard\plain\li792\ri154\cf1\f51\fs20\b\qj \u8220?Three Fleet\u8221?\plain\li792\ri154\cf1\f51\fs20\qj means the three Vessels listed in Part B of Appendix 2 of this Agreement:{\*\bkmkstart PARA141}{\*\bkmkend PARA141}\par\pard\plain\li792\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA142}{\*\bkmkend PARA142}\par\pard\plain\li792\ri154\cf1\f51\fs20\b\qj "Purchase Price"\plain\li792\ri154\cf1\f51\fs20\qj shall have the meaning set out in Clause 5.1.{\*\bkmkstart PARA143}{\*\bkmkend PARA143}\par\pard\plain\li792\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA144}{\*\bkmkend PARA144}\par\pard\plain\li792\ri154\cf1\f51\fs20\b\qj "Vessels"\plain\li792\ri154\cf1\f51\fs20\qj means the 9 Bulk Carrier vessels listed in Appendix 2 to this Agreement.{\*\bkmkstart PARA145}{\*\bkmkend PARA145}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB147}{\*\bkmkend MTAB147} \par\pard\plain {\trowd\cellx720\cellx10500\trrh248 {\*\bkmkstart PARA148}{\*\bkmkend PARA148}\pard\plain\intbl\cf1\f51\fs20\b\qj 2\cell{\*\bkmkstart PARA149}{\*\bkmkend PARA149}\pard\plain\intbl\cf1\f51\fs20\b\qj Sale of the Vessels\cell{ {\trowd\cellx720\cellx10500\trrh248\row}}}{\*\bkmkstart PARA150}{\*\bkmkend PARA150}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB152}{\*\bkmkend MTAB152} \par\pard\plain {\trowd\cellx720\cellx10500\trrh990 {\*\bkmkstart PARA153}{\*\bkmkend PARA153}\pard\plain\intbl\cf1\f51\fs20\b\qj 2.1\cell{\*\bkmkstart PARA154}{\*\bkmkend PARA154}\pard\plain\intbl\cf1\f51\fs20\qj The Sellers hereby agree subject to the terms of this Agreement to procure the sale by way of nine (9) individual\plain\intbl\cf1\f51\fs20\qj sale transactions from each of its wholly owned subsidiaries named in Appendix 2, respectively, and the Buyers\plain\intbl\cf1\f51\fs20\qj agree to buy, the Vessels on the terms set out in this Agreement and the terms and conditions of the applicable\plain\intbl\cf1\f51\fs20\qj MOAs.\cell{ {\trowd\cellx720\cellx10500\trrh990\row}}}{\*\bkmkstart PARA155}{\*\bkmkend PARA155}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB157}{\*\bkmkend MTAB157} \par\pard\plain {\trowd\cellx720\cellx10500\trrh1732 {\*\bkmkstart PARA158}{\*\bkmkend PARA158}\pard\plain\intbl\cf1\f51\fs20\b\qj 2.2\cell{\*\bkmkstart PARA159}{\*\bkmkend PARA159}\pard\plain\intbl\cf1\f51\fs20\qj The Sellers hereby grant exclusivity to the Buyers for a period of 6 (six) weeks from the date of this Agreement (the\plain\intbl\cf1\f51\fs20\qj "Exclusivity Period") in relation to the sale of the Three Fleet Vessels and the Sellers shall not during the Exclusivity\plain\intbl\cf1\f51\fs20\qj Period: (i) enter into material negotiations with any third party in relation to the sale or chartering (other than for\plain\intbl\cf1\f51\fs20\qj short term employment which would not interfere with the Sellers\u8217? obligations hereunder) of any Three Fleet\plain\intbl\cf1\f51\fs20\qj Vessel; nor (ii) permit the inspection of any Three Fleet Vessel or the class records of any Three Fleet Vessel by a\plain\intbl\cf1\f51\fs20\qj potential purchaser; nor (iii) sell or long-term charter or agree to sell or long-term charter any of the Three Fleet\plain\intbl\cf1\f51\fs20\qj Vessels.\cell{ {\trowd\cellx720\cellx10500\trrh1732\row}}}{\*\bkmkstart PARA160}{\*\bkmkend PARA160}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB162}{\*\bkmkend MTAB162} \par\pard\plain {\trowd\cellx720\cellx10500\trrh248 {\*\bkmkstart PARA163}{\*\bkmkend PARA163}\pard\plain\intbl\cf1\f51\fs20\b\qj 3\cell{\*\bkmkstart PARA164}{\*\bkmkend PARA164}\pard\plain\intbl\cf1\f51\fs20\b\qj Personnel Issues\cell{ {\trowd\cellx720\cellx10500\trrh248\row}}}{\*\bkmkstart PARA165}{\*\bkmkend PARA165}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB167}{\*\bkmkend MTAB167} \par\pard\plain {\trowd\cellx720\cellx10500\trrh742 {\*\bkmkstart PARA168}{\*\bkmkend PARA168}\pard\plain\intbl\cf1\f51\fs20\b\qj 3.1\cell{\*\bkmkstart PARA169}{\*\bkmkend PARA169}\pard\plain\intbl\cf1\f51\fs20\qj The Sellers shall procure that no person engaged in the management of the Vessels shall be permitted under any\plain\intbl\cf1\f51\fs20\qj applicable law to claim employment rights against the Buyers by virtue of the transaction outlined in this Agreement\plain\intbl\cf1\f51\fs20\qj and the MOAs.\cell{ {\trowd\cellx720\cellx10500\trrh742\row}}}{\*\bkmkstart PARA170}{\*\bkmkend PARA170}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB172}{\*\bkmkend MTAB172} \par\pard\plain {\trowd\cellx720\cellx10500\trrh248 {\*\bkmkstart PARA173}{\*\bkmkend PARA173}\pard\plain\intbl\cf1\f51\fs20\b\qj 4\cell{\*\bkmkstart PARA174}{\*\bkmkend PARA174}\pard\plain\intbl\cf1\f51\fs20\b\qj Acceding Buyers\cell{ {\trowd\cellx720\cellx10500\trrh248\row}}}{\*\bkmkstart PARA175}{\*\bkmkend PARA175}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB177}{\*\bkmkend MTAB177} \par\pard\plain {\trowd\cellx720\cellx10500\trrh1485 {\*\bkmkstart PARA178}{\*\bkmkend PARA178}\pard\plain\intbl\cf1\f51\fs20\b\qj 4.1\cell{\*\bkmkstart PARA179}{\*\bkmkend PARA179}\pard\plain\intbl\cf1\f51\fs20\qj Any wholly owned subsidiary of the Buyers (whether or not currently incorporated) may accede to an MOA (an\plain\intbl\cf1\f51\fs20\qj "\plain\intbl\cf1\f51\fs20\b\qj Acceding Buyer\plain\intbl\cf1\f51\fs20\qj ") by way of (i) executing and delivering to the Sellers an accession deed in the form set out in\plain\intbl\cf1\f51\fs20\qj Appendix 3 and (ii) delivering to the Sellers a copy of its constitutional documents. Upon execution and delivery of\plain\intbl\cf1\f51\fs20\qj an accession deed by any Acceding Buyer and delivery of such constitutional documents, Buyers may nominate that\plain\intbl\cf1\f51\fs20\qj Acceding Buyer as "Buyers" under a particular MOA in relation to the purchase of an individual Vessel on the terms\plain\intbl\cf1\f51\fs20\qj and conditions of that MOA.\cell{ {\trowd\cellx720\cellx10500\trrh1485\row}}}{\*\bkmkstart PARA180}{\*\bkmkend PARA180}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB182}{\*\bkmkend MTAB182} \par\pard\plain {\trowd\cellx720\cellx10500\trrh495 {\*\bkmkstart PARA183}{\*\bkmkend PARA183}\pard\plain\intbl\cf1\f51\fs20\b\qj 4.2\cell{\*\bkmkstart PARA184}{\*\bkmkend PARA184}\pard\plain\intbl\cf1\f51\fs20\qj For this purpose, each MOA shall stand alone and the relevant Acceding Buyer shall only be fully responsible to the\plain\intbl\cf1\f51\fs20\qj Sellers for the relevant obligations under the MOA in respect of the Vessel to be acquired by that Acceding Buyer.\cell{ {\trowd\cellx720\cellx10500\trrh495\row}}}{\*\bkmkstart PARA185}{\*\bkmkend PARA185}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB187}{\*\bkmkend MTAB187} \par\pard\plain {\trowd\cellx720\cellx10500\trrh742 {\*\bkmkstart PARA188}{\*\bkmkend PARA188}\pard\plain\intbl\cf1\f51\fs20\b\qj 4.3\cell{\*\bkmkstart PARA189}{\*\bkmkend PARA189}\pard\plain\intbl\cf1\f51\fs20\qj Upon accession, each Acceding Buyer in respect of a Vessel which has been inspected by Buyers, shall be deemed\plain\intbl\cf1\f51\fs20\qj to have instructed the Buyers to carry out inspection on its behalf and the Acceding Buyer shall thus have the same\plain\intbl\cf1\f51\fs20\qj rights and obligations as if the Acceding Buyer itself had inspected the Vessel.\cell{ {\trowd\cellx720\cellx10500\trrh742\row}}}{\*\bkmkstart PARA190}{\*\bkmkend PARA190}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PGBK978}{\*\bkmkend PGBK978}{\*\bkmkstart PGFTR978}{\*\bkmkend PGFTR978}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PGNUM978}{\*\bkmkend PGNUM978}\par\pard\plain\cf1\f51\fs20\qc 3\par\pard\plain\f0\fs4\par\pard\plain\f0\fs2\brdrt\brdrs\brdrw15\brdrcf2\brdrsp0\par\pard\plain\f0\fs4\par \page{\*\bkmkstart PGHDR978}{\*\bkmkend PGHDR978}\par\pard\plain\cf1\f51\fs20\li225\ql \~{\*\bkmkstart PARA978_2}{\*\bkmkend PARA978_2}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB192}{\*\bkmkend MTAB192} \par\pard\plain {\trowd\cellx720\cellx10500\trrh1238 {\*\bkmkstart PARA193}{\*\bkmkend PARA193}\pard\plain\intbl\cf1\f51\fs20\b\qj 4.4\cell{\*\bkmkstart PARA194}{\*\bkmkend PARA194}\pard\plain\intbl\cf1\f51\fs20\qj Notwithstanding any nomination of an Acceding Buyer for a Vessel(s) pursuant to Clause 4.1, Buyers shall remain\plain\intbl\cf1\f51\fs20\qj fully responsible for any and all the obligations under each MOA and this Agreement. In consideration of the Sellers\plain\intbl\cf1\f51\fs20\qj entering into this Agreement and the MOAs, Buyers unconditionally and irrevocably guarantee and agree to\plain\intbl\cf1\f51\fs20\qj guarantee (as primary obligor and not as surety only) the performance of any Acceding Buyer's obligations under this\plain\intbl\cf1\f51\fs20\qj Agreement and the purchase of the individual Vessel under the relevant MOA.\cell{ {\trowd\cellx720\cellx10500\trrh1238\row}}}{\*\bkmkstart PARA195}{\*\bkmkend PARA195}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB197}{\*\bkmkend MTAB197} \par\pard\plain {\trowd\cellx720\cellx10500\trrh1238 {\*\bkmkstart PARA198}{\*\bkmkend PARA198}\pard\plain\intbl\cf1\f51\fs20\b\qj 4.5\cell{\*\bkmkstart PARA199}{\*\bkmkend PARA199}\pard\plain\intbl\cf1\f51\fs20\qj The Buyers hereby covenant as a condition to this transaction, that they shall within two Banking Days from the date\plain\intbl\cf1\f51\fs20\qj and time of signing this Agreement ensure that the amount of USD 102,000,000 is transferred to the Buyers at an\plain\intbl\cf1\f51\fs20\qj account in the Buyers name and that such amount (save for moneys actually applied to pay for Deposits and\plain\intbl\cf1\f51\fs20\qj purchase price of Vessels pursuant to this Agreement) shall remain on the accounts of the Buyers until the\plain\intbl\cf1\f51\fs20\qj Cancelling Date in respect of the Six Fleet Vessels.\cell{ {\trowd\cellx720\cellx10500\trrh1238\row}}}{\*\bkmkstart PARA200}{\*\bkmkend PARA200}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB202}{\*\bkmkend MTAB202} \par\pard\plain {\trowd\cellx720\cellx10500\trrh248 {\*\bkmkstart PARA203}{\*\bkmkend PARA203}\pard\plain\intbl\cf1\f51\fs20\b\qj 5\cell{\*\bkmkstart PARA204}{\*\bkmkend PARA204}\pard\plain\intbl\cf1\f51\fs20\b\qj Purchase Price and Adjustment\cell{ {\trowd\cellx720\cellx10500\trrh248\row}}}{\*\bkmkstart PARA205}{\*\bkmkend PARA205}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB207}{\*\bkmkend MTAB207} \par\pard\plain {\trowd\cellx720\cellx10500\trrh248 {\*\bkmkstart PARA208}{\*\bkmkend PARA208}\pard\plain\intbl\cf1\f51\fs20\b\qj 5.1\cell{\*\bkmkstart PARA209}{\*\bkmkend PARA209}\pard\plain\intbl\cf1\f51\fs20\qj The total purchase price for all the Vessels is USD 153,000,000 (the "\plain\intbl\cf1\f51\fs20\b\qj Purchase Price\plain\intbl\cf1\f51\fs20\qj ").\cell{ {\trowd\cellx720\cellx10500\trrh248\row}}}{\*\bkmkstart PARA210}{\*\bkmkend PARA210}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB212}{\*\bkmkend MTAB212} \par\pard\plain {\trowd\cellx720\cellx10500\trrh495 {\*\bkmkstart PARA213}{\*\bkmkend PARA213}\pard\plain\intbl\cf1\f51\fs20\b\qj 5.2\cell{\*\bkmkstart PARA214}{\*\bkmkend PARA214}\pard\plain\intbl\cf1\f51\fs20\qj Subject to Clause 5.3, the allocated purchase price for each of the Vessels is USD 17,000,000 (each, an "\plain\intbl\cf1\f51\fs20\b\qj Allocated\plain\intbl\cf1\f51\fs20\b\qj Purchase Price\plain\intbl\cf1\f51\fs20\qj ").\cell{ {\trowd\cellx720\cellx10500\trrh495\row}}}{\*\bkmkstart PARA215}{\*\bkmkend PARA215}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB217}{\*\bkmkend MTAB217} \par\pard\plain {\trowd\cellx720\cellx10500\trrh990 {\*\bkmkstart PARA218}{\*\bkmkend PARA218}\pard\plain\intbl\cf1\f51\fs20\b\qj 5.3\cell{\*\bkmkstart PARA219}{\*\bkmkend PARA219}\pard\plain\intbl\cf1\f51\fs20\qj The Allocated Purchase Price for each Vessel in the Six Fleet shall be reduced by the amount of USD 500,000 to\plain\intbl\cf1\f51\fs20\qj USD 16,500,000 per Vessel (such that the total purchase price for the Six Fleet shall be USD 99,000,000) if, for any\plain\intbl\cf1\f51\fs20\qj reason, the conditions set out in Clause 10 of this Agreement in relation to the Three Fleet Vessels have not been\plain\intbl\cf1\f51\fs20\qj satisfied on or prior to 31\plain\intbl\cf1\f51\fs18\qj\super st\plain\intbl\cf1\f51\fs20\qj March 2017.\cell{ {\trowd\cellx720\cellx10500\trrh990\row}}}{\*\bkmkstart PARA220}{\*\bkmkend PARA220}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB222}{\*\bkmkend MTAB222} \par\pard\plain {\trowd\cellx720\cellx10500\trrh248 {\*\bkmkstart PARA223}{\*\bkmkend PARA223}\pard\plain\intbl\cf1\f51\fs20\b\qj 6\cell{\*\bkmkstart PARA224}{\*\bkmkend PARA224}\pard\plain\intbl\cf1\f51\fs20\b\qj Delivery of the Vessels\cell{ {\trowd\cellx720\cellx10500\trrh248\row}}}{\*\bkmkstart PARA225}{\*\bkmkend PARA225}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB227}{\*\bkmkend MTAB227} \par\pard\plain {\trowd\cellx720\cellx10500\trrh3712 {\*\bkmkstart PARA228}{\*\bkmkend PARA228}\pard\plain\intbl\cf1\f51\fs20\b\qj 6.1\cell{\*\bkmkstart PARA229}{\*\bkmkend PARA229}\pard\plain\intbl\cf1\f51\fs20\qj Each Vessel shall be delivered and taken over safely afloat at the Vessel's Delivery Port in accordance with the terms\plain\intbl\cf1\f51\fs20\qj of the relevant MOA. Sellers shall not tender for delivery more than one Vessel on any day or (unless otherwise\plain\intbl\cf1\f51\fs20\qj agreed between the Parties acting reasonably) more than two Vessels in any period of five (5) consecutive Banking\plain\intbl\cf1\f51\fs20\qj Days. With respect to the scheduling of deliveries it is agreed that (a) if the conditions in Clause 9 and Clause 10 are\plain\intbl\cf1\f51\fs20\qj satisfied (such that the sale and purchase of both the Six Fleet vessels and the Three Fleet Vessels will proceed in\plain\intbl\cf1\f51\fs20\qj accordance with this Agreement) the Sellers undertake that not less than two (2) such Vessels shall be delivered\plain\intbl\cf1\f51\fs20\qj pursuant to the respective MOA by 15th April 2017, not less than a further two (2) such Vessels shall be so\plain\intbl\cf1\f51\fs20\qj delivered by 15th May 2017, not less than a further two (2) such Vessels shall be so delivered by 15th June 2017,\plain\intbl\cf1\f51\fs20\qj not less than a further two (2) such Vessels shall be so delivered by 15th July 2017, and a further such Vessel shall\plain\intbl\cf1\f51\fs20\qj be so delivered by 15th September 2017, and (b) if the conditions in Clause 10 are not satisfied (such that the sale\plain\intbl\cf1\f51\fs20\qj and purchase of only the Six Fleet Vessels will proceed in accordance with this Agreement) the Sellers undertake\plain\intbl\cf1\f51\fs20\qj that not less than two (2) such Vessels shall be delivered pursuant to the respective MOAs by 15th April 2017, not\plain\intbl\cf1\f51\fs20\qj less than a further two (2) such Vessels shall be so delivered by 30th May 2017 and not less than a further two (2)\plain\intbl\cf1\f51\fs20\qj such Vessels shall be so delivered by 15th July 2017. The Sellers and the Buyers will insert in the MOAs dates for\plain\intbl\cf1\f51\fs20\qj delivery of the respective Vessels in a manner consistent with this Clause 6.1 and Clause 6.7.\cell{ {\trowd\cellx720\cellx10500\trrh3712\row}}}{\*\bkmkstart PARA230}{\*\bkmkend PARA230}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB232}{\*\bkmkend MTAB232} \par\pard\plain {\trowd\cellx720\cellx10500\trrh1238 {\*\bkmkstart PARA233}{\*\bkmkend PARA233}\pard\plain\intbl\cf1\f51\fs20\b\qj 6.2\cell{\*\bkmkstart PARA234}{\*\bkmkend PARA234}\pard\plain\intbl\cf1\f51\fs20\qj Notwithstanding Clause 6.1, if the intended location of a Delivery Port entails a risk of an adverse tax effect for the\plain\intbl\cf1\f51\fs20\qj Buyers or the Sellers as a result of the transfer of title to a Vessel, the Sellers and the Buyers shall be obliged to\plain\intbl\cf1\f51\fs20\qj postpone the transfer of title of such Vessel until the Vessel is in such location where there is no risk of such\plain\intbl\cf1\f51\fs20\qj adverse tax effects. The Sellers and the Buyers shall cooperate in this respect, including evaluating the possibility of\plain\intbl\cf1\f51\fs20\qj a transfer of title of the Vessel in international waters.\cell{ {\trowd\cellx720\cellx10500\trrh1238\row}}}{\*\bkmkstart PARA235}{\*\bkmkend PARA235}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PGBK979}{\*\bkmkend PGBK979}{\*\bkmkstart PGFTR979}{\*\bkmkend PGFTR979}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PGNUM979}{\*\bkmkend PGNUM979}\par\pard\plain\cf1\f51\fs20\qc 4\par\pard\plain\f0\fs4\par\pard\plain\f0\fs2\brdrt\brdrs\brdrw15\brdrcf2\brdrsp0\par\pard\plain\f0\fs4\par \page{\*\bkmkstart PGHDR979}{\*\bkmkend PGHDR979}\par\pard\plain\cf1\f51\fs20\li225\ql \~{\*\bkmkstart PARA979_2}{\*\bkmkend PARA979_2}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB237}{\*\bkmkend MTAB237} \par\pard\plain {\trowd\cellx720\cellx10500\trrh1238 {\*\bkmkstart PARA238}{\*\bkmkend PARA238}\pard\plain\intbl\cf1\f51\fs20\b\qj 6.3\cell{\*\bkmkstart PARA239}{\*\bkmkend PARA239}\pard\plain\intbl\cf1\f51\fs20\qj Delivery of the Vessels shall take place within the Delivery Window for each Vessel, or otherwise in accordance\plain\intbl\cf1\f51\fs20\qj with the MOAs, and the Cancelling Date in each MOA shall be 15\plain\intbl\cf1\f51\fs18\qj\super th\plain\intbl\cf1\f51\fs20\qj September 2017 (unless otherwise agreed), but\plain\intbl\cf1\f51\fs20\qj if, for any reason, the conditions set out in Clause 10 of this Agreement in relation to the Three Fleet Vessels have\plain\intbl\cf1\f51\fs20\qj not been satisfied on or prior to March 31, 2017, then the Cancelling Date in respect of each of the Six Fleet Vessels\plain\intbl\cf1\f51\fs20\qj shall be 15\plain\intbl\cf1\f51\fs18\qj\super th\plain\intbl\cf1\f51\fs20\qj July 2017 (unless otherwise agreed).\cell{ {\trowd\cellx720\cellx10500\trrh1238\row}}}{\*\bkmkstart PARA240}{\*\bkmkend PARA240}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB242}{\*\bkmkend MTAB242} \par\pard\plain {\trowd\cellx720\cellx10500\trrh495 {\*\bkmkstart PARA243}{\*\bkmkend PARA243}\pard\plain\intbl\cf1\f51\fs20\b\qj 6.4\cell{\*\bkmkstart PARA244}{\*\bkmkend PARA244}\pard\plain\intbl\cf1\f51\fs20\qj In order to assist a smooth delivery of the Vessels as set out in this Clause 6 the Parties agree to cooperate in good\plain\intbl\cf1\f51\fs20\qj faith (as may be reasonably required) in connection with the delivery of the Vessels.\cell{ {\trowd\cellx720\cellx10500\trrh495\row}}}{\*\bkmkstart PARA245}{\*\bkmkend PARA245}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB247}{\*\bkmkend MTAB247} \par\pard\plain {\trowd\cellx720\cellx10500\trrh742 {\*\bkmkstart PARA248}{\*\bkmkend PARA248}\pard\plain\intbl\cf1\f51\fs20\b\qj 6.5\cell{\*\bkmkstart PARA249}{\*\bkmkend PARA249}\pard\plain\intbl\cf1\f51\fs20\qj If the Effective Date in relation to the Three Vessels does not occur by the last date provided for in Clause 10.3 31\plain\intbl\cf1\f51\fs20\qj March 2017, the Parties shall promptly thereafter agree a fair and reasonable allocation of fleet spares between the\plain\intbl\cf1\f51\fs20\qj Six Fleet and the Three Fleet with reference to the respective Vessels Planned Maintenance Systems.\cell{ {\trowd\cellx720\cellx10500\trrh742\row}}}{\*\bkmkstart PARA250}{\*\bkmkend PARA250}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB252}{\*\bkmkend MTAB252} \par\pard\plain {\trowd\cellx720\cellx10500\trrh742 {\*\bkmkstart PARA253}{\*\bkmkend PARA253}\pard\plain\intbl\cf1\f51\fs20\b\qj 6.6\cell{\*\bkmkstart PARA254}{\*\bkmkend PARA254}\pard\plain\intbl\cf1\f51\fs20\qj The Sellers agree that spares in respect of the Vessels shall be maintained at normal operating and Class\plain\intbl\cf1\f51\fs20\qj Requirement levels until the time of delivery as per MOAs at lines 201 to 210. Any spares which the Sellers hold\plain\intbl\cf1\f51\fs20\qj for the fleet will be allocated to particular Vessels on a fair and reasonable basis.\cell{ {\trowd\cellx720\cellx10500\trrh742\row}}}{\*\bkmkstart PARA255}{\*\bkmkend PARA255}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB257}{\*\bkmkend MTAB257} \par\pard\plain {\trowd\cellx720\cellx10500\trrh742 {\*\bkmkstart PARA258}{\*\bkmkend PARA258}\pard\plain\intbl\cf1\f51\fs20\b\qj 6.7\cell{\*\bkmkstart PARA259}{\*\bkmkend PARA259}\pard\plain\intbl\cf1\f51\fs20\qj Notwithstanding anything to the contrary in this Agreement, the Sellers shall not tender MV GARONNE for delivery\plain\intbl\cf1\f51\fs20\qj pursuant to the relevant MOA until she has completed the five year Class Special Survey Drydocking and inspection,\plain\intbl\cf1\f51\fs20\qj and such Vessel shall be delivered promptly thereafter.\cell{ {\trowd\cellx720\cellx10500\trrh742\row}}}{\*\bkmkstart PARA260}{\*\bkmkend PARA260}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB262}{\*\bkmkend MTAB262} \par\pard\plain {\trowd\cellx720\cellx10500\trrh248 {\*\bkmkstart PARA263}{\*\bkmkend PARA263}\pard\plain\intbl\cf1\f51\fs20\b\qj 7\cell{\*\bkmkstart PARA264}{\*\bkmkend PARA264}\pard\plain\intbl\cf1\f51\fs20\b\qj General Default Provision\cell{ {\trowd\cellx720\cellx10500\trrh248\row}}}{\*\bkmkstart PARA265}{\*\bkmkend PARA265}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB267}{\*\bkmkend MTAB267} \par\pard\plain {\trowd\cellx720\cellx10500\trrh742 {\*\bkmkstart PARA268}{\*\bkmkend PARA268}\pard\plain\intbl\cf1\f51\fs20\b\qj 7.1\cell{\*\bkmkstart PARA269}{\*\bkmkend PARA269}\pard\plain\intbl\cf1\f51\fs20\qj Without prejudice to any rights that have accrued under this Agreement or the MOAs or any of its rights or\plain\intbl\cf1\f51\fs20\qj remedies, either Party may terminate this Agreement and the MOAs with immediate effect by giving notice to the\plain\intbl\cf1\f51\fs20\qj other Party if:\cell{ {\trowd\cellx720\cellx10500\trrh742\row}}}{\*\bkmkstart PARA270}{\*\bkmkend PARA270}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB272}{\*\bkmkend MTAB272} \par\pard\plain {\trowd\cellx720\cellx10500\trrh495 {\*\bkmkstart PARA273}{\*\bkmkend PARA273}\pard\plain\intbl\cf1\f51\fs20\qj (a)\cell{\*\bkmkstart PARA274}{\*\bkmkend PARA274}\pard\plain\intbl\cf1\f51\fs20\qj a petition is filed, a notice is given, a resolution is passed, or an order is made, for or in connection with the winding\plain\intbl\cf1\f51\fs20\qj up of that other Party; or\cell{ {\trowd\cellx720\cellx10500\trrh495\row}}}{\*\bkmkstart PARA275}{\*\bkmkend PARA275}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB277}{\*\bkmkend MTAB277} \par\pard\plain {\trowd\cellx720\cellx10500\trrh495 {\*\bkmkstart PARA278}{\*\bkmkend PARA278}\pard\plain\intbl\cf1\f51\fs20\qj (b)\cell{\*\bkmkstart PARA279}{\*\bkmkend PARA279}\pard\plain\intbl\cf1\f51\fs20\qj an application is made to court, or an order is made, for the appointment of an administrator, or if a notice of\plain\intbl\cf1\f51\fs20\qj intention to appoint an administrator is given or if an administrator is appointed, over the other Party; or\cell{ {\trowd\cellx720\cellx10500\trrh495\row}}}{\*\bkmkstart PARA280}{\*\bkmkend PARA280}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB282}{\*\bkmkend MTAB282} \par\pard\plain {\trowd\cellx720\cellx10500\trrh248 {\*\bkmkstart PARA283}{\*\bkmkend PARA283}\pard\plain\intbl\cf1\f51\fs20\qj (c)\cell{\*\bkmkstart PARA284}{\*\bkmkend PARA284}\pard\plain\intbl\cf1\f51\fs20\qj a receiver is appointed over the assets of the other Party; or\cell{ {\trowd\cellx720\cellx10500\trrh248\row}}}{\*\bkmkstart PARA285}{\*\bkmkend PARA285}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB287}{\*\bkmkend MTAB287} \par\pard\plain {\trowd\cellx720\cellx10500\trrh248 {\*\bkmkstart PARA288}{\*\bkmkend PARA288}\pard\plain\intbl\cf1\f51\fs20\qj (d)\cell{\*\bkmkstart PARA289}{\*\bkmkend PARA289}\pard\plain\intbl\cf1\f51\fs20\qj the other Party is the subject of a bankruptcy petition or order.\cell{ {\trowd\cellx720\cellx10500\trrh248\row}}}{\*\bkmkstart PARA290}{\*\bkmkend PARA290}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB292}{\*\bkmkend MTAB292} \par\pard\plain {\trowd\cellx720\cellx10500\trrh248 {\*\bkmkstart PARA293}{\*\bkmkend PARA293}\pard\plain\intbl\cf1\f51\fs20\b\qj 7.2\cell{\*\bkmkstart PARA294}{\*\bkmkend PARA294}\pard\plain\intbl\cf1\f51\fs20\qj For the purposes of this Clause 7.1, the Sellers constitute one Party and Buyers constitute the other Party.\cell{ {\trowd\cellx720\cellx10500\trrh248\row}}}{\*\bkmkstart PARA295}{\*\bkmkend PARA295}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB297}{\*\bkmkend MTAB297} \par\pard\plain {\trowd\cellx720\cellx10500\trrh248 {\*\bkmkstart PARA298}{\*\bkmkend PARA298}\pard\plain\intbl\cf1\f51\fs20\b\qj 8\cell{\*\bkmkstart PARA299}{\*\bkmkend PARA299}\pard\plain\intbl\cf1\f51\fs20\b\qj Signing\cell{ {\trowd\cellx720\cellx10500\trrh248\row}}}{\*\bkmkstart PARA300}{\*\bkmkend PARA300}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB302}{\*\bkmkend MTAB302} \par\pard\plain {\trowd\cellx720\cellx10500\trrh248 {\*\bkmkstart PARA303}{\*\bkmkend PARA303}\pard\plain\intbl\cf1\f51\fs20\b\qj 8.1\cell{\*\bkmkstart PARA304}{\*\bkmkend PARA304}\pard\plain\intbl\cf1\f51\fs20\qj Within three (3) working days of the signing of this Agreement, the Sellers shall deliver to the Buyers:\cell{ {\trowd\cellx720\cellx10500\trrh248\row}}}{\*\bkmkstart PARA305}{\*\bkmkend PARA305}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB307}{\*\bkmkend MTAB307} \par\pard\plain {\trowd\cellx720\cellx10500\trrh248 {\*\bkmkstart PARA308}{\*\bkmkend PARA308}\pard\plain\intbl\cf1\f51\fs20\qj (a)\cell{\*\bkmkstart PARA309}{\*\bkmkend PARA309}\pard\plain\intbl\cf1\f51\fs20\qj documentary evidence from relevant corporate bodies of the Sellers authorising the signing of this Agreement.\cell{ {\trowd\cellx720\cellx10500\trrh248\row}}}{\*\bkmkstart PARA310}{\*\bkmkend PARA310}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB312}{\*\bkmkend MTAB312} \par\pard\plain {\trowd\cellx720\cellx10500\trrh248 {\*\bkmkstart PARA313}{\*\bkmkend PARA313}\pard\plain\intbl\cf1\f51\fs20\b\qj 8.2\cell{\*\bkmkstart PARA314}{\*\bkmkend PARA314}\pard\plain\intbl\cf1\f51\fs20\qj Within three (3) working days of the signing of this Agreement, the Buyers shall deliver to the Sellers:\cell{ {\trowd\cellx720\cellx10500\trrh248\row}}}{\*\bkmkstart PARA315}{\*\bkmkend PARA315}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB317}{\*\bkmkend MTAB317} \par\pard\plain {\trowd\cellx720\cellx10500\trrh248 {\*\bkmkstart PARA318}{\*\bkmkend PARA318}\pard\plain\intbl\cf1\f51\fs20\qj (a)\cell{\*\bkmkstart PARA319}{\*\bkmkend PARA319}\pard\plain\intbl\cf1\f51\fs20\qj documentary evidence from relevant corporate bodies of the Buyers authorising the signing of this Agreement.\cell{ {\trowd\cellx720\cellx10500\trrh248\row}}}{\*\bkmkstart PARA320}{\*\bkmkend PARA320}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PGBK980}{\*\bkmkend PGBK980}{\*\bkmkstart PGFTR980}{\*\bkmkend PGFTR980}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PGNUM980}{\*\bkmkend PGNUM980}\par\pard\plain\cf1\f51\fs20\qc 5\par\pard\plain\f0\fs4\par\pard\plain\f0\fs2\brdrt\brdrs\brdrw15\brdrcf2\brdrsp0\par\pard\plain\f0\fs4\par \page{\*\bkmkstart PGHDR980}{\*\bkmkend PGHDR980}\par\pard\plain\cf1\f51\fs20\li225\ql \~{\*\bkmkstart PARA980_2}{\*\bkmkend PARA980_2}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB322}{\*\bkmkend MTAB322} \par\pard\plain {\trowd\cellx720\cellx10500\trrh248 {\*\bkmkstart PARA323}{\*\bkmkend PARA323}\pard\plain\intbl\cf1\f51\fs20\b\qj 9\cell{\*\bkmkstart PARA324}{\*\bkmkend PARA324}\pard\plain\intbl\cf1\f51\fs20\b\qj Conditions relating to the six fleet\cell{ {\trowd\cellx720\cellx10500\trrh248\row}}}{\*\bkmkstart PARA325}{\*\bkmkend PARA325}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB327}{\*\bkmkend MTAB327} \par\pard\plain {\trowd\cellx720\cellx10500\trrh495 {\*\bkmkstart PARA328}{\*\bkmkend PARA328}\pard\plain\intbl\cf1\f51\fs20\b\qj 9.1\cell{\*\bkmkstart PARA329}{\*\bkmkend PARA329}\pard\plain\intbl\cf1\f51\fs20\qj The Buyers' obligation to consummate the transactions contemplated by this Agreement in relation to each Vessel in\plain\intbl\cf1\f51\fs20\qj the Six Fleet is subject to:\cell{ {\trowd\cellx720\cellx10500\trrh495\row}}}{\*\bkmkstart PARA330}{\*\bkmkend PARA330}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart TBL331}{\*\bkmkend TBL331} \par\pard\plain {\trowd\cellx720\cellx10500\trrh248 {\*\bkmkstart PARA1118}{\*\bkmkend PARA1118}\pard\plain\intbl\cf1\f51\fs20\ql (a)\cell{\*\bkmkstart PARA1119}{\*\bkmkend PARA1119}\pard\plain\intbl\cf1\f51\fs20\i\ql Condition of Uninspected Vessels and Spares.\cell{ {\trowd\cellx720\cellx10500\trrh248\row}}}{\*\bkmkstart PARA332}{\*\bkmkend PARA332}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA333}{\*\bkmkend PARA333}\par\pard\plain\li792\cf1\f51\fs20\qj The Sellers having provided to the Buyers in relation to each of the three (3) Six Fleet Vessels in respect of which a\plain\li792\cf1\f51\fs20\qj physical inspection has been waived pursuant to the respective MOA, a letter of warranty in the form set out in\plain\li792\cf1\f51\fs20\qj Appendix 4 that each such Vessel has been maintained in accordance with the same maintenance policy as the\plain\li792\cf1\f51\fs20\qj Vessels in the Six Fleet which have been inspected by the Buyers.{\*\bkmkstart PARA334}{\*\bkmkend PARA334}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB336}{\*\bkmkend MTAB336} \par\pard\plain {\trowd\cellx720\cellx10500\trrh1732 {\*\bkmkstart PARA337}{\*\bkmkend PARA337}\pard\plain\intbl\cf1\f51\fs20\b\qj 9.2\cell{\*\bkmkstart PARA338}{\*\bkmkend PARA338}\pard\plain\intbl\cf1\f51\fs20\qj Upon signature of this Agreement and fulfilment of the conditions in Clauses 9.1(a), the obligations on the Sellers to\plain\intbl\cf1\f51\fs20\qj procure the sale of and the obligations of the Buyers to purchase the Six Fleet Vessels are absolute and unconditional\plain\intbl\cf1\f51\fs20\qj save as described in the relevant MOAs, PROVIDED ALWAYS that the MOAs in respect of the Six Fleet Vessels\plain\intbl\cf1\f51\fs20\qj shall not become final and binding until after the passing of the requisite resolutions at the Extraordinary General\plain\intbl\cf1\f51\fs20\qj Meeting of the Unitholders of the Sellers due to be held on 13 March 2017. The Deposits in respect of the Six Fleet\plain\intbl\cf1\f51\fs20\qj Vessels shall be paid within three (3) Banking Days of the satisfaction of the conditions in Clauses 9.1(a) above\plain\intbl\cf1\f51\fs20\qj (subject to the other conditions contained in the MOAs).\cell{ {\trowd\cellx720\cellx10500\trrh1732\row}}}{\*\bkmkstart PARA339}{\*\bkmkend PARA339}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB341}{\*\bkmkend MTAB341} \par\pard\plain {\trowd\cellx720\cellx10500\trrh1980 {\*\bkmkstart PARA342}{\*\bkmkend PARA342}\pard\plain\intbl\cf1\f51\fs20\b\qj 9.3\cell{\*\bkmkstart PARA343}{\*\bkmkend PARA343}\pard\plain\intbl\cf1\f51\fs20\qj The Sellers warrant that they have obtained irrevocable and unconditional undertakings in favour of the Sellers from\plain\intbl\cf1\f51\fs20\qj the requisite majority of Unitholders to vote in favour of the Resolutions at the Extraordinary General meeting\plain\intbl\cf1\f51\fs20\qj arranged for 13\plain\intbl\cf1\f51\fs18\qj\super th\plain\intbl\cf1\f51\fs20\qj March 2017 approving the proposed sale of the Six Fleet and authorising the Sellers to exercise all\plain\intbl\cf1\f51\fs20\qj powers to give effect to the same. The Sellers further warrant to and undertake with the Buyers that they will use all\plain\intbl\cf1\f51\fs20\qj reasonable endeavours to procure that the respective Unitholders comply with the said undertakings in order to\plain\intbl\cf1\f51\fs20\qj enable the sale of the Six Fleet to the Buyers to proceed as contemplated in this Agreement and the MOAs. The\plain\intbl\cf1\f51\fs20\qj Sellers further warrant that they shall use all reasonable endeavours to ensure that no delay or other impediment\plain\intbl\cf1\f51\fs20\qj arises which could prevent the said Extraordinary General Meeting taking place as contemplated in this Agreement.\cell{ {\trowd\cellx720\cellx10500\trrh1980\row}}}{\*\bkmkstart PARA344}{\*\bkmkend PARA344}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB346}{\*\bkmkend MTAB346} \par\pard\plain {\trowd\cellx720\cellx10500\trrh248 {\*\bkmkstart PARA347}{\*\bkmkend PARA347}\pard\plain\intbl\cf1\f51\fs20\b\qj 10\cell{\*\bkmkstart PARA348}{\*\bkmkend PARA348}\pard\plain\intbl\cf1\f51\fs20\b\qj conditions relating to the THree fleet\cell{ {\trowd\cellx720\cellx10500\trrh248\row}}}{\*\bkmkstart PARA349}{\*\bkmkend PARA349}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB351}{\*\bkmkend MTAB351} \par\pard\plain {\trowd\cellx720\cellx10500\trrh495 {\*\bkmkstart PARA352}{\*\bkmkend PARA352}\pard\plain\intbl\cf1\f51\fs20\b\qj 10.1\cell{\*\bkmkstart PARA353}{\*\bkmkend PARA353}\pard\plain\intbl\cf1\f51\fs20\qj The Buyers' obligation to consummate the transactions contemplated by this Agreement in relation to each Vessel in\plain\intbl\cf1\f51\fs20\qj the Three Fleet is subject to:\cell{ {\trowd\cellx720\cellx10500\trrh495\row}}}{\*\bkmkstart PARA354}{\*\bkmkend PARA354}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart TBL355}{\*\bkmkend TBL355} \par\pard\plain {\trowd\cellx720\cellx10500\trrh248 {\*\bkmkstart PARA1120}{\*\bkmkend PARA1120}\pard\plain\intbl\cf1\f51\fs20\ql (a)\cell{\*\bkmkstart PARA1121}{\*\bkmkend PARA1121}\pard\plain\intbl\cf1\f51\fs20\i\ql Condition of Uninspected Vessels and Spares\cell{ {\trowd\cellx720\cellx10500\trrh248\row}}}{\*\bkmkstart PARA356}{\*\bkmkend PARA356}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA357}{\*\bkmkend PARA357}\par\pard\plain\li792\cf1\f51\fs20\qj The Sellers having provided to the Buyers in relation to the two Three Fleet Vessels in respect of which a physical\plain\li792\cf1\f51\fs20\qj inspection has been waived pursuant to the respective MOA, a letter of warranty in the form set out in Appendix 4\plain\li792\cf1\f51\fs20\qj that each such Vessel has been maintained in accordance with the same maintenance policy as the Vessels in the\plain\li792\cf1\f51\fs20\qj Three Fleet which have been inspected by the Buyers.{\*\bkmkstart PARA358}{\*\bkmkend PARA358}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB360}{\*\bkmkend MTAB360} \par\pard\plain {\trowd\cellx720\cellx10500\trrh1238 {\*\bkmkstart PARA361}{\*\bkmkend PARA361}\pard\plain\intbl\cf1\f51\fs20\b\qj 10.2\cell{\*\bkmkstart PARA362}{\*\bkmkend PARA362}\pard\plain\intbl\cf1\f51\fs20\qj The Sellers' obligation to consummate the transactions contemplated by this Agreement in relation to the Three Fleet\plain\intbl\cf1\f51\fs20\qj is subject to the Sellers confirming in writing that they have obtained the approval of the requisite majority (in\plain\intbl\cf1\f51\fs20\qj accordance with the constitutional documents of the Sellers and applicable law) of the Unit Holders/Shareholders of\plain\intbl\cf1\f51\fs20\qj the Sellers of the sale of the Three Fleet Vessels pursuant to this Agreement and the MOAs to be declared by the\plain\intbl\cf1\f51\fs20\qj Sellers not later than midnight NYC time on 31 March 2017.\cell{ {\trowd\cellx720\cellx10500\trrh1238\row}}}{\*\bkmkstart PARA363}{\*\bkmkend PARA363}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PGBK982}{\*\bkmkend PGBK982}{\*\bkmkstart PGFTR982}{\*\bkmkend PGFTR982}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PGNUM982}{\*\bkmkend PGNUM982}\par\pard\plain\cf1\f51\fs20\qc 6\par\pard\plain\f0\fs4\par\pard\plain\f0\fs2\brdrt\brdrs\brdrw15\brdrcf2\brdrsp0\par\pard\plain\f0\fs4\par \page{\*\bkmkstart PGHDR982}{\*\bkmkend PGHDR982}\par\pard\plain\cf1\f51\fs20\li225\ql \~{\*\bkmkstart PARA982_2}{\*\bkmkend PARA982_2}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB365}{\*\bkmkend MTAB365} \par\pard\plain {\trowd\cellx720\cellx10500\trrh1485 {\*\bkmkstart PARA366}{\*\bkmkend PARA366}\pard\plain\intbl\cf1\f51\fs20\b\qj 10.3\cell{\*\bkmkstart PARA367}{\*\bkmkend PARA367}\pard\plain\intbl\cf1\f51\fs20\qj If the Effective Date in relation to the Three Fleet does not occur on or prior to 31 March 2017, then the obligation\plain\intbl\cf1\f51\fs20\qj of the Parties under this Agreement and the respective MOAs with respect to the sale and purchase of the Three\plain\intbl\cf1\f51\fs20\qj Fleet shall (unless otherwise agreed between the Parties) be automatically terminated, and neither the Sellers nor their\plain\intbl\cf1\f51\fs20\qj wholly-owned subsidiaries shall have any liability to the Buyers in respect of the Three Fleet. For avoidance of\plain\intbl\cf1\f51\fs20\qj doubt, no Deposits on the Three Fleet Vessels are due to be paid until three days after the Effective Date (and\plain\intbl\cf1\f51\fs20\qj completion of the other conditions set out in the MOAS).\cell{ {\trowd\cellx720\cellx10500\trrh1485\row}}}{\*\bkmkstart PARA368}{\*\bkmkend PARA368}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~\~{\*\bkmkstart MTAB370}{\*\bkmkend MTAB370} \par\pard\plain {\trowd\cellx720\cellx10500\trrh248 {\*\bkmkstart PARA371}{\*\bkmkend PARA371}\pard\plain\intbl\cf1\f51\fs20\b\qj 11\cell{\*\bkmkstart PARA372}{\*\bkmkend PARA372}\pard\plain\intbl\cf1\f51\fs20\b\qj Governmental Approvals\cell{ {\trowd\cellx720\cellx10500\trrh248\row}}}{\*\bkmkstart PARA373}{\*\bkmkend PARA373}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB375}{\*\bkmkend MTAB375} \par\pard\plain {\trowd\cellx720\cellx10500\trrh2228 {\*\bkmkstart PARA376}{\*\bkmkend PARA376}\pard\plain\intbl\cf1\f51\fs20\b\qj 11.1\cell{\*\bkmkstart PARA377}{\*\bkmkend PARA377}\pard\plain\intbl\cf1\f51\fs20\qj Should any notices, submissions or filings with, or any consents, approvals or authorizations from any court or\plain\intbl\cf1\f51\fs20\qj governmental or regulatory entity in any jurisdiction be required, Buyers are solely responsible for making such\plain\intbl\cf1\f51\fs20\qj notices, submissions or filings required to be made by Buyers and/or by Buyers and Sellers jointly. Should any such\plain\intbl\cf1\f51\fs20\qj notices, submissions or filings be required to be made separately by Sellers, Sellers are solely responsible for making\plain\intbl\cf1\f51\fs20\qj such notices, submissions or filings. In all events Buyers are required to take any and all steps necessary for\plain\intbl\cf1\f51\fs20\qj obtaining any consents, approvals or authorizations required in any jurisdiction to consummate the transactions under\plain\intbl\cf1\f51\fs20\qj this Agreement and the MOAs in accordance with the agreed delivery dates. Buyers and Sellers shall cooperate in\plain\intbl\cf1\f51\fs20\qj this respect and shall give each other time to comment on any submissions, filings, etc. and take each other's\plain\intbl\cf1\f51\fs20\qj comments into account.\cell{ {\trowd\cellx720\cellx10500\trrh2228\row}}}{\*\bkmkstart PARA378}{\*\bkmkend PARA378}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB380}{\*\bkmkend MTAB380} \par\pard\plain {\trowd\cellx720\cellx10500\trrh742 {\*\bkmkstart PARA381}{\*\bkmkend PARA381}\pard\plain\intbl\cf1\f51\fs20\b\qj 11.2\cell{\*\bkmkstart PARA382}{\*\bkmkend PARA382}\pard\plain\intbl\cf1\f51\fs20\qj If Buyers are not able to consume the transactions set forth herein due to lack of required consents, approvals or\plain\intbl\cf1\f51\fs20\qj authorizations this Agreement and the relevant MOAs shall be terminated by mutual consent and any Deposits paid\plain\intbl\cf1\f51\fs20\qj shall be promptly refunded to by the Buyers.\cell{ {\trowd\cellx720\cellx10500\trrh742\row}}}{\*\bkmkstart PARA383}{\*\bkmkend PARA383}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB385}{\*\bkmkend MTAB385} \par\pard\plain {\trowd\cellx720\cellx10500\trrh248 {\*\bkmkstart PARA386}{\*\bkmkend PARA386}\pard\plain\intbl\cf1\f51\fs20\b\qj 12\cell{\*\bkmkstart PARA387}{\*\bkmkend PARA387}\pard\plain\intbl\cf1\f51\fs20\b\qj Assignment\cell{ {\trowd\cellx720\cellx10500\trrh248\row}}}{\*\bkmkstart PARA388}{\*\bkmkend PARA388}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB390}{\*\bkmkend MTAB390} \par\pard\plain {\trowd\cellx720\cellx10500\trrh742 {\*\bkmkstart PARA391}{\*\bkmkend PARA391}\pard\plain\intbl\cf1\f51\fs20\b\qj 12.1\cell{\*\bkmkstart PARA392}{\*\bkmkend PARA392}\pard\plain\intbl\cf1\f51\fs20\qj Except for accession of an Acceding Buyer under Clause 4, neither Party shall assign, novate, transfer, mortgage,\plain\intbl\cf1\f51\fs20\qj charge, subcontract or deal in any other manner with any of its rights and obligations under this Agreement or the\plain\intbl\cf1\f51\fs20\qj MOAs without the prior written consent of the other Party.\cell{ {\trowd\cellx720\cellx10500\trrh742\row}}}{\*\bkmkstart PARA393}{\*\bkmkend PARA393}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB395}{\*\bkmkend MTAB395} \par\pard\plain {\trowd\cellx720\cellx10500\trrh248 {\*\bkmkstart PARA396}{\*\bkmkend PARA396}\pard\plain\intbl\cf1\f51\fs20\b\qj 13\cell{\*\bkmkstart PARA397}{\*\bkmkend PARA397}\pard\plain\intbl\cf1\f51\fs20\b\qj Confidentiality\cell{ {\trowd\cellx720\cellx10500\trrh248\row}}}{\*\bkmkstart PARA398}{\*\bkmkend PARA398}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB400}{\*\bkmkend MTAB400} \par\pard\plain {\trowd\cellx720\cellx10500\trrh1732 {\*\bkmkstart PARA401}{\*\bkmkend PARA401}\pard\plain\intbl\cf1\f51\fs20\b\qj 13.1\cell{\*\bkmkstart PARA402}{\*\bkmkend PARA402}\pard\plain\intbl\cf1\f51\fs20\qj Each Party undertakes that it shall not at any time during this Agreement, disclose the commercial terms of this\plain\intbl\cf1\f51\fs20\qj Agreement and the MOAs or any information which should reasonably be considered to be private or confidential\plain\intbl\cf1\f51\fs20\qj concerning the business (including, without limitation, any customer or suppliers) of the other Party to any person\plain\intbl\cf1\f51\fs20\qj which is not (i) an employee, (ii) professional advisor, (iii) representative or (iv) director or officer of such Party and\plain\intbl\cf1\f51\fs20\qj any agents or affiliates of such Party (on a need to know basis) (v) potential financing parties (and then only on a\plain\intbl\cf1\f51\fs20\qj need to know basis) or except as may be required by law, court order or any governmental or regulatory authority or\plain\intbl\cf1\f51\fs20\qj (vi) shareholder/unitholder.\cell{ {\trowd\cellx720\cellx10500\trrh1732\row}}}{\*\bkmkstart PARA403}{\*\bkmkend PARA403}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB405}{\*\bkmkend MTAB405} \par\pard\plain {\trowd\cellx720\cellx10500\trrh990 {\*\bkmkstart PARA406}{\*\bkmkend PARA406}\pard\plain\intbl\cf1\f51\fs20\b\qj 13.2\cell{\*\bkmkstart PARA407}{\*\bkmkend PARA407}\pard\plain\intbl\cf1\f51\fs20\qj No Party shall make, or permit any person to make, any public announcement, communication or circular\plain\intbl\cf1\f51\fs20\qj (announcement) concerning this Agreement without the prior written consent of the other Party (such consent not to\plain\intbl\cf1\f51\fs20\qj be unreasonably withheld or delayed). The parties shall consult together on the timing, contents and manner of\plain\intbl\cf1\f51\fs20\qj release of any announcement.\cell{ {\trowd\cellx720\cellx10500\trrh990\row}}}{\*\bkmkstart PARA408}{\*\bkmkend PARA408}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB410}{\*\bkmkend MTAB410} \par\pard\plain {\trowd\cellx720\cellx10500\trrh742 {\*\bkmkstart PARA411}{\*\bkmkend PARA411}\pard\plain\intbl\cf1\f51\fs20\b\qj 13.3\cell{\*\bkmkstart PARA412}{\*\bkmkend PARA412}\pard\plain\intbl\cf1\f51\fs20\qj Where an announcement is required by law or any governmental or regulatory authority (including, without\plain\intbl\cf1\f51\fs20\qj limitation, any relevant securities exchange), or by any court or other authority of competent jurisdiction, the Party\plain\intbl\cf1\f51\fs20\qj required to make the announcement shall promptly notify the other Party.\cell{ {\trowd\cellx720\cellx10500\trrh742\row}}}{\*\bkmkstart PARA413}{\*\bkmkend PARA413}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB415}{\*\bkmkend MTAB415} \par\pard\plain {\trowd\cellx720\cellx10500\trrh248 {\*\bkmkstart PARA416}{\*\bkmkend PARA416}\pard\plain\intbl\cf1\f51\fs20\b\qj 13.4\cell{\*\bkmkstart PARA417}{\*\bkmkend PARA417}\pard\plain\intbl\cf1\f51\fs20\qj This Clause 13 shall apply whether or not the Effective Date occurs.\cell{ {\trowd\cellx720\cellx10500\trrh248\row}}}{\*\bkmkstart PARA418}{\*\bkmkend PARA418}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB420}{\*\bkmkend MTAB420} \par\pard\plain {\trowd\cellx720\cellx10500\trrh742 {\*\bkmkstart PARA421}{\*\bkmkend PARA421}\pard\plain\intbl\cf1\f51\fs20\b\qj 13.5\cell{\*\bkmkstart PARA422}{\*\bkmkend PARA422}\pard\plain\intbl\cf1\f51\fs20\qj After the Effective Date and following the payment of the Deposits, the Parties may issue a press release/stock\plain\intbl\cf1\f51\fs20\qj exchange announcement provided that the parties shall make reasonable efforts to agree promptly the wording of\plain\intbl\cf1\f51\fs20\qj such press release/stock exchange announcements.\cell{ {\trowd\cellx720\cellx10500\trrh742\row}}}{\*\bkmkstart PARA423}{\*\bkmkend PARA423}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PGBK983}{\*\bkmkend PGBK983}{\*\bkmkstart PGFTR983}{\*\bkmkend PGFTR983}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PGNUM983}{\*\bkmkend PGNUM983}\par\pard\plain\cf1\f51\fs20\qc 7\par\pard\plain\f0\fs4\par\pard\plain\f0\fs2\brdrt\brdrs\brdrw15\brdrcf2\brdrsp0\par\pard\plain\f0\fs4\par \page{\*\bkmkstart PGHDR983}{\*\bkmkend PGHDR983}\par\pard\plain\cf1\f51\fs20\li225\ql \~{\*\bkmkstart PARA983_2}{\*\bkmkend PARA983_2}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB425}{\*\bkmkend MTAB425} \par\pard\plain {\trowd\cellx720\cellx10500\trrh248 {\*\bkmkstart PARA426}{\*\bkmkend PARA426}\pard\plain\intbl\cf1\f51\fs20\b\qj 14\cell{\*\bkmkstart PARA427}{\*\bkmkend PARA427}\pard\plain\intbl\cf1\f51\fs20\b\qj Representations and Warranties\cell{ {\trowd\cellx720\cellx10500\trrh248\row}}}{\*\bkmkstart PARA428}{\*\bkmkend PARA428}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB430}{\*\bkmkend MTAB430} \par\pard\plain {\trowd\cellx720\cellx10500\trrh248 {\*\bkmkstart PARA431}{\*\bkmkend PARA431}\pard\plain\intbl\cf1\f51\fs20\b\qj 14.1\cell{\*\bkmkstart PARA432}{\*\bkmkend PARA432}\pard\plain\intbl\cf1\f51\fs20\qj Each of the Parties represents and warrants to the other as follows:\cell{ {\trowd\cellx720\cellx10500\trrh248\row}}}{\*\bkmkstart PARA433}{\*\bkmkend PARA433}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB435}{\*\bkmkend MTAB435} \par\pard\plain {\trowd\cellx720\cellx10500\trrh990 {\*\bkmkstart PARA436}{\*\bkmkend PARA436}\pard\plain\intbl\cf1\f51\fs20\qj (a)\cell{\*\bkmkstart PARA437}{\*\bkmkend PARA437}\pard\plain\intbl\cf1\f51\fs20\qj it is a trust, company or limited liability company, as the case may be, duly established and existing under the laws\plain\intbl\cf1\f51\fs20\qj of the place of its incorporation or formation and has full power and authority to carry on its business as now\plain\intbl\cf1\f51\fs20\qj conducted and no authorisations, consents or approvals are required in connection with this Agreement and the\plain\intbl\cf1\f51\fs20\qj MOAs save as set out herein;\cell{ {\trowd\cellx720\cellx10500\trrh990\row}}}{\*\bkmkstart PARA438}{\*\bkmkend PARA438}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB440}{\*\bkmkend MTAB440} \par\pard\plain {\trowd\cellx720\cellx10500\trrh495 {\*\bkmkstart PARA441}{\*\bkmkend PARA441}\pard\plain\intbl\cf1\f51\fs20\qj (b)\cell{\*\bkmkstart PARA442}{\*\bkmkend PARA442}\pard\plain\intbl\cf1\f51\fs20\qj it has full power, authority and legal right to execute, deliver and perform the terms of this Agreement and each of\plain\intbl\cf1\f51\fs20\qj the MOAs;\cell{ {\trowd\cellx720\cellx10500\trrh495\row}}}{\*\bkmkstart PARA443}{\*\bkmkend PARA443}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB445}{\*\bkmkend MTAB445} \par\pard\plain {\trowd\cellx720\cellx10500\trrh495 {\*\bkmkstart PARA446}{\*\bkmkend PARA446}\pard\plain\intbl\cf1\f51\fs20\qj (c)\cell{\*\bkmkstart PARA447}{\*\bkmkend PARA447}\pard\plain\intbl\cf1\f51\fs20\qj this Agreement and each of the MOAs has been duly executed and delivered by it and constitutes its legal, valid and\plain\intbl\cf1\f51\fs20\qj binding obligations (subject to insolvency and other laws affecting creditors' rights generally); and\cell{ {\trowd\cellx720\cellx10500\trrh495\row}}}{\*\bkmkstart PARA448}{\*\bkmkend PARA448}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB450}{\*\bkmkend MTAB450} \par\pard\plain {\trowd\cellx720\cellx10500\trrh495 {\*\bkmkstart PARA451}{\*\bkmkend PARA451}\pard\plain\intbl\cf1\f51\fs20\qj (d)\cell{\*\bkmkstart PARA452}{\*\bkmkend PARA452}\pard\plain\intbl\cf1\f51\fs20\qj it is not aware of any pending actions or proceedings before any court of administrative agency which might\plain\intbl\cf1\f51\fs20\qj materially affect its ability to perform its obligations under this Agreement.\cell{ {\trowd\cellx720\cellx10500\trrh495\row}}}{\*\bkmkstart PARA453}{\*\bkmkend PARA453}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB455}{\*\bkmkend MTAB455} \par\pard\plain {\trowd\cellx720\cellx10500\trrh742 {\*\bkmkstart PARA456}{\*\bkmkend PARA456}\pard\plain\intbl\cf1\f51\fs20\b\qj 14.2\cell{\*\bkmkstart PARA457}{\*\bkmkend PARA457}\pard\plain\intbl\cf1\f51\fs20\qj The representations and warranties in this Clause shall survive execution and delivery of this Agreement and shall be\plain\intbl\cf1\f51\fs20\qj deemed to be repeated by the Buyers at the time of accession of any Acceding Buyer to this Agreement and by both\plain\intbl\cf1\f51\fs20\qj Parties on the date of delivery of each Vessel.\cell{ {\trowd\cellx720\cellx10500\trrh742\row}}}{\*\bkmkstart PARA458}{\*\bkmkend PARA458}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB460}{\*\bkmkend MTAB460} \par\pard\plain {\trowd\cellx720\cellx10500\trrh248 {\*\bkmkstart PARA461}{\*\bkmkend PARA461}\pard\plain\intbl\cf1\f51\fs20\b\qj 15\cell{\*\bkmkstart PARA462}{\*\bkmkend PARA462}\pard\plain\intbl\cf1\f51\fs20\b\qj Interpretation\cell{ {\trowd\cellx720\cellx10500\trrh248\row}}}{\*\bkmkstart PARA463}{\*\bkmkend PARA463}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB465}{\*\bkmkend MTAB465} \par\pard\plain {\trowd\cellx720\cellx10500\trrh742 {\*\bkmkstart PARA466}{\*\bkmkend PARA466}\pard\plain\intbl\cf1\f51\fs20\b\qj 15.1\cell{\*\bkmkstart PARA467}{\*\bkmkend PARA467}\pard\plain\intbl\cf1\f51\fs20\qj This Agreement and the MOAs constitute the entire agreement and understanding between the Parties and supersede\plain\intbl\cf1\f51\fs20\qj and extinguish all previous drafts, agreements, arrangements, discussions, exchanges and understandings between\plain\intbl\cf1\f51\fs20\qj them, whether written or oral, relating to its subject matter.\cell{ {\trowd\cellx720\cellx10500\trrh742\row}}}{\*\bkmkstart PARA468}{\*\bkmkend PARA468}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB470}{\*\bkmkend MTAB470} \par\pard\plain {\trowd\cellx720\cellx10500\trrh742 {\*\bkmkstart PARA471}{\*\bkmkend PARA471}\pard\plain\intbl\cf1\f51\fs20\b\qj 15.2\cell{\*\bkmkstart PARA472}{\*\bkmkend PARA472}\pard\plain\intbl\cf1\f51\fs20\qj Each Party acknowledges that in entering into this Agreement and the MOAs it has not and does not rely on, and\plain\intbl\cf1\f51\fs20\qj shall have no right or remedies in respect of, any statement, representation, assurance or warranty (whether made\plain\intbl\cf1\f51\fs20\qj innocently or negligently) that is not expressly set out in this Agreement or any MOA.\cell{ {\trowd\cellx720\cellx10500\trrh742\row}}}{\*\bkmkstart PARA473}{\*\bkmkend PARA473}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB475}{\*\bkmkend MTAB475} \par\pard\plain {\trowd\cellx720\cellx10500\trrh742 {\*\bkmkstart PARA476}{\*\bkmkend PARA476}\pard\plain\intbl\cf1\f51\fs20\b\qj 15.3\cell{\*\bkmkstart PARA477}{\*\bkmkend PARA477}\pard\plain\intbl\cf1\f51\fs20\qj Any terms implied into this Agreement or the MOAs by any applicable statute or law are hereby excluded to the\plain\intbl\cf1\f51\fs20\qj extent that such exclusion can legally be made. Nothing in this Agreement shall limit or exclude any liability for\plain\intbl\cf1\f51\fs20\qj fraud or for death or personal injury caused by the negligence of a Party to the extent not permitted by law.\cell{ {\trowd\cellx720\cellx10500\trrh742\row}}}{\*\bkmkstart PARA478}{\*\bkmkend PARA478}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB480}{\*\bkmkend MTAB480} \par\pard\plain {\trowd\cellx720\cellx10500\trrh742 {\*\bkmkstart PARA481}{\*\bkmkend PARA481}\pard\plain\intbl\cf1\f51\fs20\b\qj 15.4\cell{\*\bkmkstart PARA482}{\*\bkmkend PARA482}\pard\plain\intbl\cf1\f51\fs20\qj Neither Party shall be liable to the other Party for any Losses whether arising from breach of contract, breach of\plain\intbl\cf1\f51\fs20\qj statutory duty, tort (including negligence) or otherwise howsoever where such Losses constitute indirect, special,\plain\intbl\cf1\f51\fs20\qj punitive or consequential Losses.\cell{ {\trowd\cellx720\cellx10500\trrh742\row}}}{\*\bkmkstart PARA483}{\*\bkmkend PARA483}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB485}{\*\bkmkend MTAB485} \par\pard\plain {\trowd\cellx720\cellx10500\trrh990 {\*\bkmkstart PARA486}{\*\bkmkend PARA486}\pard\plain\intbl\cf1\f51\fs20\qj (a)\cell{\*\bkmkstart PARA487}{\*\bkmkend PARA487}\pard\plain\intbl\cf1\f51\fs20\qj No failure or delay by a Party to exercise any right or remedy provided under this Agreement or any MOA or by\plain\intbl\cf1\f51\fs20\qj law shall constitute a waiver of that or any other right or remedy, nor shall it prevent or restrict the further exercise\plain\intbl\cf1\f51\fs20\qj of that or any other right or remedy. No single or partial exercise of such right or remedy shall prevent or restrict the\plain\intbl\cf1\f51\fs20\qj further exercise of that or any other right or remedy.\cell{ {\trowd\cellx720\cellx10500\trrh990\row}}}{\*\bkmkstart PARA488}{\*\bkmkend PARA488}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB490}{\*\bkmkend MTAB490} \par\pard\plain {\trowd\cellx720\cellx10500\trrh742 {\*\bkmkstart PARA491}{\*\bkmkend PARA491}\pard\plain\intbl\cf1\f51\fs20\qj (b)\cell{\*\bkmkstart PARA492}{\*\bkmkend PARA492}\pard\plain\intbl\cf1\f51\fs20\qj Without prejudice to the rights of any Acceding Buyer under this Agreement and the relevant MOA, no term of this\plain\intbl\cf1\f51\fs20\qj Agreement or any MOA shall be enforceable under the Contracts (Rights of Third Parties) Act 1999 (or otherwise)\plain\intbl\cf1\f51\fs20\qj by a person who is not a Party to this Agreement\cell{ {\trowd\cellx720\cellx10500\trrh742\row}}}{\*\bkmkstart PARA493}{\*\bkmkend PARA493}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PGBK984}{\*\bkmkend PGBK984}{\*\bkmkstart PGFTR984}{\*\bkmkend PGFTR984}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PGNUM984}{\*\bkmkend PGNUM984}\par\pard\plain\cf1\f51\fs20\qc 8\par\pard\plain\f0\fs4\par\pard\plain\f0\fs2\brdrt\brdrs\brdrw15\brdrcf2\brdrsp0\par\pard\plain\f0\fs4\par \page{\*\bkmkstart PGHDR984}{\*\bkmkend PGHDR984}\par\pard\plain\cf1\f51\fs20\li225\ql \~{\*\bkmkstart PARA984_2}{\*\bkmkend PARA984_2}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB495}{\*\bkmkend MTAB495} \par\pard\plain {\trowd\cellx720\cellx10500\trrh990 {\*\bkmkstart PARA496}{\*\bkmkend PARA496}\pard\plain\intbl\cf1\f51\fs20\qj (c)\cell{\*\bkmkstart PARA497}{\*\bkmkend PARA497}\pard\plain\intbl\cf1\f51\fs20\qj Each of the Parties undertakes with the other to use its reasonable endeavours to do and perform such other and\plain\intbl\cf1\f51\fs20\qj further acts and execute and deliver any and all other instruments as may be required by law or reasonably required\plain\intbl\cf1\f51\fs20\qj by the other Party in order to establish, maintain and protect the rights and remedies of the other Party and to carry\plain\intbl\cf1\f51\fs20\qj out and effect the intent and purpose of this Agreement.\cell{ {\trowd\cellx720\cellx10500\trrh990\row}}}{\*\bkmkstart PARA498}{\*\bkmkend PARA498}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB500}{\*\bkmkend MTAB500} \par\pard\plain {\trowd\cellx720\cellx10500\trrh495 {\*\bkmkstart PARA501}{\*\bkmkend PARA501}\pard\plain\intbl\cf1\f51\fs20\qj (d)\cell{\*\bkmkstart PARA502}{\*\bkmkend PARA502}\pard\plain\intbl\cf1\f51\fs20\qj The Parties shall use all reasonable endeavours to satisfy, in a timely manner, their other obligations under this\plain\intbl\cf1\f51\fs20\qj Agreement.\cell{ {\trowd\cellx720\cellx10500\trrh495\row}}}{\*\bkmkstart PARA503}{\*\bkmkend PARA503}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB505}{\*\bkmkend MTAB505} \par\pard\plain {\trowd\cellx720\cellx10500\trrh248 {\*\bkmkstart PARA506}{\*\bkmkend PARA506}\pard\plain\intbl\cf1\f51\fs20\qj (e)\cell{\*\bkmkstart PARA507}{\*\bkmkend PARA507}\pard\plain\intbl\cf1\f51\fs20\qj This Agreement may be executed in counterparts each of which will constitute one and the same document.\cell{ {\trowd\cellx720\cellx10500\trrh248\row}}}{\*\bkmkstart PARA508}{\*\bkmkend PARA508}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB510}{\*\bkmkend MTAB510} \par\pard\plain {\trowd\cellx720\cellx10500\trrh248 {\*\bkmkstart PARA511}{\*\bkmkend PARA511}\pard\plain\intbl\cf1\f51\fs20\b\qj 16\cell{\*\bkmkstart PARA512}{\*\bkmkend PARA512}\pard\plain\intbl\cf1\f51\fs20\b\qj Sanctions\cell{ {\trowd\cellx720\cellx10500\trrh248\row}}}{\*\bkmkstart PARA513}{\*\bkmkend PARA513}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB515}{\*\bkmkend MTAB515} \par\pard\plain {\trowd\cellx720\cellx10500\trrh248 {\*\bkmkstart PARA516}{\*\bkmkend PARA516}\pard\plain\intbl\cf1\f51\fs20\b\qj 16.1\cell{\*\bkmkstart PARA517}{\*\bkmkend PARA517}\pard\plain\intbl\cf1\f51\fs20\qj For the purposes of this Clause 16:\cell{ {\trowd\cellx720\cellx10500\trrh248\row}}}{\*\bkmkstart PARA518}{\*\bkmkend PARA518}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB520}{\*\bkmkend MTAB520} \par\pard\plain {\trowd\cellx720\cellx10500\trrh495 {\*\bkmkstart PARA521}{\*\bkmkend PARA521}\pard\plain\intbl\cf1\f51\fs20\qj (a)\cell{\*\bkmkstart PARA522}{\*\bkmkend PARA522}\pard\plain\intbl\cf1\f51\fs20\qj "\plain\intbl\cf1\f51\fs20\b\qj Sanctions\plain\intbl\cf1\f51\fs20\qj " means any sanction, restriction or prohibition imposed by any State or Supranational or International\plain\intbl\cf1\f51\fs20\qj Governmental Organisation, including but not limited to the UN, the US and the EU;\cell{ {\trowd\cellx720\cellx10500\trrh495\row}}}{\*\bkmkstart PARA523}{\*\bkmkend PARA523}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB525}{\*\bkmkend MTAB525} \par\pard\plain {\trowd\cellx720\cellx10500\trrh742 {\*\bkmkstart PARA526}{\*\bkmkend PARA526}\pard\plain\intbl\cf1\f51\fs20\qj (b)\cell{\*\bkmkstart PARA527}{\*\bkmkend PARA527}\pard\plain\intbl\cf1\f51\fs20\qj "\plain\intbl\cf1\f51\fs20\b\qj Competent Authority\plain\intbl\cf1\f51\fs20\qj " means the competent authorities of any State or Supranational or International\plain\intbl\cf1\f51\fs20\qj Governmental Organisation including but not limited to those of the UN, the US, and the Member States of the EU\plain\intbl\cf1\f51\fs20\qj in respect of Sanctions; and\cell{ {\trowd\cellx720\cellx10500\trrh742\row}}}{\*\bkmkstart PARA528}{\*\bkmkend PARA528}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB530}{\*\bkmkend MTAB530} \par\pard\plain {\trowd\cellx720\cellx10500\trrh248 {\*\bkmkstart PARA531}{\*\bkmkend PARA531}\pard\plain\intbl\cf1\f51\fs20\qj (c)\cell{\*\bkmkstart PARA532}{\*\bkmkend PARA532}\pard\plain\intbl\cf1\f51\fs20\qj "\plain\intbl\cf1\f51\fs20\b\qj Longstop Date\plain\intbl\cf1\f51\fs20\qj " means\~30 April 2017.\cell{ {\trowd\cellx720\cellx10500\trrh248\row}}}{\*\bkmkstart PARA533}{\*\bkmkend PARA533}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB535}{\*\bkmkend MTAB535} \par\pard\plain {\trowd\cellx720\cellx10500\trrh742 {\*\bkmkstart PARA536}{\*\bkmkend PARA536}\pard\plain\intbl\cf1\f51\fs20\b\qj 16.2\cell{\*\bkmkstart PARA537}{\*\bkmkend PARA537}\pard\plain\intbl\cf1\f51\fs20\qj Each Party represents and warrants to the other that it is not in breach of any Sanctions (including but not limited to\plain\intbl\cf1\f51\fs20\qj being made subject to an asset freeze by the EU and/or being placed on the SDN List of the United States Office of\plain\intbl\cf1\f51\fs20\qj Foreign Assets Control).\cell{ {\trowd\cellx720\cellx10500\trrh742\row}}}{\*\bkmkstart PARA538}{\*\bkmkend PARA538}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB540}{\*\bkmkend MTAB540} \par\pard\plain {\trowd\cellx720\cellx10500\trrh742 {\*\bkmkstart PARA541}{\*\bkmkend PARA541}\pard\plain\intbl\cf1\f51\fs20\b\qj 16.3\cell{\*\bkmkstart PARA542}{\*\bkmkend PARA542}\pard\plain\intbl\cf1\f51\fs20\qj The Buyers, for themselves and their affiliates and associates, warrant, represent and undertake to the Sellers that\plain\intbl\cf1\f51\fs20\qj following delivery of each Vessel under this Agreement, such Vessel shall not be disposed of (whether by sale or\plain\intbl\cf1\f51\fs20\qj otherwise) or employed in breach of Sanctions.\cell{ {\trowd\cellx720\cellx10500\trrh742\row}}}{\*\bkmkstart PARA543}{\*\bkmkend PARA543}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB545}{\*\bkmkend MTAB545} \par\pard\plain {\trowd\cellx720\cellx10500\trrh495 {\*\bkmkstart PARA546}{\*\bkmkend PARA546}\pard\plain\intbl\cf1\f51\fs20\b\qj 16.4\cell{\*\bkmkstart PARA547}{\*\bkmkend PARA547}\pard\plain\intbl\cf1\f51\fs20\qj No Party shall be in breach of its obligations or otherwise be liable to the other Party save as provided for in this\plain\intbl\cf1\f51\fs20\qj Clause 16 if: \~\cell{ {\trowd\cellx720\cellx10500\trrh495\row}}}{\*\bkmkstart PARA548}{\*\bkmkend PARA548}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB550}{\*\bkmkend MTAB550} \par\pard\plain {\trowd\cellx720\cellx10500\trrh495 {\*\bkmkstart PARA551}{\*\bkmkend PARA551}\pard\plain\intbl\cf1\f51\fs20\qj (a)\cell{\*\bkmkstart PARA552}{\*\bkmkend PARA552}\pard\plain\intbl\cf1\f51\fs20\qj the latter Party is or becomes subject to Sanctions (including but not limited to being made subject to an asset freeze\plain\intbl\cf1\f51\fs20\qj by the EU and/or being placed on the SDN List of the United States Office of Foreign Assets Control); and/or\cell{ {\trowd\cellx720\cellx10500\trrh495\row}}}{\*\bkmkstart PARA553}{\*\bkmkend PARA553}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB555}{\*\bkmkend MTAB555} \par\pard\plain {\trowd\cellx720\cellx10500\trrh495 {\*\bkmkstart PARA556}{\*\bkmkend PARA556}\pard\plain\intbl\cf1\f51\fs20\qj (b)\cell{\*\bkmkstart PARA557}{\*\bkmkend PARA557}\pard\plain\intbl\cf1\f51\fs20\qj proceeding with the transaction (or any part thereof) contemplated by this Agreement would place the former Party\plain\intbl\cf1\f51\fs20\qj in breach of Sanctions.\cell{ {\trowd\cellx720\cellx10500\trrh495\row}}}{\*\bkmkstart PARA558}{\*\bkmkend PARA558}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB560}{\*\bkmkend MTAB560} \par\pard\plain {\trowd\cellx720\cellx10500\trrh1485 {\*\bkmkstart PARA561}{\*\bkmkend PARA561}\pard\plain\intbl\cf1\f51\fs20\b\qj 16.5\cell{\*\bkmkstart PARA562}{\*\bkmkend PARA562}\pard\plain\intbl\cf1\f51\fs20\qj If, in the reasonable opinion of the Sellers, a circumstance as more particularly described in Clause 16.4 may have\plain\intbl\cf1\f51\fs20\qj occurred and be continuing, the Sellers may suspend performance of any obligation of the Sellers under this\plain\intbl\cf1\f51\fs20\qj Agreement (including, without limitation, tender of the Vessel for delivery), for a reasonable period (which period,\plain\intbl\cf1\f51\fs20\qj shall include, but not be limited to, such time as may be reasonably be required to obtain a determination from any\plain\intbl\cf1\f51\fs20\qj relevant Competent Authority (the Buyers shall provide all reasonable assistance to the Sellers for the purpose of\plain\intbl\cf1\f51\fs20\qj obtaining such determination) as more particularly described in Clause 16.1(a)). \~\cell{ {\trowd\cellx720\cellx10500\trrh1485\row}}}{\*\bkmkstart PARA563}{\*\bkmkend PARA563}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB565}{\*\bkmkend MTAB565} \par\pard\plain {\trowd\cellx720\cellx10500\trrh495 {\*\bkmkstart PARA566}{\*\bkmkend PARA566}\pard\plain\intbl\cf1\f51\fs20\b\qj 16.6\cell{\*\bkmkstart PARA567}{\*\bkmkend PARA567}\pard\plain\intbl\cf1\f51\fs20\qj Notwithstanding anything to the contrary in this Clause 16, if, pursuant to Clause 16.5, the Sellers suspend\plain\intbl\cf1\f51\fs20\qj performance of any of their respective obligations under this Agreement:\cell{ {\trowd\cellx720\cellx10500\trrh495\row}}}{\*\bkmkstart PARA568}{\*\bkmkend PARA568}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB570}{\*\bkmkend MTAB570} \par\pard\plain {\trowd\cellx720\cellx10500\trrh742 {\*\bkmkstart PARA571}{\*\bkmkend PARA571}\pard\plain\intbl\cf1\f51\fs20\qj (a)\cell{\*\bkmkstart PARA572}{\*\bkmkend PARA572}\pard\plain\intbl\cf1\f51\fs20\qj the Cancelling Date (specified in the respective MOAs) shall be extended by a time equal to the duration of such\plain\intbl\cf1\f51\fs20\qj suspension and the Buyers shall have no claim for any damages under this Agreement or the respective MOA for\plain\intbl\cf1\f51\fs20\qj Notice of Readiness not being given to the Buyers within the original Cancelling Date; and\cell{ {\trowd\cellx720\cellx10500\trrh742\row}}}{\*\bkmkstart PARA573}{\*\bkmkend PARA573}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PGBK985}{\*\bkmkend PGBK985}{\*\bkmkstart PGFTR985}{\*\bkmkend PGFTR985}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PGNUM985}{\*\bkmkend PGNUM985}\par\pard\plain\cf1\f51\fs20\qc 9\par\pard\plain\f0\fs4\par\pard\plain\f0\fs2\brdrt\brdrs\brdrw15\brdrcf2\brdrsp0\par\pard\plain\f0\fs4\par \page{\*\bkmkstart PGHDR985}{\*\bkmkend PGHDR985}\par\pard\plain\cf1\f51\fs20\li225\ql \~{\*\bkmkstart PARA985_2}{\*\bkmkend PARA985_2}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB575}{\*\bkmkend MTAB575} \par\pard\plain {\trowd\cellx720\cellx10500\trrh742 {\*\bkmkstart PARA576}{\*\bkmkend PARA576}\pard\plain\intbl\cf1\f51\fs20\qj (b)\cell{\*\bkmkstart PARA577}{\*\bkmkend PARA577}\pard\plain\intbl\cf1\f51\fs20\qj if such suspension is in place of continuing on and/or after the Longstop Date, the Sellers shall be under no\plain\intbl\cf1\f51\fs20\qj obligation to perform any obligation of the Sellers under this Agreement (including, without limitation, tender the\plain\intbl\cf1\f51\fs20\qj Vessel for delivery) and may elect to cancel this Agreement. \~\cell{ {\trowd\cellx720\cellx10500\trrh742\row}}}{\*\bkmkstart PARA578}{\*\bkmkend PARA578}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB580}{\*\bkmkend MTAB580} \par\pard\plain {\trowd\cellx720\cellx10500\trrh1238 {\*\bkmkstart PARA581}{\*\bkmkend PARA581}\pard\plain\intbl\cf1\f51\fs20\b\qj 16.7\cell{\*\bkmkstart PARA582}{\*\bkmkend PARA582}\pard\plain\intbl\cf1\f51\fs20\qj If the Sellers cancel this Agreement pursuant to this Clause 16, the Deposit (together with any interest accrued) shall\plain\intbl\cf1\f51\fs20\qj be released to the Buyers immediately (unless such release is prohibited by any Sanctions, in which event the\plain\intbl\cf1\f51\fs20\qj Deposit shall be released to the Buyers promptly following such release being permitted under all Sanctions)\plain\intbl\cf1\f51\fs20\qj whereupon the respective MOA shall become null and void and neither Party shall have any liability whatsoever to\plain\intbl\cf1\f51\fs20\qj the other thereunder.\cell{ {\trowd\cellx720\cellx10500\trrh1238\row}}}{\*\bkmkstart PARA583}{\*\bkmkend PARA583}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB585}{\*\bkmkend MTAB585} \par\pard\plain {\trowd\cellx720\cellx10500\trrh495 {\*\bkmkstart PARA586}{\*\bkmkend PARA586}\pard\plain\intbl\cf1\f51\fs20\b\qj 16.8\cell{\*\bkmkstart PARA587}{\*\bkmkend PARA587}\pard\plain\intbl\cf1\f51\fs20\qj The Sellers warrant that to the best of their knowledge no Vessel is sanctioned by any nation or international\plain\intbl\cf1\f51\fs20\qj organisation or subject to boycott by the ITF.\cell{ {\trowd\cellx720\cellx10500\trrh495\row}}}{\*\bkmkstart PARA588}{\*\bkmkend PARA588}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB590}{\*\bkmkend MTAB590} \par\pard\plain {\trowd\cellx720\cellx10500\trrh248 {\*\bkmkstart PARA591}{\*\bkmkend PARA591}\pard\plain\intbl\cf1\f51\fs20\b\qj 17\cell{\*\bkmkstart PARA592}{\*\bkmkend PARA592}\pard\plain\intbl\cf1\f51\fs20\b\qj Costs and Expenses\cell{ {\trowd\cellx720\cellx10500\trrh248\row}}}{\*\bkmkstart PARA593}{\*\bkmkend PARA593}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB595}{\*\bkmkend MTAB595} \par\pard\plain {\trowd\cellx720\cellx10500\trrh495 {\*\bkmkstart PARA596}{\*\bkmkend PARA596}\pard\plain\intbl\cf1\f51\fs20\b\qj 17.1\cell{\*\bkmkstart PARA597}{\*\bkmkend PARA597}\pard\plain\intbl\cf1\f51\fs20\qj Whether or not the Effective Date occurs, each of the Parties shall bear their own costs and expenses including (i)\plain\intbl\cf1\f51\fs20\qj fees with respect to their external advisors, including auditors and lawyers and (ii) public charges of any nature.\cell{ {\trowd\cellx720\cellx10500\trrh495\row}}}{\*\bkmkstart PARA598}{\*\bkmkend PARA598}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB600}{\*\bkmkend MTAB600} \par\pard\plain {\trowd\cellx720\cellx10500\trrh248 {\*\bkmkstart PARA601}{\*\bkmkend PARA601}\pard\plain\intbl\cf1\f51\fs20\b\qj 18\cell{\*\bkmkstart PARA602}{\*\bkmkend PARA602}\pard\plain\intbl\cf1\f51\fs20\b\qj Conflict Between Provisions\cell{ {\trowd\cellx720\cellx10500\trrh248\row}}}{\*\bkmkstart PARA603}{\*\bkmkend PARA603}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB605}{\*\bkmkend MTAB605} \par\pard\plain {\trowd\cellx720\cellx10500\trrh990 {\*\bkmkstart PARA606}{\*\bkmkend PARA606}\pard\plain\intbl\cf1\f51\fs20\b\qj 18.1\cell{\*\bkmkstart PARA607}{\*\bkmkend PARA607}\pard\plain\intbl\cf1\f51\fs20\qj The Appendices attached to the Agreement shall form an integrated part hereof. In case of any ambiguity or conflict\plain\intbl\cf1\f51\fs20\qj between the provisions of this Agreement (excluding the ambiguous or conflicting Appendix) and the provisions of\plain\intbl\cf1\f51\fs20\qj any Appendix (including, without limitation, any MOA), the terms of this Agreement (excluding the ambiguous or\plain\intbl\cf1\f51\fs20\qj conflicting Appendix) shall prevail.\cell{ {\trowd\cellx720\cellx10500\trrh990\row}}}{\*\bkmkstart PARA608}{\*\bkmkend PARA608}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB610}{\*\bkmkend MTAB610} \par\pard\plain {\trowd\cellx720\cellx10500\trrh248 {\*\bkmkstart PARA611}{\*\bkmkend PARA611}\pard\plain\intbl\cf1\f51\fs20\b\qj 19\cell{\*\bkmkstart PARA612}{\*\bkmkend PARA612}\pard\plain\intbl\cf1\f51\fs20\b\qj Notices\cell{ {\trowd\cellx720\cellx10500\trrh248\row}}}{\*\bkmkstart PARA613}{\*\bkmkend PARA613}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB615}{\*\bkmkend MTAB615} \par\pard\plain {\trowd\cellx720\cellx10500\trrh495 {\*\bkmkstart PARA616}{\*\bkmkend PARA616}\pard\plain\intbl\cf1\f51\fs20\b\qj 19.1\cell{\*\bkmkstart PARA617}{\*\bkmkend PARA617}\pard\plain\intbl\cf1\f51\fs20\qj Any communication to be made under or in connection with this Agreement shall be made in writing and, unless\plain\intbl\cf1\f51\fs20\qj otherwise stated, may be made by letter (by courier/hand delivery) or E-mail as follows:\cell{ {\trowd\cellx720\cellx10500\trrh495\row}}}{\*\bkmkstart PARA618}{\*\bkmkend PARA618}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA619}{\*\bkmkend PARA619}\par\pard\plain\fi792\cf1\f51\fs20\qj If to the Sellers:{\*\bkmkstart PARA620}{\*\bkmkend PARA620}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA621}{\*\bkmkend PARA621}\par\pard\plain\li792\cf1\f51\fs20\qj For the attention of: Philippe Rochet{\*\bkmkstart PARA622}{\*\bkmkend PARA622}\par\pard\plain\li792\cf1\f51\fs20\qj Email: pro@jaccar.net{\*\bkmkstart PARA623}{\*\bkmkend PARA623}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA624}{\*\bkmkend PARA624}\par\pard\plain\li792\cf1\f51\fs20\qj \~{\*\bkmkstart PARA625}{\*\bkmkend PARA625}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA626}{\*\bkmkend PARA626}\par\pard\plain\li792\cf1\f51\fs20\qj \~{\*\bkmkstart PARA627}{\*\bkmkend PARA627}\par\pard\plain\li792\cf1\f51\fs20\qj \~{\*\bkmkstart PARA628}{\*\bkmkend PARA628}\par\pard\plain\li792\cf1\f51\fs20\qj \~{\*\bkmkstart PARA629}{\*\bkmkend PARA629}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA630}{\*\bkmkend PARA630}\par\pard\plain\li792\cf1\f51\fs20\qj If to the Buyers:{\*\bkmkstart PARA631}{\*\bkmkend PARA631}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA632}{\*\bkmkend PARA632}\par\pard\plain\li792\cf1\f51\fs20\qj Eagle Bulk{\*\bkmkstart PARA633}{\*\bkmkend PARA633}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA634}{\*\bkmkend PARA634}\par\pard\plain\li792\cf1\f51\fs20\qj For the attention of: Gary Vogel{\*\bkmkstart PARA635}{\*\bkmkend PARA635}\par\pard\plain\li792\cf1\f51\fs20\qj Email: gvogel@eagleships.com{\*\bkmkstart PARA986_1}{\*\bkmkend PARA986_1}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PGBK986}{\*\bkmkend PGBK986}{\*\bkmkstart PGFTR986}{\*\bkmkend PGFTR986}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PGNUM986}{\*\bkmkend PGNUM986}\par\pard\plain\cf1\f51\fs20\qc 10\par\pard\plain\f0\fs4\par\pard\plain\f0\fs2\brdrt\brdrs\brdrw15\brdrcf2\brdrsp0\par\pard\plain\f0\fs4\par \page{\*\bkmkstart PGHDR986}{\*\bkmkend PGHDR986}\par\pard\plain\cf1\f51\fs20\li225\ql \~{\*\bkmkstart PARA986_2}{\*\bkmkend PARA986_2}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA643}{\*\bkmkend PARA643}\par\pard\plain\li792\cf1\f51\fs20\qj or any substitute address or Email-address or department or officer as any Party may notify to the other Party.{\*\bkmkstart PARA644}{\*\bkmkend PARA644}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB646}{\*\bkmkend MTAB646} \par\pard\plain {\trowd\cellx720\cellx10500\trrh495 {\*\bkmkstart PARA647}{\*\bkmkend PARA647}\pard\plain\intbl\cf1\f51\fs20\b\qj 19.2\cell{\*\bkmkstart PARA648}{\*\bkmkend PARA648}\pard\plain\intbl\cf1\f51\fs20\qj Any notices or other communication from a Party made by E-mail shall also be forwarded by letter (by courier/hand\plain\intbl\cf1\f51\fs20\qj delivery) unless the E-mail is confirmed as received by the other Party.\cell{ {\trowd\cellx720\cellx10500\trrh495\row}}}{\*\bkmkstart PARA649}{\*\bkmkend PARA649}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB651}{\*\bkmkend MTAB651} \par\pard\plain {\trowd\cellx720\cellx10500\trrh248 {\*\bkmkstart PARA652}{\*\bkmkend PARA652}\pard\plain\intbl\cf1\f51\fs20\b\qj 20\cell{\*\bkmkstart PARA653}{\*\bkmkend PARA653}\pard\plain\intbl\cf1\f51\fs20\b\qj Governing Law and Jurisdiction\cell{ {\trowd\cellx720\cellx10500\trrh248\row}}}{\*\bkmkstart PARA654}{\*\bkmkend PARA654}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB656}{\*\bkmkend MTAB656} \par\pard\plain {\trowd\cellx720\cellx10500\trrh990 {\*\bkmkstart PARA657}{\*\bkmkend PARA657}\pard\plain\intbl\cf1\f51\fs20\b\qj 20.1\cell{\*\bkmkstart PARA658}{\*\bkmkend PARA658}\pard\plain\intbl\cf1\f51\fs20\qj This Agreement shall be governed by and construed in accordance with English law and any dispute arising out of or\plain\intbl\cf1\f51\fs20\qj in connection with this Agreement shall be referred to arbitration in London in accordance with the Arbitration Act\plain\intbl\cf1\f51\fs20\qj 1996 or any statutory modification or re-enactment thereof save to the extent necessary to give effect to the\plain\intbl\cf1\f51\fs20\qj provisions of this Clause.\cell{ {\trowd\cellx720\cellx10500\trrh990\row}}}{\*\bkmkstart PARA659}{\*\bkmkend PARA659}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB661}{\*\bkmkend MTAB661} \par\pard\plain {\trowd\cellx720\cellx10500\trrh495 {\*\bkmkstart PARA662}{\*\bkmkend PARA662}\pard\plain\intbl\cf1\f51\fs20\b\qj 20.2\cell{\*\bkmkstart PARA663}{\*\bkmkend PARA663}\pard\plain\intbl\cf1\f51\fs20\qj The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA) Terms\plain\intbl\cf1\f51\fs20\qj current at the time when the arbitration proceedings are commenced.\cell{ {\trowd\cellx720\cellx10500\trrh495\row}}}{\*\bkmkstart PARA664}{\*\bkmkend PARA664}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB666}{\*\bkmkend MTAB666} \par\pard\plain {\trowd\cellx720\cellx10500\trrh1980 {\*\bkmkstart PARA667}{\*\bkmkend PARA667}\pard\plain\intbl\cf1\f51\fs20\b\qj 20.3\cell{\*\bkmkstart PARA668}{\*\bkmkend PARA668}\pard\plain\intbl\cf1\f51\fs20\qj The reference shall be to three arbitrators. A Party wishing to refer a dispute to arbitration shall appoint its arbitrator\plain\intbl\cf1\f51\fs20\qj and send notice of such appointment in writing to the other Party requiring the other Party to appoint its own\plain\intbl\cf1\f51\fs20\qj arbitrator within 14 calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless\plain\intbl\cf1\f51\fs20\qj the other Party appoints its own arbitrator and gives notice that it has done so within the 14 days specified. If the\plain\intbl\cf1\f51\fs20\qj other Party does not appoint its own arbitrator and give notice that it has done so within the 14 days specified, the\plain\intbl\cf1\f51\fs20\qj Party referring a dispute to arbitration may, without the requirement of any further prior notice to the other Party,\plain\intbl\cf1\f51\fs20\qj appoint its arbitrator as sole arbitrator and shall advise the other Party accordingly. The award of a sole arbitrator\plain\intbl\cf1\f51\fs20\qj shall be binding on both Parties as if he had been appointed by agreement.\cell{ {\trowd\cellx720\cellx10500\trrh1980\row}}}{\*\bkmkstart PARA669}{\*\bkmkend PARA669}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB671}{\*\bkmkend MTAB671} \par\pard\plain {\trowd\cellx720\cellx10500\trrh1238 {\*\bkmkstart PARA672}{\*\bkmkend PARA672}\pard\plain\intbl\cf1\f51\fs20\b\qj 20.4\cell{\*\bkmkstart PARA673}{\*\bkmkend PARA673}\pard\plain\intbl\cf1\f51\fs20\qj In the event that there are multiple claimants and/or multiple respondents, the reference shall be to three arbitrators.\plain\intbl\cf1\f51\fs20\qj Two of these shall be appointed by the Parties as defined in this Agreement: one by the Sellers for their party in the\plain\intbl\cf1\f51\fs20\qj dispute (either the claimants or the respondents), and one by the Buyers (which shall include any Acceding Buyer)\plain\intbl\cf1\f51\fs20\qj for their party in the dispute. Otherwise, the appointment of arbitrators shall follow the procedure set out in Clause\plain\intbl\cf1\f51\fs20\qj 20.3.\cell{ {\trowd\cellx720\cellx10500\trrh1238\row}}}{\*\bkmkstart PARA674}{\*\bkmkend PARA674}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB676}{\*\bkmkend MTAB676} \par\pard\plain {\trowd\cellx720\cellx10500\trrh495 {\*\bkmkstart PARA677}{\*\bkmkend PARA677}\pard\plain\intbl\cf1\f51\fs20\b\qj 20.5\cell{\*\bkmkstart PARA678}{\*\bkmkend PARA678}\pard\plain\intbl\cf1\f51\fs20\qj Nothing herein shall prevent the Parties agreeing in writing to vary these provisions to provide for the appointment\plain\intbl\cf1\f51\fs20\qj of a sole arbitrator.\cell{ {\trowd\cellx720\cellx10500\trrh495\row}}}{\*\bkmkstart PARA679}{\*\bkmkend PARA679}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB681}{\*\bkmkend MTAB681} \par\pard\plain {\trowd\cellx720\cellx10500\trrh742 {\*\bkmkstart PARA682}{\*\bkmkend PARA682}\pard\plain\intbl\cf1\f51\fs20\b\qj 20.6\cell{\*\bkmkstart PARA683}{\*\bkmkend PARA683}\pard\plain\intbl\cf1\f51\fs20\qj In cases where neither the claim nor any counterclaim exceeds the sum of USD 50,000 (or such other sum as the\plain\intbl\cf1\f51\fs20\qj Parties may agree) the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current\plain\intbl\cf1\f51\fs20\qj at the time when the arbitration proceedings are commenced.\cell{ {\trowd\cellx720\cellx10500\trrh742\row}}}{\*\bkmkstart PARA684}{\*\bkmkend PARA684}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB686}{\*\bkmkend MTAB686} \par\pard\plain {\trowd\cellx720\cellx10500\trrh248 {\*\bkmkstart PARA687}{\*\bkmkend PARA687}\pard\plain\intbl\cf1\f51\fs20\b\qj 21\cell{\*\bkmkstart PARA688}{\*\bkmkend PARA688}\pard\plain\intbl\cf1\f51\fs20\b\qj List of Appendices\cell{ {\trowd\cellx720\cellx10500\trrh248\row}}}{\*\bkmkstart PARA689}{\*\bkmkend PARA689}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB691}{\*\bkmkend MTAB691} \par\pard\plain {\trowd\cellx720\cellx10500\trrh248 {\*\bkmkstart PARA692}{\*\bkmkend PARA692}\pard\plain\intbl\cf1\f51\fs20\b\qj 21.1\cell{\*\bkmkstart PARA693}{\*\bkmkend PARA693}\pard\plain\intbl\cf1\f51\fs20\qj The following Appendices are attached to this Agreement:\cell{ {\trowd\cellx720\cellx10500\trrh248\row}}}{\*\bkmkstart PARA694}{\*\bkmkend PARA694}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA695}{\*\bkmkend PARA695}\par\pard\plain\li792\cf1\f51\fs20\qj Appendix 1:\~\~\~\~\~\~\~\~\~\~Form of MOAs{\*\bkmkstart PARA696}{\*\bkmkend PARA696}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA987}{\*\bkmkend PARA987}\par\pard\plain\li792\ri154\cf1\f51\fs20\qj Appendix 2:\~\~\~\~\~\~\~\~\~\~List of the Owners, Vessels and Inspection Status{\*\bkmkstart PARA701}{\*\bkmkend PARA701}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA702}{\*\bkmkend PARA702}\par\pard\plain\li792\cf1\f51\fs20\qj Appendix 3:\~\~\~\~\~\~\~\~\~\~Form of Accession Deed{\*\bkmkstart PARA703}{\*\bkmkend PARA703}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA704}{\*\bkmkend PARA704}\par\pard\plain\li792\cf1\f51\fs20\qj Appendix 4:\~\~\~\~\~\~\~\~\~\~Form of Letter of Warranty{\*\bkmkstart PARA705}{\*\bkmkend PARA705}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA706_1}{\*\bkmkend PARA706_1}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PGBK706}{\*\bkmkend PGBK706}{\*\bkmkstart PGFTR706}{\*\bkmkend PGFTR706}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PGNUM706}{\*\bkmkend PGNUM706}\par\pard\plain\cf1\f51\fs20\qc 11\par\pard\plain\f0\fs4\par\pard\plain\f0\fs2\brdrt\brdrs\brdrw15\brdrcf2\brdrsp0\par\pard\plain\f0\fs4\par \page{\*\bkmkstart PGHDR706}{\*\bkmkend PGHDR706}\par\pard\plain\cf1\f51\fs20\li225\ql \~{\*\bkmkstart PARA706_2}{\*\bkmkend PARA706_2}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA707}{\*\bkmkend PARA707}\par\pard\plain\cf1\f51\fs20\ql \~{\*\bkmkstart PARA708}{\*\bkmkend PARA708}\par\pard\plain\cf1\f51\fs20\qj This Agreement has been entered into on the date stated at the beginning of it.{\*\bkmkstart PARA709}{\*\bkmkend PARA709}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA710}{\*\bkmkend PARA710}\par\pard\plain\cf1\f51\fs20\qj For and on behalf of{\*\bkmkstart PARA711}{\*\bkmkend PARA711}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA712}{\*\bkmkend PARA712}\par\pard\plain\cf1\f51\fs20\b\qj Greenship Bulk Manager Pte. Ltd. as Trustee-Manager of Greenship Bulk Trust{\*\bkmkstart PARA713}{\*\bkmkend PARA713}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA714}{\*\bkmkend PARA714}\par\pard\plain\cf1\f51\fs20\qj as Sellers\par\pard\plain\cf1\f51\fs20\qj \~ \par\pard\plain {\trowd\clvertalc\cellx603\clbrdrb\brdrs\brdrcf1\clvertalc\cellx2694\clvertalc\cellx10500\trrh495 {\*\bkmkstart PARA988}{\*\bkmkend PARA988}\pard\plain\intbl\cf1\f51\fs20\ql By:\~\~\cell{\*\bkmkstart PARA989}{\*\bkmkend PARA989}\pard\plain\intbl\li198\cf1\f51\fs20\ql /s/Jacques de\plain\intbl\li198\cf1\f51\fs20\ql Chateauvieux\cell{\*\bkmkstart PARA990}{\*\bkmkend PARA990}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\cellx603\clbrdrb\brdrs\brdrcf1\clvertalc\cellx2694\clvertalc\cellx10500\trrh495\row}}} {\trowd\clvertalc\cellx603\clvertalc\cellx2694\clvertalc\cellx10500\trrh248 {\*\bkmkstart PARA991}{\*\bkmkend PARA991}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA992}{\*\bkmkend PARA992}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA993}{\*\bkmkend PARA993}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\cellx603\clvertalc\cellx2694\clvertalc\cellx10500\trrh248\row}}} {\trowd\clvertalc\cellx603\clbrdrb\brdrs\brdrcf1\clvertalc\cellx2694\clvertalc\cellx10500\trrh495 {\*\bkmkstart PARA994}{\*\bkmkend PARA994}\pard\plain\intbl\cf1\f51\fs20\ql Name:\cell{\*\bkmkstart PARA995}{\*\bkmkend PARA995}\pard\plain\intbl\li396\cf1\f51\fs20\ql Jacques de\plain\intbl\li396\cf1\f51\fs20\ql Chateauvieux\cell{\*\bkmkstart PARA996}{\*\bkmkend PARA996}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\cellx603\clbrdrb\brdrs\brdrcf1\clvertalc\cellx2694\clvertalc\cellx10500\trrh495\row}}} {\trowd\clvertalc\cellx603\clvertalc\cellx2694\clvertalc\cellx10500\trrh248 {\*\bkmkstart PARA997}{\*\bkmkend PARA997}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA998}{\*\bkmkend PARA998}\pard\plain\intbl\li198\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA999}{\*\bkmkend PARA999}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\cellx603\clvertalc\cellx2694\clvertalc\cellx10500\trrh248\row}}} {\trowd\clvertalc\cellx603\clbrdrb\brdrs\brdrcf1\clvertalc\cellx2694\clvertalc\cellx10500\trrh248 {\*\bkmkstart PARA1000}{\*\bkmkend PARA1000}\pard\plain\intbl\cf1\f51\fs20\ql Title:\~\cell{\*\bkmkstart PARA1001}{\*\bkmkend PARA1001}\pard\plain\intbl\li396\cf1\f51\fs20\ql Director\cell{\*\bkmkstart PARA1002}{\*\bkmkend PARA1002}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\cellx603\clbrdrb\brdrs\brdrcf1\clvertalc\cellx2694\clvertalc\cellx10500\trrh248\row}}} {\trowd\clvertalc\cellx603\clvertalc\cellx2694\clvertalc\cellx10500\trrh248 {\*\bkmkstart PARA1003}{\*\bkmkend PARA1003}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA1004}{\*\bkmkend PARA1004}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA1005}{\*\bkmkend PARA1005}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\cellx603\clvertalc\cellx2694\clvertalc\cellx10500\trrh248\row}}} {\trowd\clvertalc\cellx603\clvertalc\cellx2694\clvertalc\cellx10500\trrh248 {\*\bkmkstart PARA1006}{\*\bkmkend PARA1006}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA1007}{\*\bkmkend PARA1007}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA1008}{\*\bkmkend PARA1008}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\cellx603\clvertalc\cellx2694\clvertalc\cellx10500\trrh248\row}}} {\trowd\clvertalc\cellx603\clbrdrb\brdrs\brdrcf1\clvertalc\cellx2694\clvertalc\cellx10500\trrh248 {\*\bkmkstart PARA1009}{\*\bkmkend PARA1009}\pard\plain\intbl\cf1\f51\fs20\ql By:\cell{\*\bkmkstart PARA1010}{\*\bkmkend PARA1010}\pard\plain\intbl\li198\cf1\f51\fs20\ql /s/Philippe Rochet\cell{\*\bkmkstart PARA1011}{\*\bkmkend PARA1011}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\cellx603\clbrdrb\brdrs\brdrcf1\clvertalc\cellx2694\clvertalc\cellx10500\trrh248\row}}} {\trowd\clvertalc\cellx603\clvertalc\cellx2694\clvertalc\cellx10500\trrh248 {\*\bkmkstart PARA1012}{\*\bkmkend PARA1012}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA1013}{\*\bkmkend PARA1013}\pard\plain\intbl\li198\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA1014}{\*\bkmkend PARA1014}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\cellx603\clvertalc\cellx2694\clvertalc\cellx10500\trrh248\row}}} {\trowd\clvertalc\cellx603\clbrdrb\brdrs\brdrcf1\clvertalc\cellx2694\clvertalc\cellx10500\trrh248 {\*\bkmkstart PARA1015}{\*\bkmkend PARA1015}\pard\plain\intbl\cf1\f51\fs20\ql Name:\~\cell{\*\bkmkstart PARA1016}{\*\bkmkend PARA1016}\pard\plain\intbl\li396\cf1\f51\fs20\ql Philippe Rochet\cell{\*\bkmkstart PARA1017}{\*\bkmkend PARA1017}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\cellx603\clbrdrb\brdrs\brdrcf1\clvertalc\cellx2694\clvertalc\cellx10500\trrh248\row}}} {\trowd\clvertalc\cellx603\clvertalc\cellx2694\clvertalc\cellx10500\trrh248 {\*\bkmkstart PARA1018}{\*\bkmkend PARA1018}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA1019}{\*\bkmkend PARA1019}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA1020}{\*\bkmkend PARA1020}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\cellx603\clvertalc\cellx2694\clvertalc\cellx10500\trrh248\row}}} {\trowd\clvertalc\cellx603\clbrdrb\brdrs\brdrcf1\clvertalc\cellx2694\clvertalc\cellx10500\trrh248 {\*\bkmkstart PARA1021}{\*\bkmkend PARA1021}\pard\plain\intbl\cf1\f51\fs20\ql Title:\cell{\*\bkmkstart PARA1022}{\*\bkmkend PARA1022}\pard\plain\intbl\li396\cf1\f51\fs20\ql Director\cell{\*\bkmkstart PARA1023}{\*\bkmkend PARA1023}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\cellx603\clbrdrb\brdrs\brdrcf1\clvertalc\cellx2694\clvertalc\cellx10500\trrh248\row}}} {\trowd\clvertalc\cellx603\clvertalc\cellx2694\clvertalc\cellx10500\trrh248 {\*\bkmkstart PARA1024}{\*\bkmkend PARA1024}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA1025}{\*\bkmkend PARA1025}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA1026}{\*\bkmkend PARA1026}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\cellx603\clvertalc\cellx2694\clvertalc\cellx10500\trrh248\row}}} {\trowd\clvertalc\cellx603\clvertalc\cellx2694\clvertalc\cellx10500\trrh248 {\*\bkmkstart PARA1027}{\*\bkmkend PARA1027}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA1028}{\*\bkmkend PARA1028}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA1029}{\*\bkmkend PARA1029}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\cellx603\clvertalc\cellx2694\clvertalc\cellx10500\trrh248\row}}} {\trowd\clvertalc\cellx2695\clvertalc\cellx10500\trrh248 {\*\bkmkstart PARA1030}{\*\bkmkend PARA1030}\pard\plain\intbl\cf1\f51\fs20\ql For and on behalf of \~\cell{\*\bkmkstart PARA1032}{\*\bkmkend PARA1032}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\cellx2695\clvertalc\cellx10500\trrh248\row}}} {\trowd\clvertalc\cellx603\clvertalc\cellx2694\clvertalc\cellx10500\trrh248 {\*\bkmkstart PARA1033}{\*\bkmkend PARA1033}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA1034}{\*\bkmkend PARA1034}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA1035}{\*\bkmkend PARA1035}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\cellx603\clvertalc\cellx2694\clvertalc\cellx10500\trrh248\row}}} {\trowd\clvertalc\cellx2695\clvertalc\cellx10500\trrh248 {\*\bkmkstart PARA1036}{\*\bkmkend PARA1036}\pard\plain\intbl\cf1\f51\fs20\b\ql Eagle Bulk Ultraco LLC\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA1038}{\*\bkmkend PARA1038}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\cellx2695\clvertalc\cellx10500\trrh248\row}}} {\trowd\clvertalc\cellx603\clvertalc\cellx2694\clvertalc\cellx10500\trrh248 {\*\bkmkstart PARA1039}{\*\bkmkend PARA1039}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA1040}{\*\bkmkend PARA1040}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA1041}{\*\bkmkend PARA1041}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\cellx603\clvertalc\cellx2694\clvertalc\cellx10500\trrh248\row}}} {\trowd\clvertalc\cellx2695\clvertalc\cellx10500\trrh248 {\*\bkmkstart PARA1042}{\*\bkmkend PARA1042}\pard\plain\intbl\cf1\f51\fs20\ql as Buyers and Guarantor \~\cell{\*\bkmkstart PARA1044}{\*\bkmkend PARA1044}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\cellx2695\clvertalc\cellx10500\trrh248\row}}} {\trowd\clvertalc\cellx603\clvertalc\cellx2694\clvertalc\cellx10500\trrh248 {\*\bkmkstart PARA1045}{\*\bkmkend PARA1045}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA1046}{\*\bkmkend PARA1046}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA1047}{\*\bkmkend PARA1047}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\cellx603\clvertalc\cellx2694\clvertalc\cellx10500\trrh248\row}}} {\trowd\clvertalc\cellx603\clbrdrb\brdrs\brdrcf1\clvertalc\cellx2694\clvertalc\cellx10500\trrh248 {\*\bkmkstart PARA1048}{\*\bkmkend PARA1048}\pard\plain\intbl\cf1\f51\fs20\ql By:\cell{\*\bkmkstart PARA1049}{\*\bkmkend PARA1049}\pard\plain\intbl\li198\cf1\f51\fs20\ql /s/Gary Vogel\cell{\*\bkmkstart PARA1050}{\*\bkmkend PARA1050}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\cellx603\clbrdrb\brdrs\brdrcf1\clvertalc\cellx2694\clvertalc\cellx10500\trrh248\row}}} {\trowd\clvertalc\cellx603\clvertalc\cellx2694\clvertalc\cellx10500\trrh248 {\*\bkmkstart PARA1051}{\*\bkmkend PARA1051}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA1052}{\*\bkmkend PARA1052}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA1053}{\*\bkmkend PARA1053}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\cellx603\clvertalc\cellx2694\clvertalc\cellx10500\trrh248\row}}} {\trowd\clvertalc\cellx603\clbrdrb\brdrs\brdrcf1\clvertalc\cellx2694\clvertalc\cellx10500\trrh248 {\*\bkmkstart PARA1054}{\*\bkmkend PARA1054}\pard\plain\intbl\cf1\f51\fs20\ql Name:\cell{\*\bkmkstart PARA1055}{\*\bkmkend PARA1055}\pard\plain\intbl\li396\cf1\f51\fs20\ql Gary Vogel\cell{\*\bkmkstart PARA1056}{\*\bkmkend PARA1056}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\cellx603\clbrdrb\brdrs\brdrcf1\clvertalc\cellx2694\clvertalc\cellx10500\trrh248\row}}} {\trowd\clvertalc\cellx603\clvertalc\cellx2694\clvertalc\cellx10500\trrh248 {\*\bkmkstart PARA1057}{\*\bkmkend PARA1057}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA1058}{\*\bkmkend PARA1058}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA1059}{\*\bkmkend PARA1059}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\cellx603\clvertalc\cellx2694\clvertalc\cellx10500\trrh248\row}}} {\trowd\clvertalc\cellx603\clbrdrb\brdrs\brdrcf1\clvertalc\cellx2694\clvertalc\cellx10500\trrh248 {\*\bkmkstart PARA1060}{\*\bkmkend PARA1060}\pard\plain\intbl\cf1\f51\fs20\ql Title:\~\cell{\*\bkmkstart PARA1061}{\*\bkmkend PARA1061}\pard\plain\intbl\li396\cf1\f51\fs20\ql CEO\cell{\*\bkmkstart PARA1062}{\*\bkmkend PARA1062}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\clvertalc\cellx603\clbrdrb\brdrs\brdrcf1\clvertalc\cellx2694\clvertalc\cellx10500\trrh248\row}}}{\*\bkmkstart PARA715}{\*\bkmkend PARA715}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PGBK740}{\*\bkmkend PGBK740}{\*\bkmkstart PGFTR740}{\*\bkmkend PGFTR740}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PGNUM740}{\*\bkmkend PGNUM740}\par\pard\plain\cf1\f51\fs20\qc 12\par\pard\plain\f0\fs4\par\pard\plain\f0\fs2\brdrt\brdrs\brdrw15\brdrcf2\brdrsp0\par\pard\plain\f0\fs4\par \page{\*\bkmkstart PGHDR740}{\*\bkmkend PGHDR740}\par\pard\plain\cf1\f51\fs20\li225\ql \~{\*\bkmkstart PARA740_2}{\*\bkmkend PARA740_2}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA745}{\*\bkmkend PARA745}\par\pard\plain\cf1\f51\fs20\b\qc Appendix 1 \u8211? FORM OF MOA for the sale of each Vessel{\*\bkmkstart PARA746}{\*\bkmkend PARA746}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA747}{\*\bkmkend PARA747}\par\pard\plain\cf1\f51\fs20\b\qj \~{\*\bkmkstart PARA748}{\*\bkmkend PARA748}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA749}{\*\bkmkend PARA749}\par\pard\plain\cf1\f51\fs20\b\qj \~{\*\bkmkstart PARA750}{\*\bkmkend PARA750}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA751_1}{\*\bkmkend PARA751_1}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PGBK751}{\*\bkmkend PGBK751}{\*\bkmkstart PGFTR751}{\*\bkmkend PGFTR751}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PGNUM751}{\*\bkmkend PGNUM751}\par\pard\plain\cf1\f51\fs20\qc 13\par\pard\plain\f0\fs4\par\pard\plain\f0\fs2\brdrt\brdrs\brdrw15\brdrcf2\brdrsp0\par\pard\plain\f0\fs4\par \page{\*\bkmkstart PGHDR751}{\*\bkmkend PGHDR751}\par\pard\plain\cf1\f51\fs20\li225\ql \~{\*\bkmkstart PARA751_2}{\*\bkmkend PARA751_2}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA754}{\*\bkmkend PARA754}\par\pard\plain\cf1\f51\fs20\b\qc Appendix 2 \u8211? List of the Owners, Vessels and Inspection status{\*\bkmkstart PARA755}{\*\bkmkend PARA755}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart TBL1115}{\*\bkmkend TBL1115} \par\pard\plain {\trowd\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx2969\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx4772\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx6681\clbrdrl\brdrs\brdrcf1\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx8590\clbrdrb\brdrs\brdrcf1\cellx10500\trrh495 {\*\bkmkstart PARA1063}{\*\bkmkend PARA1063}\pard\plain\intbl\cf1\f51\fs20\b\qc Owner\cell{\*\bkmkstart PARA1064}{\*\bkmkend PARA1064}\pard\plain\intbl\cf1\f51\fs20\b\qc Vessel\u8217?s\plain\intbl\cf1\f51\fs20\b\qc name\cell{\*\bkmkstart PARA1065}{\*\bkmkend PARA1065}\pard\plain\intbl\cf1\f51\fs20\b\qc Inspection Status\cell{\*\bkmkstart PARA1066}{\*\bkmkend PARA1066}\pard\plain\intbl\cf1\f51\fs20\b\qc Date of build\cell{\*\bkmkstart PARA1067}{\*\bkmkend PARA1067}\pard\plain\intbl\cf1\f51\fs20\b\qj Gross Registered\par\pard\plain\intbl\cf1\f51\fs20\b\qj Tonnage\cell{ {\trowd\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx2969\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx4772\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx6681\clbrdrl\brdrs\brdrcf1\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx8590\clbrdrb\brdrs\brdrcf1\cellx10500\trrh495\row}}} {\trowd\clbrdrb\brdrs\brdrcf1\cellx10500\trrh248 {\*\bkmkstart PARA1068}{\*\bkmkend PARA1068}\pard\plain\intbl\cf1\f51\fs20\b\qc Part A Six Fleet\cell{ {\trowd\clbrdrb\brdrs\brdrcf1\cellx10500\trrh248\row}}} {\trowd\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx2969\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx4772\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx6681\clbrdrl\brdrs\brdrcf1\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx8590\clbrdrb\brdrs\brdrcf1\cellx10500\trrh248 {\*\bkmkstart PARA1069}{\*\bkmkend PARA1069}\pard\plain\intbl\cf1\f51\fs20\ql Greenship Bulk 9 PTE Ltd\cell{\*\bkmkstart PARA1070}{\*\bkmkend PARA1070}\pard\plain\intbl\cf1\f51\fs20\qc JS Tamise\cell{\*\bkmkstart PARA1071}{\*\bkmkend PARA1071}\pard\plain\intbl\cf1\f51\fs20\qc Waived\cell{\*\bkmkstart PARA1072}{\*\bkmkend PARA1072}\pard\plain\intbl\cf1\f51\fs20\qc 28.02.2013\cell{\*\bkmkstart PARA1073}{\*\bkmkend PARA1073}\pard\plain\intbl\cf1\f51\fs20\qc 35812\cell{ {\trowd\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx2969\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx4772\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx6681\clbrdrl\brdrs\brdrcf1\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx8590\clbrdrb\brdrs\brdrcf1\cellx10500\trrh248\row}}} {\trowd\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx2969\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx4772\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx6681\clbrdrl\brdrs\brdrcf1\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx8590\clbrdrb\brdrs\brdrcf1\cellx10500\trrh248 {\*\bkmkstart PARA1074}{\*\bkmkend PARA1074}\pard\plain\intbl\cf1\f51\fs20\ql Greenship Bulk 10 PTE Ltd\cell{\*\bkmkstart PARA1075}{\*\bkmkend PARA1075}\pard\plain\intbl\cf1\f51\fs20\qc JS Mekong\cell{\*\bkmkstart PARA1076}{\*\bkmkend PARA1076}\pard\plain\intbl\cf1\f51\fs20\qc Inspected\cell{\*\bkmkstart PARA1077}{\*\bkmkend PARA1077}\pard\plain\intbl\cf1\f51\fs20\qc 27.03.2013\cell{\*\bkmkstart PARA1078}{\*\bkmkend PARA1078}\pard\plain\intbl\cf1\f51\fs20\qc 35812\cell{ {\trowd\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx2969\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx4772\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx6681\clbrdrl\brdrs\brdrcf1\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx8590\clbrdrb\brdrs\brdrcf1\cellx10500\trrh248\row}}} {\trowd\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx2969\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx4772\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx6681\clbrdrl\brdrs\brdrcf1\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx8590\clbrdrb\brdrs\brdrcf1\cellx10500\trrh248 {\*\bkmkstart PARA1079}{\*\bkmkend PARA1079}\pard\plain\intbl\cf1\f51\fs20\ql Greenship Bulk 11 PTE Ltd\cell{\*\bkmkstart PARA1080}{\*\bkmkend PARA1080}\pard\plain\intbl\cf1\f51\fs20\qc JS Mississippi\cell{\*\bkmkstart PARA1081}{\*\bkmkend PARA1081}\pard\plain\intbl\cf1\f51\fs20\qc Waived\cell{\*\bkmkstart PARA1082}{\*\bkmkend PARA1082}\pard\plain\intbl\cf1\f51\fs20\qc 21.05.2013\cell{\*\bkmkstart PARA1083}{\*\bkmkend PARA1083}\pard\plain\intbl\cf1\f51\fs20\qc 35812\cell{ {\trowd\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx2969\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx4772\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx6681\clbrdrl\brdrs\brdrcf1\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx8590\clbrdrb\brdrs\brdrcf1\cellx10500\trrh248\row}}} {\trowd\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx2969\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx4772\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx6681\clbrdrl\brdrs\brdrcf1\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx8590\clbrdrb\brdrs\brdrcf1\cellx10500\trrh248 {\*\bkmkstart PARA1084}{\*\bkmkend PARA1084}\pard\plain\intbl\cf1\f51\fs20\ql Greenship Bulk 12 PTE Ltd\cell{\*\bkmkstart PARA1085}{\*\bkmkend PARA1085}\pard\plain\intbl\cf1\f51\fs20\qc JS Missouri\cell{\*\bkmkstart PARA1086}{\*\bkmkend PARA1086}\pard\plain\intbl\cf1\f51\fs20\qc Inspected\cell{\*\bkmkstart PARA1087}{\*\bkmkend PARA1087}\pard\plain\intbl\cf1\f51\fs20\qc 27.06.2013\cell{\*\bkmkstart PARA1088}{\*\bkmkend PARA1088}\pard\plain\intbl\cf1\f51\fs20\qc 35812\cell{ {\trowd\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx2969\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx4772\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx6681\clbrdrl\brdrs\brdrcf1\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx8590\clbrdrb\brdrs\brdrcf1\cellx10500\trrh248\row}}} {\trowd\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx2969\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx4772\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx6681\clbrdrl\brdrs\brdrcf1\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx8590\clbrdrb\brdrs\brdrcf1\cellx10500\trrh248 {\*\bkmkstart PARA1089}{\*\bkmkend PARA1089}\pard\plain\intbl\cf1\f51\fs20\ql Greenship Bulk 15 PTE Ltd\cell{\*\bkmkstart PARA1090}{\*\bkmkend PARA1090}\pard\plain\intbl\cf1\f51\fs20\qc JS Yukon\cell{\*\bkmkstart PARA1091}{\*\bkmkend PARA1091}\pard\plain\intbl\cf1\f51\fs20\qc Waived\cell{\*\bkmkstart PARA1092}{\*\bkmkend PARA1092}\pard\plain\intbl\cf1\f51\fs20\qc 26.09.2013\cell{\*\bkmkstart PARA1093}{\*\bkmkend PARA1093}\pard\plain\intbl\cf1\f51\fs20\qc 35812\cell{ {\trowd\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx2969\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx4772\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx6681\clbrdrl\brdrs\brdrcf1\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx8590\clbrdrb\brdrs\brdrcf1\cellx10500\trrh248\row}}} {\trowd\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx2969\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx4772\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx6681\clbrdrl\brdrs\brdrcf1\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx8590\clbrdrb\brdrs\brdrcf1\cellx10500\trrh248 {\*\bkmkstart PARA1094}{\*\bkmkend PARA1094}\pard\plain\intbl\cf1\f51\fs20\ql Greenship Bulk 16 PTE Ltd\cell{\*\bkmkstart PARA1095}{\*\bkmkend PARA1095}\pard\plain\intbl\cf1\f51\fs20\qc JS Yangtse\cell{\*\bkmkstart PARA1096}{\*\bkmkend PARA1096}\pard\plain\intbl\cf1\f51\fs20\qc Inspected\cell{\*\bkmkstart PARA1097}{\*\bkmkend PARA1097}\pard\plain\intbl\cf1\f51\fs20\qc 24.10.2013\cell{\*\bkmkstart PARA1098}{\*\bkmkend PARA1098}\pard\plain\intbl\cf1\f51\fs20\qc 35812\cell{ {\trowd\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx2969\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx4772\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx6681\clbrdrl\brdrs\brdrcf1\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx8590\clbrdrb\brdrs\brdrcf1\cellx10500\trrh248\row}}} {\trowd\clbrdrb\brdrs\brdrcf1\cellx10500\trrh248 {\*\bkmkstart PARA1099}{\*\bkmkend PARA1099}\pard\plain\intbl\cf1\f51\fs20\b\qc Part B Three Fleet\cell{ {\trowd\clbrdrb\brdrs\brdrcf1\cellx10500\trrh248\row}}} {\trowd\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx2969\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx4772\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx6681\clbrdrl\brdrs\brdrcf1\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx8590\clbrdrb\brdrs\brdrcf1\cellx10500\trrh248 {\*\bkmkstart PARA1100}{\*\bkmkend PARA1100}\pard\plain\intbl\cf1\f51\fs20\ql Greenship Bulk 4 PTE Ltd\cell{\*\bkmkstart PARA1101}{\*\bkmkend PARA1101}\pard\plain\intbl\cf1\f51\fs20\qc JS Garonne\cell{\*\bkmkstart PARA1102}{\*\bkmkend PARA1102}\pard\plain\intbl\cf1\f51\fs20\qc Waived\cell{\*\bkmkstart PARA1103}{\*\bkmkend PARA1103}\pard\plain\intbl\cf1\f51\fs20\qc 08.052012\cell{\*\bkmkstart PARA1104}{\*\bkmkend PARA1104}\pard\plain\intbl\cf1\f51\fs20\qc 35812\cell{ {\trowd\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx2969\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx4772\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx6681\clbrdrl\brdrs\brdrcf1\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx8590\clbrdrb\brdrs\brdrcf1\cellx10500\trrh248\row}}} {\trowd\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx2969\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx4772\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx6681\clbrdrl\brdrs\brdrcf1\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx8590\clbrdrb\brdrs\brdrcf1\cellx10500\trrh248 {\*\bkmkstart PARA1105}{\*\bkmkend PARA1105}\pard\plain\intbl\cf1\f51\fs20\ql Greenship Bulk 13 PTE Ltd\cell{\*\bkmkstart PARA1106}{\*\bkmkend PARA1106}\pard\plain\intbl\cf1\f51\fs20\qc JS Narmada\cell{\*\bkmkstart PARA1107}{\*\bkmkend PARA1107}\pard\plain\intbl\cf1\f51\fs20\qc Waived\cell{\*\bkmkstart PARA1108}{\*\bkmkend PARA1108}\pard\plain\intbl\cf1\f51\fs20\qc 18.07.2013\cell{\*\bkmkstart PARA1109}{\*\bkmkend PARA1109}\pard\plain\intbl\cf1\f51\fs20\qc 35812\cell{ {\trowd\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx2969\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx4772\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx6681\clbrdrl\brdrs\brdrcf1\clbrdrr\brdrs\brdrcf1\clbrdrb\brdrs\brdrcf1\cellx8590\clbrdrb\brdrs\brdrcf1\cellx10500\trrh248\row}}} {\trowd\clbrdrr\brdrs\brdrcf1\cellx2969\clbrdrr\brdrs\brdrcf1\cellx4772\clbrdrr\brdrs\brdrcf1\cellx6681\clbrdrl\brdrs\brdrcf1\clbrdrr\brdrs\brdrcf1\cellx8590\cellx10500\trrh248 {\*\bkmkstart PARA1110}{\*\bkmkend PARA1110}\pard\plain\intbl\cf1\f51\fs20\ql Greenship Bulk 18 PTE Ltd\cell{\*\bkmkstart PARA1111}{\*\bkmkend PARA1111}\pard\plain\intbl\cf1\f51\fs20\qc JS Potomac\cell{\*\bkmkstart PARA1112}{\*\bkmkend PARA1112}\pard\plain\intbl\cf1\f51\fs20\qc Inspected\cell{\*\bkmkstart PARA1113}{\*\bkmkend PARA1113}\pard\plain\intbl\cf1\f51\fs20\qc 22.01.2015\cell{\*\bkmkstart PARA1114}{\*\bkmkend PARA1114}\pard\plain\intbl\cf1\f51\fs20\qc 35812\cell{ {\trowd\clbrdrr\brdrs\brdrcf1\cellx2969\clbrdrr\brdrs\brdrcf1\cellx4772\clbrdrr\brdrs\brdrcf1\cellx6681\clbrdrl\brdrs\brdrcf1\clbrdrr\brdrs\brdrcf1\cellx8590\cellx10500\trrh248\row}}}{\*\bkmkstart PARA810}{\*\bkmkend PARA810}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PGBK811}{\*\bkmkend PGBK811}{\*\bkmkstart PGFTR811}{\*\bkmkend PGFTR811}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PGNUM811}{\*\bkmkend PGNUM811}\par\pard\plain\cf1\f51\fs20\qc 14\par\pard\plain\f0\fs4\par\pard\plain\f0\fs2\brdrt\brdrs\brdrw15\brdrcf2\brdrsp0\par\pard\plain\f0\fs4\par \page{\*\bkmkstart PGHDR811}{\*\bkmkend PGHDR811}\par\pard\plain\cf1\f51\fs20\li225\ql \~{\*\bkmkstart PARA811_2}{\*\bkmkend PARA811_2}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA814}{\*\bkmkend PARA814}\par\pard\plain\cf1\f51\fs20\b\qc Appendix 3 \u8211? Form of Accession Deed{\*\bkmkstart PARA815}{\*\bkmkend PARA815}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart TBL816}{\*\bkmkend TBL816} \par\pard\plain {\trowd\cellx720\cellx10500\trrh248 {\*\bkmkstart PARA1122}{\*\bkmkend PARA1122}\pard\plain\intbl\cf1\f51\fs20\ql To:\cell{\*\bkmkstart PARA1123}{\*\bkmkend PARA1123}\pard\plain\intbl\cf1\f51\fs20\ql Greenship Bulk Manager Pte. Ltd as Trustee-Manager of Greenship Bulk Trust\cell{ {\trowd\cellx720\cellx10500\trrh248\row}}}{\*\bkmkstart PARA817}{\*\bkmkend PARA817}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart TBL818}{\*\bkmkend TBL818} \par\pard\plain {\trowd\cellx720\cellx10500\trrh248 {\*\bkmkstart PARA1124}{\*\bkmkend PARA1124}\pard\plain\intbl\cf1\f51\fs20\ql Cc:\cell{\*\bkmkstart PARA1125}{\*\bkmkend PARA1125}\pard\plain\intbl\cf1\f51\fs20\ql Eagle Bulk Ultraco LLC\cell{ {\trowd\cellx720\cellx10500\trrh248\row}}}{\*\bkmkstart PARA819}{\*\bkmkend PARA819}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart TBL820}{\*\bkmkend TBL820} \par\pard\plain {\trowd\cellx720\cellx10500\trrh248 {\*\bkmkstart PARA1126}{\*\bkmkend PARA1126}\pard\plain\intbl\cf1\f51\fs20\ql From:\cell{\*\bkmkstart PARA1127}{\*\bkmkend PARA1127}\pard\plain\intbl\cf1\f51\fs20\ql [\u9679?], as Acceding Buyer\cell{ {\trowd\cellx720\cellx10500\trrh248\row}}}{\*\bkmkstart PARA821}{\*\bkmkend PARA821}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart TBL822}{\*\bkmkend TBL822} \par\pard\plain {\trowd\cellx720\cellx10500\trrh248 {\*\bkmkstart PARA1128}{\*\bkmkend PARA1128}\pard\plain\intbl\cf1\f51\fs20\ql Dated:\cell{\*\bkmkstart PARA1129}{\*\bkmkend PARA1129}\pard\plain\intbl\cf1\f51\fs20\ql [\u9679?] 2017\cell{ {\trowd\cellx720\cellx10500\trrh248\row}}}{\*\bkmkstart PARA823}{\*\bkmkend PARA823}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA824}{\*\bkmkend PARA824}\par\pard\plain\cf1\f51\fs20\qj \~{\*\bkmkstart PARA825}{\*\bkmkend PARA825}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA826}{\*\bkmkend PARA826}\par\pard\plain\cf1\f51\fs20\qj Dear Sirs,{\*\bkmkstart PARA827}{\*\bkmkend PARA827}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA828}{\*\bkmkend PARA828}\par\pard\plain\cf1\f51\fs20\b\qj Framework Agreement in relation to the sale of bulk carrier vessels \u8211? Accession Deed{\*\bkmkstart PARA829}{\*\bkmkend PARA829}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA830}{\*\bkmkend PARA830}\par\pard\plain\cf1\f51\fs20\qj We refer to the Framework Agreement dated 28 February 2017 (the "\plain\cf1\f51\fs20\b\qj Agreement\plain\cf1\f51\fs20\qj "), as amended, supplemented and restated\plain\cf1\f51\fs20\qj from time to time, and amongst others made between Greenship Bulk Manager Pte. Ltd as Trustee-Manager of Greenship\plain\cf1\f51\fs20\qj Bulk Trust, as Sellers and Eagle Bulk Ultraco LLC as Buyers.{\*\bkmkstart PARA831}{\*\bkmkend PARA831}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA832}{\*\bkmkend PARA832}\par\pard\plain\cf1\f51\fs20\qj This is an accession deed.{\*\bkmkstart PARA833}{\*\bkmkend PARA833}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA834}{\*\bkmkend PARA834}\par\pard\plain\cf1\f51\fs20\qj Terms defined in the Agreement shall, unless otherwise defined therein, have the same meaning when used herein.{\*\bkmkstart PARA835}{\*\bkmkend PARA835}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB837}{\*\bkmkend MTAB837} \par\pard\plain {\trowd\cellx360\cellx10500\trrh495 {\*\bkmkstart PARA838}{\*\bkmkend PARA838}\pard\plain\intbl\cf1\f51\fs20\qj 1.\cell{\*\bkmkstart PARA839}{\*\bkmkend PARA839}\pard\plain\intbl\cf1\f51\fs20\qj [ ] is a corporation duly incorporated under the laws of [ ] with company registration number [ ], having its address at [\plain\intbl\cf1\f51\fs20\qj ].\cell{ {\trowd\cellx360\cellx10500\trrh495\row}}}{\*\bkmkstart PARA840}{\*\bkmkend PARA840}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB842}{\*\bkmkend MTAB842} \par\pard\plain {\trowd\cellx360\cellx10500\trrh248 {\*\bkmkstart PARA843}{\*\bkmkend PARA843}\pard\plain\intbl\cf1\f51\fs20\qj 2.\cell{\*\bkmkstart PARA844}{\*\bkmkend PARA844}\pard\plain\intbl\cf1\f51\fs20\qj We confirm that we are a wholly owned subsidiary of Eagle Bulk Ultraco LLC; and\cell{ {\trowd\cellx360\cellx10500\trrh248\row}}}{\*\bkmkstart PARA845}{\*\bkmkend PARA845}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB847}{\*\bkmkend MTAB847} \par\pard\plain {\trowd\cellx360\cellx10500\trrh495 {\*\bkmkstart PARA848}{\*\bkmkend PARA848}\pard\plain\intbl\cf1\f51\fs20\qj 3.\cell{\*\bkmkstart PARA849}{\*\bkmkend PARA849}\pard\plain\intbl\cf1\f51\fs20\qj We agree that we shall become a Party to the MOA in respect of the MV [ ] as Acceding Buyer immediately upon\plain\intbl\cf1\f51\fs20\qj signing this accession deed.\cell{ {\trowd\cellx360\cellx10500\trrh495\row}}}{\*\bkmkstart PARA850}{\*\bkmkend PARA850}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart MTAB852}{\*\bkmkend MTAB852} \par\pard\plain {\trowd\cellx360\cellx10500\trrh495 {\*\bkmkstart PARA853}{\*\bkmkend PARA853}\pard\plain\intbl\cf1\f51\fs20\qj 4.\cell{\*\bkmkstart PARA854}{\*\bkmkend PARA854}\pard\plain\intbl\cf1\f51\fs20\qj The provisions in Clause 20 of the Agreement in respect of choice of law and jurisdiction shall apply to this accession\plain\intbl\cf1\f51\fs20\qj deed as if set out in full herein.\cell{ {\trowd\cellx360\cellx10500\trrh495\row}}}{\*\bkmkstart PARA855}{\*\bkmkend PARA855}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA856}{\*\bkmkend PARA856}\par\pard\plain\cf1\f51\fs20\b\qj THIS ACCESSION DEED\plain\cf1\f51\fs20\qj has been executed by the parties mentioned below and is delivered on the date stated above.{\*\bkmkstart PARA857}{\*\bkmkend PARA857}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart TBL864}{\*\bkmkend TBL864} \par\pard\plain {\trowd\cellx5512\cellx10500\trrh248 {\*\bkmkstart PARA858}{\*\bkmkend PARA858}\pard\plain\intbl\cf1\f51\fs20\b\qj [\plain\intbl\cf1\f51\fs20\b\i\qj Acceding Buyer\plain\intbl\cf1\f51\fs20\b\qj ]\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\cellx5512\cellx10500\trrh248\row}}} {\trowd\cellx5512\cellx10500\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\cellx5512\cellx10500\trrh248\row}}} {\trowd\cellx5512\cellx10500\trrh248 {\*\bkmkstart PARA859}{\*\bkmkend PARA859}\pard\plain\intbl\cf1\f51\fs20\qj [\plain\intbl\cf1\f51\fs20\b\qj EXECUTED\plain\intbl\cf1\f51\fs20\qj as a\plain\intbl\cf1\f51\fs20\b\qj DEED\cell{\*\bkmkstart PARA860}{\*\bkmkend PARA860}\pard\plain\intbl\cf1\f51\fs20\qj ]\cell{ {\trowd\cellx5512\cellx10500\trrh248\row}}} {\trowd\cellx5512\cellx10500\trrh248 {\*\bkmkstart PARA861}{\*\bkmkend PARA861}\pard\plain\intbl\cf1\f51\fs20\qj By: [\plain\intbl\cf1\f51\fs20\i\qj Acceding Buyer]\cell{\*\bkmkstart PARA862}{\*\bkmkend PARA862}\pard\plain\intbl\cf1\f51\fs20\qj )\cell{ {\trowd\cellx5512\cellx10500\trrh248\row}}} {\trowd\cellx5512\cellx10500\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\cellx5512\cellx10500\trrh248\row}}} {\trowd\cellx5512\cellx10500\trrh248 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\cellx5512\cellx10500\trrh248\row}}} {\trowd\cellx5512\cellx10500\trrh248 {\*\bkmkstart PARA863}{\*\bkmkend PARA863}\pard\plain\intbl\cf1\f51\fs20\qj Acknowledged by Eagle Bulk Ultraco LLC as Guarantor\cell\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{ {\trowd\cellx5512\cellx10500\trrh248\row}}}{\*\bkmkstart PARA865_1}{\*\bkmkend PARA865_1}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PGBK865}{\*\bkmkend PGBK865}{\*\bkmkstart PGFTR865}{\*\bkmkend PGFTR865}\par\pard\plain\cf1\f51\fs20\qc \~{\*\bkmkstart PGNUM865}{\*\bkmkend PGNUM865}\par\pard\plain\cf1\f51\fs20\qc 15\par\pard\plain\f0\fs4\par\pard\plain\f0\fs2\brdrt\brdrs\brdrw15\brdrcf2\brdrsp0\par\pard\plain\f0\fs4\par \page{\*\bkmkstart PGHDR865}{\*\bkmkend PGHDR865}\par\pard\plain\cf1\f51\fs20\li225\ql \~{\*\bkmkstart PARA865_2}{\*\bkmkend PARA865_2}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA870}{\*\bkmkend PARA870}\par\pard\plain\cf1\f51\fs20\b\qc Appendix 4 \u8211? Form of Letter of warranty{\*\bkmkstart PARA871}{\*\bkmkend PARA871}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA872}{\*\bkmkend PARA872}\par\pard\plain\li4752\cf1\f51\fs20\qj \~{\*\bkmkstart PARA873}{\*\bkmkend PARA873}\par\pard\plain\li4752\cf1\f51\fs20\qj \~{\*\bkmkstart TBL874}{\*\bkmkend TBL874} \par\pard\plain {\trowd\cellx720\cellx10500\trrh248 {\*\bkmkstart PARA1130}{\*\bkmkend PARA1130}\pard\plain\intbl\cf1\f51\fs20\ql To:\cell{\*\bkmkstart PARA1131}{\*\bkmkend PARA1131}\pard\plain\intbl\cf1\f51\fs20\ql Eagle Bulk Ultraco LLC\cell{ {\trowd\cellx720\cellx10500\trrh248\row}}}{\*\bkmkstart PARA875}{\*\bkmkend PARA875}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart TBL876}{\*\bkmkend TBL876} \par\pard\plain {\trowd\cellx720\cellx10500\trrh248 {\*\bkmkstart PARA1132}{\*\bkmkend PARA1132}\pard\plain\intbl\cf1\f51\fs20\ql From:\cell{\*\bkmkstart PARA1133}{\*\bkmkend PARA1133}\pard\plain\intbl\cf1\f51\fs20\ql Greenship Bulk Manager Pte. Ltd as Trustee-Manager of Greenship Bulk Trust\cell{ {\trowd\cellx720\cellx10500\trrh248\row}}}{\*\bkmkstart PARA877}{\*\bkmkend PARA877}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart TBL878}{\*\bkmkend TBL878} \par\pard\plain {\trowd\cellx720\cellx10500\trrh248 {\*\bkmkstart PARA1134}{\*\bkmkend PARA1134}\pard\plain\intbl\cf1\f51\fs20\ql Dated:\cell{\*\bkmkstart PARA1135}{\*\bkmkend PARA1135}\pard\plain\intbl\cf1\f51\fs20\ql [\u9679?] 2017\cell{ {\trowd\cellx720\cellx10500\trrh248\row}}}{\*\bkmkstart PARA879}{\*\bkmkend PARA879}\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA880}{\*\bkmkend PARA880}\par\pard\plain\cf1\f51\fs20\qj \~{\*\bkmkstart PARA881}{\*\bkmkend PARA881}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA882}{\*\bkmkend PARA882}\par\pard\plain\cf1\f51\fs20\qj Dear Sirs,{\*\bkmkstart PARA883}{\*\bkmkend PARA883}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA884}{\*\bkmkend PARA884}\par\pard\plain\cf1\f51\fs20\qj We refer to the Framework Agreement dated 28 February 2017 (the "\plain\cf1\f51\fs20\b\qj Agreement\plain\cf1\f51\fs20\qj ") made between Greenship Bulk Manager\plain\cf1\f51\fs20\qj Pte. Ltd as Trustee-Manager of Greenship Bulk Trust, as Sellers and Eagle Bulk Ultraco LLC as Buyers.{\*\bkmkstart PARA885}{\*\bkmkend PARA885}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA886}{\*\bkmkend PARA886}\par\pard\plain\cf1\f51\fs20\qj This is the warranty letter referenced in Clause [9.1(a)/10.1(a)] of the Framework Agreement.{\*\bkmkstart PARA887}{\*\bkmkend PARA887}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA888}{\*\bkmkend PARA888}\par\pard\plain\cf1\f51\fs20\qj Terms defined in the Agreement shall, unless otherwise defined therein, have the same meaning when used herein.{\*\bkmkstart PARA889}{\*\bkmkend PARA889}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA890}{\*\bkmkend PARA890}\par\pard\plain\cf1\f51\fs20\qj With respect to MV[ ] we hereby warrant that the Vessel has been maintained in accordance with the same maintenance\plain\cf1\f51\fs20\qj policy as the other vessels in the [Six Fleet][Three Fleet].{\*\bkmkstart PARA891}{\*\bkmkend PARA891}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA892}{\*\bkmkend PARA892}\par\pard\plain\cf1\f51\fs20\qj This letter shall be governed by English Law and Clause 20 of the Framework Agreement shall apply hereto.{\*\bkmkstart PARA893}{\*\bkmkend PARA893}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA894}{\*\bkmkend PARA894}\par\pard\plain\cf1\f51\fs20\qj \~{\*\bkmkstart PARA895}{\*\bkmkend PARA895}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA896}{\*\bkmkend PARA896}\par\pard\plain\cf1\f51\fs20\qj Yours faithfully{\*\bkmkstart PARA897}{\*\bkmkend PARA897}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA898}{\*\bkmkend PARA898}\par\pard\plain\cf1\f51\fs20\qj \~{\*\bkmkstart PARA899}{\*\bkmkend PARA899}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA900}{\*\bkmkend PARA900}\par\pard\plain\cf1\f51\fs20\qj Sellers/Owners\par\pard\plain\cf1\f51\fs20\qj \~\par\pard\plain\cf1\f51\fs20\qj \~\par\pard\plain\cf1\f51\fs20\qc 16{\*\bkmkstart PARA901}{\*\bkmkend PARA901}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~ \page{\*\bkmkstart doc_1_3}{\*\bkmkend doc_1_3}{\*\bkmkstart PARA1}{\*\bkmkend PARA1}\par\pard\plain\li330\cf1\f51\fs20\b\li450\ql Exhibit 31.1\par\pard\plain\cf1\f51\fs20\b\qj \~\par\pard\plain\cf1\f51\fs20\b\ul\qj CERTIFICATION OF THE PRINCIPAL EXECUTIVE OFFICER\par\pard\plain\cf1\f51\fs20\qj \~\par\pard\plain\cf1\f51\fs20\qj I, Gary Vogel, certify that:\par\pard\plain\cf1\f51\fs20\qj \~\par\pard\plain\cf1\f51\fs20\qj 1. I have reviewed this quarterly report on Form 10-Q of Eagle Bulk Shipping Inc.;\par\pard\plain\cf1\f51\fs20\qj \~\par\pard\plain\cf1\f51\fs20\qj 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material\plain\cf1\f51\fs20\qj fact necessary to make the statements made, in light of the circumstances under which such statements were made, not\plain\cf1\f51\fs20\qj misleading with respect to the period covered by this report;\par\pard\plain\cf1\f51\fs20\qj \~\par\pard\plain\cf1\f51\fs20\qj 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in\plain\cf1\f51\fs20\qj all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods\plain\cf1\f51\fs20\qj presented in this report;\par\pard\plain\cf1\f51\fs20\ql \~\par\pard\plain\cf1\f51\fs20\qj 4. The registrant\u8217?s other certifying officer and I are responsible for establishing and maintaining disclosure controls\plain\cf1\f51\fs20\qj and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting\plain\cf1\f51\fs20\qj (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:\par\pard\plain\cf1\f51\fs20\ql \~{\*\bkmkstart TBL18}{\*\bkmkend TBL18} \par\pard\plain {\trowd\clvertalc\cellx344\cellx688\cellx10350\trrh990 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql a)\cell\pard\plain\intbl\cf1\f51\fs20\qj designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed\plain\intbl\cf1\f51\fs20\qj under our supervision, to ensure that material information relating to the registrant, including its consolidated\plain\intbl\cf1\f51\fs20\qj subsidiaries, is made known to us by others within those entities, particularly during the period in which this report\plain\intbl\cf1\f51\fs20\qj is being prepared;\cell{ {\trowd\clvertalc\cellx344\cellx688\cellx10350\trrh990\row}}}\pard\plain\li1276\fi-484\cf1\f51\fs20\ql \~{\*\bkmkstart TBL23}{\*\bkmkend TBL23} \par\pard\plain {\trowd\clvertalc\cellx344\cellx688\cellx10350\trrh990 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA21}{\*\bkmkend PARA21}\pard\plain\intbl\cf1\f51\fs20\ql b)\cell{\*\bkmkstart PARA22}{\*\bkmkend PARA22}\pard\plain\intbl\cf1\f51\fs20\qj designed such internal control over financial reporting, or caused such internal control over financial reporting to be\plain\intbl\cf1\f51\fs20\qj designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and\plain\intbl\cf1\f51\fs20\qj the preparation of financial statements for external purposes in accordance with generally accepted accounting\plain\intbl\cf1\f51\fs20\qj principles;\cell{ {\trowd\clvertalc\cellx344\cellx688\cellx10350\trrh990\row}}}{\*\bkmkstart PARA24}{\*\bkmkend PARA24}\pard\plain\ri154\cf1\f51\fs20\ql \~{\*\bkmkstart TBL28}{\*\bkmkend TBL28} \par\pard\plain {\trowd\clvertalc\cellx344\cellx688\cellx10350\trrh742 {\*\bkmkstart PARA25}{\*\bkmkend PARA25}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA26}{\*\bkmkend PARA26}\pard\plain\intbl\cf1\f51\fs20\ql c)\cell{\*\bkmkstart PARA27}{\*\bkmkend PARA27}\pard\plain\intbl\cf1\f51\fs20\qj evaluated the effectiveness of the registrant\u8217?s disclosure controls and procedures and presented in this report\plain\intbl\cf1\f51\fs20\qj our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period\plain\intbl\cf1\f51\fs20\qj covered by this report based on such evaluation; and\cell{ {\trowd\clvertalc\cellx344\cellx688\cellx10350\trrh742\row}}}{\*\bkmkstart PARA29}{\*\bkmkend PARA29}\pard\plain\li1276\fi-484\cf1\f51\fs20\ql \~{\*\bkmkstart TBL33}{\*\bkmkend TBL33} \par\pard\plain {\trowd\clvertalc\cellx344\cellx688\cellx10350\trrh742 {\*\bkmkstart PARA30}{\*\bkmkend PARA30}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA31}{\*\bkmkend PARA31}\pard\plain\intbl\cf1\f51\fs20\qj d)\cell{\*\bkmkstart PARA32}{\*\bkmkend PARA32}\pard\plain\intbl\cf1\f51\fs20\qj disclosed in this report any change in the registrant\u8217?s internal control over financial reporting that occurred\plain\intbl\cf1\f51\fs20\qj during the registrant\u8217?s most recent fiscal quarter that has materially affected, or is reasonably likely to\plain\intbl\cf1\f51\fs20\qj materially affect, the registrant\u8217?s internal\~control over financial reporting.\cell{ {\trowd\clvertalc\cellx344\cellx688\cellx10350\trrh742\row}}}\pard\plain\cf1\f51\fs20\ql \~{\*\bkmkstart PARA35}{\*\bkmkend PARA35}\par\pard\plain\cf1\f51\fs20\qj 5. The registrant\u8217?s other certifying officers and I have disclosed, based on our most recent evaluation of internal\plain\cf1\f51\fs20\qj control over financial reporting, to the registrant\u8217?s auditors and the audit committee of the registrant\u8217?s board\plain\cf1\f51\fs20\qj of directors (or persons performing the equivalent function):{\*\bkmkstart PARA36}{\*\bkmkend PARA36}\par\pard\plain\cf1\f51\fs20\ql \~{\*\bkmkstart TBL40}{\*\bkmkend TBL40} \par\pard\plain {\trowd\clvertalc\cellx344\cellx688\cellx10350\trrh742 {\*\bkmkstart PARA37}{\*\bkmkend PARA37}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qj a)\cell{\*\bkmkstart PARA39}{\*\bkmkend PARA39}\pard\plain\intbl\cf1\f51\fs20\qj all significant deficiencies and material weaknesses in the design or operation of internal control over financial\plain\intbl\cf1\f51\fs20\qj reporting which are reasonably likely to adversely affect the registrant\u8217?s ability to record, process, summarize\plain\intbl\cf1\f51\fs20\qj and report financial information; and\cell{ {\trowd\clvertalc\cellx344\cellx688\cellx10350\trrh742\row}}}\pard\plain\li1276\fi-484\cf1\f51\fs20\ql \~{\*\bkmkstart TBL45}{\*\bkmkend TBL45} \par\pard\plain {\trowd\clvertalc\cellx344\cellx688\cellx10350\trrh495 {\*\bkmkstart PARA42}{\*\bkmkend PARA42}\pard\plain\intbl\cf1\f51\fs20\ql \~\cell{\*\bkmkstart PARA43}{\*\bkmkend PARA43}\pard\plain\intbl\cf1\f51\fs20\qj b)\cell{\*\bkmkstart PARA44}{\*\bkmkend PARA44}\pard\plain\intbl\cf1\f51\fs20\qj any fraud, whether or not material, that involves management or other employees who have a significant role in the\plain\intbl\cf1\f51\fs20\qj registrant\u8217?s internal control over financial reporting.\cell{ {\trowd\clvertalc\cellx344\cellx688\cellx10350\trrh495\row}}}{\*\bkmkstart PARA46}{\*\bkmkend PARA46}\pard\plain\cf1\f51\fs20\qj \~{\*\bkmkstart PARA47}{\*\bkmkend PARA47}\par\pard\plain\cf1\f51\fs20\qj Date: May 9, 2017{\*\bkmkstart PARA48}{\*\bkmkend PARA48}\par\pard\plain\cf1\f51\fs20\qj \~{\*\bkmkstart PARA49}{\*\bkmkend PARA49}\par\pard\plain\cf1\f51\fs20\ul\ql /s/ Gary Vogel\~\~\~\~\~\~\~\~\~\~ \~{\*\bkmkstart PARA50}{\*\bkmkend PARA50}\par\pard\plain\cf1\f51\fs20\ql Gary Vogel\par\pard\plain\cf1\f51\fs20\ql Principal Executive Officer \page{\*\bkmkstart doc_1_4}{\*\bkmkend doc_1_4}\par\pard\plain\li484\cf1\f51\fs20\b\li600\ql Exhibit 31.2\par\pard\plain\cf1\f51\fs20\qj \~\par\pard\plain\cf1\f51\fs20\b\ul\qj CERTIFICATION OF THE PRINCIPAL FINANCIAL OFFICER\par\pard\plain\cf1\f51\fs20\qj \~\par\pard\plain\cf1\f51\fs20\qj I, Frank De Costanzo, certify that:\par\pard\plain\cf1\f51\fs20\qj \~\par\pard\plain\cf1\f51\fs20\qj 1. I have reviewed this quarterly report on Form 10-Q of Eagle Bulk Shipping Inc.;\par\pard\plain\cf1\f51\fs20\qj \~\par\pard\plain\cf1\f51\fs20\qj 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material\plain\cf1\f51\fs20\qj fact necessary to make the statements made, in light of the circumstances under which such statements were made, not\plain\cf1\f51\fs20\qj misleading with respect to the period covered by this report;\par\pard\plain\cf1\f51\fs20\qj \~\par\pard\plain\cf1\f51\fs20\qj 3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present\plain\cf1\f51\fs20\qj in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the\plain\cf1\f51\fs20\qj periods presented in this report;\par\pard\plain\cf1\f51\fs20\ql \~\par\pard\plain\cf1\f51\fs20\qj 4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and\plain\cf1\f51\fs20\qj procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as\plain\cf1\f51\fs20\qj defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:\par\pard\plain\cf1\f51\fs20\qj \~ \par\pard\plain {\trowd\clvertalc\cellx340\cellx680\cellx10200\trrh990 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql a)\cell\pard\plain\intbl\cf1\f51\fs20\qj designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be\plain\intbl\cf1\f51\fs20\qj designed under our supervision, to ensure that material information relating to the Company, including its\plain\intbl\cf1\f51\fs20\qj consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in\plain\intbl\cf1\f51\fs20\qj which this report is being prepared;\cell{ {\trowd\clvertalc\cellx340\cellx680\cellx10200\trrh990\row}}}\pard\plain\li1012\cf1\f51\fs20\ql \~ \par\pard\plain {\trowd\clvertalc\cellx340\cellx680\cellx10200\trrh990 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qj b)\cell\pard\plain\intbl\cf1\f51\fs20\qj designed such internal control over financial reporting, or caused such internal control over financial reporting to\plain\intbl\cf1\f51\fs20\qj be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting\plain\intbl\cf1\f51\fs20\qj and the preparation of financial statements for external purposes in accordance with generally accepted accounting\plain\intbl\cf1\f51\fs20\qj principles;\cell{ {\trowd\clvertalc\cellx340\cellx680\cellx10200\trrh990\row}}}\pard\plain\cf1\f51\fs20\ql \~ \par\pard\plain {\trowd\clvertalc\cellx340\cellx680\cellx10200\trrh742 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qj c)\cell\pard\plain\intbl\cf1\f51\fs20\qj evaluated the effectiveness of the registrant\u8217?s disclosure controls and procedures and presented in this\plain\intbl\cf1\f51\fs20\qj report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the\plain\intbl\cf1\f51\fs20\qj period covered by this report based on such evaluation; and\cell{ {\trowd\clvertalc\cellx340\cellx680\cellx10200\trrh742\row}}}\pard\plain\cf1\f51\fs20\ql \~ \par\pard\plain {\trowd\clvertalc\cellx340\cellx680\cellx10200\trrh742 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qj d)\cell\pard\plain\intbl\cf1\f51\fs20\qj disclosed in this report any change in the registrant\u8217?s internal control over financial reporting that occurred\plain\intbl\cf1\f51\fs20\qj during the registrant\u8217?s most recent fiscal quarter that has materially affected, or is reasonably likely to\plain\intbl\cf1\f51\fs20\qj materially affect, the registrant\u8217?s internal control over financial reporting.\cell{ {\trowd\clvertalc\cellx340\cellx680\cellx10200\trrh742\row}}}\pard\plain\cf1\f51\fs20\ql \~\par\pard\plain\cf1\f51\fs20\qj 5. The registrant\u8217?s other certifying officers and I have disclosed, based on our most recent evaluation of internal\plain\cf1\f51\fs20\qj control over financial reporting, to the registrant\u8217?s auditors and the audit committee of the registrant\u8217?s board\plain\cf1\f51\fs20\qj of directors (or persons performing the equivalent function):\par\pard\plain\cf1\f51\fs20\ql \~ \par\pard\plain {\trowd\clvertalc\cellx340\cellx680\cellx10200\trrh742 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qj a)\cell\pard\plain\intbl\cf1\f51\fs20\qj all significant deficiencies and material weaknesses in the design or operation of internal control over financial\plain\intbl\cf1\f51\fs20\qj reporting which are reasonably likely to adversely affect the registrant\u8217?s ability to record, process,\plain\intbl\cf1\f51\fs20\qj summarize and report financial information; and\cell{ {\trowd\clvertalc\cellx340\cellx680\cellx10200\trrh742\row}}}\pard\plain\li1012\cf1\f51\fs20\qj \~ \par\pard\plain {\trowd\clvertalc\cellx340\cellx680\cellx10200\trrh495 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\qj b)\cell\pard\plain\intbl\cf1\f51\fs20\qj any fraud, whether or not material, that involves management or other employees who have a significant role in\plain\intbl\cf1\f51\fs20\qj the registrant\u8217?s internal control over financial reporting.\cell{ {\trowd\clvertalc\cellx340\cellx680\cellx10200\trrh495\row}}}\pard\plain\cf1\f51\fs20\qj \~\par\pard\plain\cf1\f51\fs20\qj Date: May 9, 2017\par\pard\plain\cf1\f51\fs20\qj \~\par\pard\plain\cf1\f51\fs20\ul\ql /s/ Frank De Costanzo\~\~\~\~\~\~\~\~\~\par\pard\plain\cf1\f51\fs20\ql Frank De Costanzo{\*\bkmkstart PARA51}{\*\bkmkend PARA51}\par\pard\plain\cf1\f51\fs20\ql Principal Financial Officer{\*\bkmkstart PARA52_1}{\*\bkmkend PARA52_1}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA52_2}{\*\bkmkend PARA52_2}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~ \page{\*\bkmkstart doc_1_5}{\*\bkmkend doc_1_5}\par\pard\plain\li660\cf1\f51\fs20\b\li750\ql Exhibit 32.1\par\pard\plain\li1012\cf1\f51\fs20\qj \~\par\pard\plain\li154\ri154\cf1\f51\fs20\b\qj PRINCIPAL EXECUTIVE OFFICER CERTIFICATION\par\pard\plain\li154\ri154\cf1\f51\fs20\b\qj PURSUANT TO 18 U.S.C. SECTION 1350\par\pard\plain\li1012\cf1\f51\fs20\qj \~\par\pard\plain\li154\ri154\fi594\cf1\f51\fs20\qj In connection with the quarterly report of Eagle Bulk Shipping Inc. (the \u8220?Company\u8221?) on Form 10-Q\plain\li154\ri154\cf1\f51\fs20\qj for the quarter ended March 31, 2017, as filed with the Securities and Exchange Commission (the \u8220?SEC\u8221?)\plain\li154\ri154\cf1\f51\fs20\qj on or about the date hereof (the \u8220?Report\u8221?), I, Gary Vogel, Principal Executive Officer of the Company,\plain\li154\ri154\cf1\f51\fs20\qj certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002,\plain\li154\ri154\cf1\f51\fs20\qj that:\par\pard\plain\li1012\cf1\f51\fs20\qj \~{\*\bkmkstart TBL11}{\*\bkmkend TBL11} \par\pard\plain {\trowd\clvertalc\cellx200\cellx453\cellx10050\trrh495 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql (1)\cell\pard\plain\intbl\cf1\f51\fs20\qj The\~Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934;\plain\intbl\cf1\f51\fs20\qj and\cell{ {\trowd\clvertalc\cellx200\cellx453\cellx10050\trrh495\row}}}\pard\plain\ri154\cf1\f51\fs20\ql \~\~{\*\bkmkstart TBL16}{\*\bkmkend TBL16} \par\pard\plain {\trowd\clvertalc\cellx200\cellx453\cellx10050\trrh495 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql (2)\cell\pard\plain\intbl\cf1\f51\fs20\qj The information contained in the Report fairly presents, in all material respects, the financial condition and results\plain\intbl\cf1\f51\fs20\qj of operations of the Company.\cell{ {\trowd\clvertalc\cellx200\cellx453\cellx10050\trrh495\row}}}\pard\plain\li1012\cf1\f51\fs20\qj \~\par\pard\plain\li1012\cf1\f51\fs20\qj \~\par\pard\plain\li154\ri154\fi594\cf1\f51\fs20\qj A signed original of this written statement has been provided to the Company and will be retained by the\plain\li154\ri154\cf1\f51\fs20\qj Company and furnished to the SEC or its staff upon request.\par\pard\plain\li1012\cf1\f51\fs20\qj \~\par\pard\plain\li154\ri154\cf1\f51\fs20\qj Date: May 9, 2017\par\pard\plain\li1012\cf1\f51\fs20\qj \~{\*\bkmkstart PARA23}{\*\bkmkend PARA23}\par\pard\plain\li154\ri154\cf1\f51\fs20\ul\qj \~/s/ Gary Vogel\~\~\~\~\~\~\~\~\~\~\~\~\~\~ \~\~\par\pard\plain\li154\ri154\cf1\f51\fs20\qj Gary Vogel\par\pard\plain\li154\ri154\cf1\f51\fs20\qj Principal Executive Officer\par\pard\plain\li1012\cf1\f51\fs20\qj \~{\*\bkmkstart PARA27_1}{\*\bkmkend PARA27_1}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA27_2}{\*\bkmkend PARA27_2}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~ \page{\*\bkmkstart doc_1_6}{\*\bkmkend doc_1_6}\par\pard\plain\li814\ri154\cf1\f51\fs20\b\li900\ql Exhibit 32.2\par\pard\plain\li1012\cf1\f51\fs20\b\qj \~\par\pard\plain\li154\ri154\cf1\f51\fs20\b\qj PRINCIPAL FINANCIAL OFFICER CERTIFICATION\par\pard\plain\li154\ri154\cf1\f51\fs20\b\qj PURSUANT TO 18 U.S.C. SECTION 1350\par\pard\plain\li1012\cf1\f51\fs20\qj \~\par\pard\plain\li154\ri154\fi792\cf1\f51\fs20\qj In connection with the quarterly report of Eagle Bulk Shipping Inc. (the \u8220?Company\u8221?) on Form\plain\li154\ri154\cf1\f51\fs20\qj 10-Q for the quarter ended March 31, 2017, as filed with the Securities and Exchange Commission (the\plain\li154\ri154\cf1\f51\fs20\qj \u8220?SEC\u8221?) on or about the date hereof (the \u8220?Report\u8221?), I, Frank De Costanzo, Principal\plain\li154\ri154\cf1\f51\fs20\qj Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of\plain\li154\ri154\cf1\f51\fs20\qj the Sarbanes-Oxley Act of 2002, that:\par\pard\plain\li1012\cf1\f51\fs20\qj \~ \par\pard\plain {\trowd\clvertalc\cellx183\cellx436\cellx9216\trrh495 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql (1)\cell\pard\plain\intbl\cf1\f51\fs20\ql The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange\plain\intbl\cf1\f51\fs20\ql Act of 1934; and\cell{ {\trowd\clvertalc\cellx183\cellx436\cellx9216\trrh495\row}}}\pard\plain\ri154\cf1\f51\fs20\ql \~\~ \par\pard\plain {\trowd\clvertalc\cellx183\cellx436\cellx9216\trrh495 \pard\plain\intbl\cf1\f51\fs20\ql \~\cell\pard\plain\intbl\cf1\f51\fs20\ql (2)\cell\pard\plain\intbl\cf1\f51\fs20\ql The information contained in the Report fairly presents, in all material respects, the financial condition\plain\intbl\cf1\f51\fs20\ql and results of operations of the Company.\cell{ {\trowd\clvertalc\cellx183\cellx436\cellx9216\trrh495\row}}}\pard\plain\li1012\cf1\f51\fs20\qj \~\par\pard\plain\li1012\cf1\f51\fs20\qj \~\par\pard\plain\li154\ri154\fi792\cf1\f51\fs20\qj A signed original of this written statement has been provided to the Company and will be retained by the\plain\li154\ri154\cf1\f51\fs20\qj Company and furnished to the SEC or its staff upon request.\par\pard\plain\li1012\cf1\f51\fs20\qj \~\par\pard\plain\li154\ri154\cf1\f51\fs20\qj Date: May 9, 2017\par\pard\plain\li1012\cf1\f51\fs20\qj \~\par\pard\plain\li154\ri154\cf1\f51\fs20\ul\qj /s/ Frank De Costanzo\~\~\~\~\~\~\~\~\par\pard\plain\li154\ri154\cf1\f51\fs20\qj Frank De Costanzo\par\pard\plain\li154\ri154\cf1\f51\fs20\qj Principal Financial Officer{\*\bkmkstart PARA26_1}{\*\bkmkend PARA26_1}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~{\*\bkmkstart PARA26_2}{\*\bkmkend PARA26_2}\par\pard\plain\li154\ri154\cf1\f51\fs20\qj \~ \page}