0001193125-18-294817.txt : 20181005 0001193125-18-294817.hdr.sgml : 20181005 20181005172801 ACCESSION NUMBER: 0001193125-18-294817 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 78 CONFORMED PERIOD OF REPORT: 20181005 FILED AS OF DATE: 20181005 DATE AS OF CHANGE: 20181005 FILER: COMPANY DATA: COMPANY CONFORMED NAME: TSAKOS ENERGY NAVIGATION LTD CENTRAL INDEX KEY: 0001166663 STANDARD INDUSTRIAL CLASSIFICATION: DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412] IRS NUMBER: 000000000 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-31236 FILM NUMBER: 181111411 BUSINESS ADDRESS: STREET 1: 367 SYNGROU AVENUE CITY: ATHENS STATE: J3 ZIP: 00000 MAIL ADDRESS: STREET 1: 367 SYNGROU AVE 175 64 CITY: ATHENS STATE: J3 ZIP: 00000 6-K 1 d636251d6k.htm FORM 6-K Form 6-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of October, 2018

Commission File Number 001-31236

TSAKOS ENERGY NAVIGATION LIMITED

(Translation of registrant’s name into English)

 

 

 

367 Syngrou Avenue, 175 64 P.

Faliro, Athens, Greece

(Address of principal executive office)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  ☒             Form 40-F  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):             

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):             

 

 

 


TSAKOS ENERGY NAVIGATION LIMITED

FORM 6-K

This report on Form 6-K is hereby incorporated by reference into the following Registration Statements of the Company:

 

   

Registration Statement on Form F-3 (No. 333-219569) filed with the SEC on July 28, 2017;

 

   

Registration Statement on Form F-3 (No. 333-206852) filed with the SEC on September 9, 2015;

 

   

Registration Statement on Form F-3 (No. 333-159218) initially filed with the SEC on May 13, 2009, as amended;

 

   

Registration Statement on Form F-3 (No. 333-111615) filed with the SEC on December 30, 2003;

 

   

Registration Statement on Form S-8 (No. 333-183007) initially filed with the SEC on August 2, 2012, as amended;

 

   

Registration Statement on Form S-8 (No. 333-134306) initially filed with the SEC on May 19, 2006, as amended;

 

   

Registration Statement on Form S-8 (No. 333-104062) filed with the SEC on March 27, 2003; and

 

   

Registration Statement on Form S-8 (No. 333-102860) filed with the SEC on January 31, 2003.


EXHIBIT INDEX

 

99.1    Consolidated Financial Statements (Unaudited), June 30, 2018
99.2    Management’s Discussion and Analysis of Financial Condition and Results of Operations
99.3    Capitalization at June 30, 2018
101.INS    XBRL Instance Document
101.SCH    XBRL Taxonomy Extension Schema
101.CAL    XBRL Taxonomy Extension Calculation Linkbase
101.DEF    XBRL Taxonomy Extension Definition Linkbase
101.LAB    XBRL Taxonomy Extension Label Linkbase
101.PRE    XBRL Taxonomy Extension Presentation Linkbase


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: October 5, 2018

 

TSAKOS ENERGY NAVIGATION LIMITED
By:   /s/  Paul Durham
 

Paul Durham

Chief Financial Officer

 

EX-99.1 2 d636251dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

JUNE 30, 2018 AND DECEMBER 31, 2017

(Expressed in thousands of U.S. Dollars - except share and per share data)

 

     June 30,
2018
    December 31,
2017
 
     (UNAUDITED)        

ASSETS

    

CURRENT ASSETS:

    

Cash and cash equivalents

   $ 272,501     $ 189,763  

Restricted cash

     9,924       12,910  

Accounts receivable, net

     23,436       27,364  

Capitalized voyage expenses

     525       —    

Due from related companies (Note 2)

     16,534       14,210  

Advances and other

     27,382       19,061  

Vessels held for sale (Note 3)

     —         17,500  

Inventories

     17,881       16,293  

Prepaid insurance and other

     2,946       1,577  

Current portion of financial instruments-Fair value (Note 11)

     7,045       5,715  
  

 

 

   

 

 

 

Total current assets

     378,174       304,393  
  

 

 

   

 

 

 

INVESTMENTS

     1,000       1,000  

FINANCIAL INSTRUMENTS - FAIR VALUE, net of current portion (Note 11)

     1,848       1,430  

LONG TERM RECEIVABLE (Note 3)

     13,000       13,000  

FIXED ASSETS (Note 3)

    

Advances for vessels under construction

     12,123       1,650  

Vessels

     3,954,228       3,953,599  

Accumulated depreciation

     (993,040     (925,195
  

 

 

   

 

 

 

Vessels’ Net Book Value

     2,961,188       3,028,404  
  

 

 

   

 

 

 

Total fixed assets

     2,973,311       3,030,054  
  

 

 

   

 

 

 

DEFERRED CHARGES, net (Note 4)

     30,381       23,759  
  

 

 

   

 

 

 

Total assets

   $ 3,397,714     $ 3,373,636  
  

 

 

   

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

    

CURRENT LIABILITIES:

    

Current portion of long-term debt (Note 5)

   $ 257,249     $ 225,883  

Payables

     44,542       46,916  

Due to related companies (Note 2)

     10,047       7,442  

Dividends payable

     4,379       —    

Accrued liabilities

     54,788       43,693  

Unearned revenue

     13,498       13,611  

Current portion of financial instruments - Fair value (Note 11)

     336       1,378  
  

 

 

   

 

 

 

Total current liabilities

     384,839       338,923  
  

 

 

   

 

 

 

LONG-TERM DEBT, net of current portion (Note 5)

     1,414,836       1,525,986  

FINANCIAL INSTRUMENTS - FAIR VALUE, net of current portion (Note 11)

     1,203       589  

STOCKHOLDERS’ EQUITY (Note 7):

    

Preferred shares, $ 1.00 par value; 25,000,000 shares authorized and 2,000,000 Series B Preferred Shares, 2,000,000 Series C Preferred Shares, 3,424,803 Series D Preferred Shares, 4,600,000 Series E Preferred Shares and 5,400,000 Series F Preferred Shares issued and outstanding at June 30, 2018 and 25,000,000 shares authorized and 2,000,000 Series B Preferred Shares, 2,000,000 Series C Preferred Shares, 3,424,803 Series D Preferred Shares, 4,600,000 Series E Preferred Shares issued and outstanding at December 31, 2017

     17,425       12,025  

Common shares, $ 1.00 par value; 175,000,000 shares authorized at June 30, 2018 and December 31, 2017; 87,338,652 shares issued at June 30, 2018 and December 31, 2017, 87,336,453 and 86,319,583 shares outstanding at June 30, 2018 and December 31, 2017, respectively

     87,339       87,339  

Additional paid-in capital

     983,107       857,998  

Cost of treasury stock

     (76     (5,736

Accumulated other comprehensive loss

     (4,519     (5,305

Retained earnings

     501,113       547,937  
  

 

 

   

 

 

 

Total Tsakos Energy Navigation Limited stockholders’ equity

     1,584,389       1,494,258  

Non-controlling Interest

     12,447       13,880  
  

 

 

   

 

 

 

Total stockholders’ equity

     1,596,836       1,508,138  
  

 

 

   

 

 

 

Total liabilities and stockholders’ equity

   $ 3,397,714     $ 3,373,636  
  

 

 

   

 

 

 

The accompanying notes are an integral part of these consolidated financial statements


TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED)

FOR THE THREE MONTHS ENDED JUNE 30, 2018 AND 2017

(Expressed in thousands of U.S. Dollars - except share and per share data)

 

    

Three months ended

June 30

 
     2018     2017  

VOYAGE REVENUES:

   $ 123,927     $ 132,180  

EXPENSES:

    

Voyage expenses

     29,407       28,121  

Charter hire expense

     2,698       —    

Vessel operating expenses

     44,169       43,894  

Depreciation and amortization

     36,621       34,298  

General and administrative expenses

     6,812       6,557  

Loss on sale of vessel

     364       —    
  

 

 

   

 

 

 

Total expenses

     120,071       112,870  
  

 

 

   

 

 

 

Operating income

     3,856       19,310  
  

 

 

   

 

 

 

OTHER INCOME (EXPENSES):

    

Interest and finance costs, net (Note 6)

     (14,783     (15,873

Interest income

     389       313  

Other, net

     2       199  
  

 

 

   

 

 

 

Total other expenses, net

     (14,392     (15,361
  

 

 

   

 

 

 

Net (loss) income

     (10,536     3,949  

Less: Net loss (income) attributable to the non-controlling interest

     983       (374
  

 

 

   

 

 

 

Net (loss) income attributable to Tsakos Energy Navigation Limited

   $ (9,553   $ 3,575  
  

 

 

   

 

 

 

Effect of preferred dividends

     (6,713     (6,524

Net (loss) attributable to common stockholders of Tsakos Energy Navigation Limited

     (16,266     (2,949

Loss per share, basic and diluted attributable to Tsakos Energy Navigation Limited common shareholders (Note 9)

   $ (0.19   $ (0.03
  

 

 

   

 

 

 

Weighted average number of shares, basic and diluted (Note 9)

     86,942,159       84,284,281  
  

 

 

   

 

 

 

The accompanying notes are an integral part of these consolidated financial statements


TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2018 AND 2017

(Expressed in thousands of U.S. Dollars - except share and per share data)

 

    

Six months ended

June 30

 
     2018     2017  

VOYAGE REVENUES:

   $ 249,651     $ 270,421  

EXPENSES:

    

Voyage expenses

     56,683       58,204  

Charter hire expense

     5,376       —    

Vessel operating expenses

     91,704       83,905  

Depreciation and amortization

     72,432       66,588  

General and administrative expenses

     13,643       12,667  

Loss on sale of vessel

     364       —    
  

 

 

   

 

 

 

Total expenses

     240,202       221,364  
  

 

 

   

 

 

 

Operating income

     9,449       49,057  
  

 

 

   

 

 

 

OTHER INCOME (EXPENSES):

    

Interest and finance costs, net (Note 6)

     (32,728     (27,738

Interest income

     711       431  

Other, net

     (333     54  
  

 

 

   

 

 

 

Total other expenses, net

     (32,350     (27,253
  

 

 

   

 

 

 

Net (loss) income

     (22,901     21,804  

Less: Net loss (income) attributable to the non-controlling interest

     1,433       (751
  

 

 

   

 

 

 

Net (loss) income attributable to Tsakos Energy Navigation Limited

   $ (21,468   $ 21,053  
  

 

 

   

 

 

 

Effect of preferred dividends

     (13,355     (10,492

Net (loss) income attributable to common stockholders of Tsakos Energy Navigation Limited

     (34,823     10,561  

(Loss) Earnings per share, basic and diluted attributable to Tsakos Energy Navigation Limited common shareholders (Note 9)

   $ (0.40   $ 0.13  
  

 

 

   

 

 

 

Weighted average number of shares, basic and diluted (Note 9)

     86,634,907       84,126,285  
  

 

 

   

 

 

 

The accompanying notes are an integral part of these consolidated financial statements


TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

STATEMENT OF CONSOLIDATED OTHER COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

FOR THE THREE MONTHS ENDED JUNE 30, 2018, AND 2017

(Expressed in thousands of U.S. Dollars)

 

    

Three months ended

June 30

 
     2018     2017  

Net (loss) income

   $ (10,536   $ 3,949  

Other comprehensive income

    

Unrealized gain (loss) from hedging financial instruments

    

Unrealized income (loss) on interest rate swaps, net

     1,808       (125
  

 

 

   

 

 

 

Comprehensive (loss) income

     (8,728     3,824  
  

 

 

   

 

 

 

Less: comprehensive loss (income) attributable to the non-controlling interest

     983       (374
  

 

 

   

 

 

 

Comprehensive (loss) income attributable to Tsakos Energy Navigation Limited

   $ (7,745   $ 3,450  
  

 

 

   

 

 

 

The accompanying notes are an integral part of these consolidated financial statements


TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

STATEMENT OF CONSOLIDATED OTHER COMPREHENSIVE INCOME (LOSS) (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2018, AND 2017

(Expressed in thousands of U.S. Dollars)

 

    

Six months ended

June 30

 
     2018     2017  

Net (loss) income

   $ (22,901   $ 21,804  

Other comprehensive income (loss)

    

Unrealized gain (loss) from hedging financial instruments

    

Unrealized income (loss) on interest rate swaps, net

     786       (3,196
  

 

 

   

 

 

 

Comprehensive (loss) income

     (22,115     18,608  
  

 

 

   

 

 

 

Less: comprehensive loss (income) attributable to the non-controlling interest

     1,433       (751
  

 

 

   

 

 

 

Comprehensive (loss) income attributable to Tsakos Energy Navigation Limited

   $ (20,682   $ 17,857  
  

 

 

   

 

 

 

The accompanying notes are an integral part of these consolidated financial statements


TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2018, AND 2017

(Expressed in thousands of U.S. Dollars - except share and per share data)

 

     Preferred
Shares
    Common
Shares
    Additional
Paid-in
Capital
    Treasury stock     Retained
Earnings
    Accumulated
Other
Comprehensive
Income (Loss)
    Tsakos Energy
Navigation
Limited
    Non-
controlling
Interest
    Total
Stockholders’
Equity
 
    Shares     Amount  

BALANCE, January 1, 2017

   $ 7,400     $ 87,339     $ 752,001       3,617,786     $ (20,173   $ 582,889     $ (4,313   $ 1,405,143     $ 12,307     $ 1,417,450  

Net income

               21,053         21,053       751       21,804  

Issuance of 9.25% Series E Preferred Shares

     4,600         105,896               110,496         110,496  

Sale of Series D Preferred Shares

     25         508               533         533  

Sale of Common Shares

         (296     (650,717     3,622       (650       2,676         2,676  

Common dividends declared ($0.05 per share)

               (4,221       (4,221       (4,221

Common dividends paid ($0.05 per share)

               (4,214       (4,214       (4,214

Dividends paid on Series B Preferred shares

               (2,000       (2,000       (2,000

Dividends paid on Series C Preferred shares

               (2,219       (2,219       (2,219

Dividends paid on Series D Preferred shares

               (3,739       (3,739       (3,739

Dividends paid on Series E Preferred shares

               (1,566       (1,566       (1,566

Other comprehensive loss

                 (3,196     (3,196       (3,196
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

BALANCE June 30, 2017

   $ 12,025     $ 87,339     $ 858,109     $ 2,967,069     $ (16,551   $ 585,333     $ (7,509   $ 1,518,746     $ 13,058     $ 1,531,804  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

BALANCE, January 1, 2018

   $ 12,025     $ 87,339     $ 857,998     $ 1,019,069     $ (5,736   $ 547,937     $ (5,305   $ 1,494,258     $ 13,880     $ 1,508,138  


     Preferred
Shares
     Common
Shares
     Additional
Paid-in
Capital
    Treasury stock     Retained
Earnings
    Accumulated
Other
Comprehensive
Income (Loss)
    Tsakos Energy
Navigation
Limited
    Non-
controlling
Interest
    Total
Stockholders’
Equity
 
    Shares     Amount  

Adoption of new accounting standard

                 (1,311       (1,311       (1,311

Net loss

                 (21,468       (21,468     (1,433     (22,901

Issuance of 9.50% Series F Preferred Shares

     5,400           125,153               130,553         130,553  

Sale of Common Shares

           (44     (1,016,870     5,660       (2,045       3,571         3,571  

Common dividends declared ($0.05 per share)

                 (4,379       (4,379       (4,379

Common dividends paid ($0.05 per share)

                 (4,337       (4,337       (4,337

Dividends paid on Series B Preferred Shares

                 (2,000       (2,000       (2,000

Dividends paid on Series C Preferred Shares

                 (2,219       (2,219       (2,219

Dividends paid on Series D Preferred Shares

                 (3,746       (3,746       (3,746

Dividends paid on Series E Preferred Shares

                 (5,319       (5,319       (5,319

Other comprehensive income

                   786       786         786  
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

BALANCE June 30, 2018

   $ 17,425      $ 87,339      $ 983,107       2,199     $ (76   $ 501,113     $ (4,519   $ 1,584,389     $ 12,447     $ 1,596,836  
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

The accompanying notes are an integral part of these consolidated financial statements


TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

FOR THE SIX MONTHS ENDED JUNE 30, 2018 AND 2017

(Expressed in thousands of U.S. Dollars)

 

    

Six months ended

June 30

 
     2018     2017  

Cash Flows from Operating Activities:

    

Net (loss) income

   $ (22,901   $ 21,804  

Adjustments to reconcile net (loss) income to net cash provided by operating activities:

    

Depreciation

     67,940       63,288  

Amortization of deferred dry-docking costs

     4,492       3,300  

Amortization of loan fees

     2,074       1,464  

Change in fair value of derivative instruments

     (1,483     1,209  

Loss on sale of vessel

     364       —    

Payments for dry-docking

     (11,114     (6,970

(Increase) Decrease in:

    

Accounts receivables

     (8,666     7,423  

Inventories

     (1,972     3,471  

Prepaid insurance and other

     (1,369     314  

Capitalized voyage expenses

     (525     —    

Increase (Decrease) in:

    

Payables

     869       3,283  

Accrued liabilities

     11,095       6,697  

Unearned revenue

     (113     5,625  
  

 

 

   

 

 

 

Net Cash provided by Operating Activities

     38,691       110,908  
  

 

 

   

 

 

 

Cash Flows from Investing Activities:

    

Advances for vessels under construction and acquisitions

     (10,473     (1,979

Vessel acquisitions and/or improvements

     (629     (219,242

Proceeds from sale of vessel

     17,520       —    
  

 

 

   

 

 

 

Net Cash provided by (used in) Investing Activities

     6,418       (221,221
  

 

 

   

 

 

 

Cash Flows from Financing Activities:

    

Proceeds from long-term debt

     255,050       215,169  

Financing costs

     (3,044     (2,214

Payments of long-term debt

     (333,866     (142,224

Sale of treasury stock, net

     3,571       2,676  

Proceeds from preferred stock issuance, net

     130,553       111,029  

Cash dividends

     (17,621     (13,738
  

 

 

   

 

 

 

Net Cash provided by Financing Activities

     34,643       170,698  
  

 

 

   

 

 

 

Net increase in cash and cash equivalents and restricted cash

     79,752       60,385  

Cash and cash equivalents and restricted cash at beginning of period

     202,673       197,773  
  

 

 

   

 

 

 

Cash and cash equivalents and restricted cash at end of period

   $ 282,425     $ 258,158  
  

 

 

   

 

 

 

Reconciliation of cash, cash equivalents and restricted cash:

    

Current Assets:

    

Cash and cash equivalents

     272,501       250,408  

Restricted cash

     9,924       7,750  

Total Cash and cash equivalents and restricted cash

     282,425       258,158  

The accompanying notes are an integral part of these consolidated financial statements


TSAKOS ENERGY NAVIGATION LIMITED AND SUBSIDIARIES

CONDENSED NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

JUNE 30, 2018 AND 2017

(Expressed in thousands of U.S. Dollars, except for share and per share data, unless otherwise stated)

 

1.

Basis of Presentation

The accompanying unaudited consolidated financial statements of Tsakos Energy Navigation Limited (the “Holding Company”) and subsidiaries (collectively, the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 6-K and Article 10 of Regulation S-X of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been included. Operating results for the six months ended June 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018.

The consolidated balance sheet as of December 31, 2017, has been derived from the audited consolidated financial statements included in the Company’s annual report on Form 20-F filed with the Securities and Exchange Commission on April 27, 2018 (“Annual Report”), but does not include all of the footnotes required by U.S. GAAP for complete financial statements.

A discussion of the Company’s significant accounting policies can be found in Note 1 of the Company’s consolidated financial statements included in the Annual Report. There have been no material changes to these policies in the six-month period ended June 30, 2018, except as discussed below:

Statement of Cash Flows: In November 2016, the FASB issued ASU No. 2016-18—Statement of Cash Flows (Topic 230) - Restricted Cash, which addresses the requirement that a statement of cash flows explain the change during the period in the total of cash and cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 is effective for fiscal years beginning after December 15, 2017 including interim periods within that reporting period. On January 1, 2018, the Company adopted the aforementioned ASU. The only effect the adoption of ASU No. 2016-18 had is the presentation of the restricted cash on the statement of cash flows. More precisely, the line item “Increase in restricted cash” was removed from the financing activities section of the statement of cash flows and the beginning period and ending period cash balances now include restricted cash. The comparative period of the statement of cash flow has been retrospectively adjusted to reflect the adoption of ASU No. 2016-18. In August 2016, the FASB issued ASU No. 2016-15- Statement of Cash Flows (Topic 230) – Classification of Certain Cash Receipts and Cash Payments which addresses certain cash flow issues with the objective of reducing the existing diversity in practice: ASU 2016-15 is effective for fiscal years beginning after December 15, 2017 including interim periods within that reporting period. The Company adopted the aforementioned ASU with no impact on its condensed consolidated financial statements and notes disclosures.

Treasury stock: Treasury stock is stock that is repurchased by the issuing entity, reducing the amount of outstanding shares in the open market. When shares are repurchased, they may either be cancelled or held for reissue. If not cancelled, such shares are referred to as treasury stock. Treasury stock is essentially the same as unissued capital and reduces ordinary share capital. The cost of the acquired shares should generally be shown as a deduction from stockholders’ equity. Dividends on such shares held in the entity’s treasury should not be reflected as income and not shown as a reduction in equity. Gains and losses on sales of treasury stock should be accounted for as adjustments to stockholders’ equity and not as part of income. Depending on whether the shares are acquired for reissuance or retirement, treasury stock is accounted for under the cost method or the constructive retirement method. The cost method is also used, when reporting entity management has not made decisions as to whether the reacquired shares will be retired, held indefinitely or reissued. The Company elected for the repurchase of its common shares to be accounted for under the cost method. Under this method, the treasury stock account is charged for the aggregate cost of shares reacquired.

Revenue from Contracts with Customers: In May 2016, the FASB issued their final standard on revenue from contracts with customers. The standard, which was issued as ASU 2014-09 (Topic 606) by the FASB, and as amended, outlines a single comprehensive model for entities to use in accounting for revenue from contracts with


customers and supersedes most legacy revenue recognition guidance. The core principle of the guidance in Topic 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services by applying the following steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in each contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in each contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The standard is effective for public business entities from annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. The new revenue standard may be applied using either of the following transition methods: (1) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (2) a modified retrospective approach with the cumulative effect of initially adopting the standard recognized at the date of adoption (which includes additional footnote disclosures).

Regarding the incremental costs of obtaining a contract with a customer and contract’s fulfilling costs, they should be capitalized and been amortized over the voyage duration, if certain criteria are met – for incremental costs if only they are chargeable to the customer and for contract’s fulfilling costs if each of the following criteria is met: (i) they relate directly to the contract, (ii) they generate or enhance entity’s resources that shall be used in performance obligation satisfaction and (iii) are expected to be recovered. Further, in case of incremental costs, entities may elect, in accordance with the practical expedient of ASC 340 “Other assets and deferred costs”, not to capitalize them in cases of amortization period (voyage period) is less than one year.

On January 1, 2018, the Company adopted the aforementioned ASU using the modified retrospective method. Its adoption mainly changed the method of recognizing revenue over time for voyage charters from the discharge-to-discharge method to the loading-to-discharge method. Under the loading-to-discharge method the commencement date of each voyage charter shall be deemed to be upon the loading of the current cargo, decreasing the period of time for recognizing revenue for voyages. With respect to the recognition of voyage charters related costs, taking into consideration the aforementioned practical expedient, the related costs (i.e. commissions) continue to be expensed as incurred, on the basis that the Company’s voyage charters do not exceed one year. Additionally, the Company has identified that the fuel consumption that is incurred by the Company from the latter of the end of the previous vessel employment and the contract date until the arrival at the loading port, during this period meet the capitalization criteria and are deferred and amortized ratably over the total transit time of the voyage from arrival at the loading port until the vessel departs from the discharge port and expensed as part of Voyage Expenses. Capitalized voyage costs are included in the consolidated balance sheet under Current Assets. Regarding time charter and profit sharing contracts, no material changes related to the Company’s accounting policies were identified. Profit sharing contracts are accounted for as variable consideration, and included in the transaction price if some or all of an amount of variable consideration can be estimated in accordance with paragraph 606-10-32-8 and only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The Company adopted ASU 2014-09 during the first quarter of 2018 using the modified retrospective transition method applied to those spot market voyage charter contracts which were not completed as of January 1, 2018. Upon adoption, the Company recognized the cumulative effect of adopting this guidance as an adjustment to its opening balance of retained earnings as of January 1, 2018. Prior periods were not adjusted retrospectively.

The following table illustrates the impact of the adoption of the new revenue recognition guidance on the Consolidated Statement of Comprehensive Loss:

 

     For the Three Months ended June 30, 2018  
     As
reported
$
     Balance without adoption of
New Revenue Standard
$
     Effect of
Change
$
 

Voyage revenues

     123,927        123,840        87  

Voyage expenses

     29,407        29,456        (49

Net loss

     (16,266      (16,402      136  

Net loss per share, basic and diluted

     (0.19      (0.19      0.00  


     For the Six Months ended June 30, 2018  
     As
reported
$
     Balance without adoption of
New Revenue Standard
$
     Effect of
Change
$
 

Voyage revenues

     249,651        248,972        679  

Voyage expenses

     56,683        56,627        56  

Net loss

     (34,823      (35,446      623  

Net loss per share, basic and diluted

     (0.40      (0.41      0.01  

The following table illustrates the impact of the adoption of the new revenue recognition guidance on the Consolidated Statement of Cash Flows:

 

     For the Six Months ended June 30, 2018  
     As
reported
$
     Balance without adoption of
New Revenue Standard
$
     Effect of
Change
$
 

Cash Flows from Operating Activities:

     38,691        38,068        623  

Adjustments to reconcile net loss to net cash provided by operating activities:

        

Increase in Receivables, net

     (8,666      (7,987      (679

Increase in Capitalized voyage expenses

     (525      0        (525

The following table illustrates the cumulative effect of the adoption of the new revenue recognition guidance on the opening Consolidated Balance Sheet:

 

     Balance as at December 31,
2017
$
     New Revenue Standard
Adjustment
$
     Balance as at January 1,
2018
$
 

Assets:

        

Current Assets:

        

Accounts receivable, net

     27,364        (1,949      25,415  

Capitalized voyage expenses

     —          638        638  

Liabilities and Stockholders’ Equity:

        

Current Liabilities:

     —          —          —    

Stockholders’ Equity:

        

Retained earnings

     547,937        (1,311      546,626  

Business combinations – Definition of a business: In January 2017, the FASB issued ASU No. 2017-01 – Business Combinations (Topic 805) – Clarifying the Definition of a Business which addresses business combination issues with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. ASU 2017-01 is effective for fiscal years beginning after December 15, 2017 including interim periods within that reporting period. The Company adopted the aforementioned ASU with no impact on its condensed consolidated financial statements and notes disclosures.


Leases: In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC 842), and as amended, which requires lessees to recognize most leases on the balance sheet. This is expected to increase both reported assets and liabilities. The new lease standard does not substantially change lessor accounting. For public companies, the standard will be effective for the first interim reporting period within annual periods beginning after December 15, 2018, although early adoption is permitted. Lessees and lessors will be required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they first apply the new guidance, using a modified retrospective transition method. In July 2018, the FASB issued ASU No. 2018-11, Leases (ASC 842) – Targeted Improvements. The amendments in this Update: (i) provide entities with an additional (and optional) transition method to adopt the new leases standard, under which an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption consistent with preparers’ requests and (ii) provide lessors with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component and, instead, to account for those components as a single component if the non-lease components otherwise would be accounted for under the new revenue guidance (Topic 606) and both of the following are met: (a) The timing and pattern of transfer of the non-lease component(s) and associated lease component are the same and (b) The lease component, if accounted for separately, would be classified as an operating lease. If the non-lease component or components associated with the lease component are the predominant component of the combined component, an entity is required to account for the combined component in accordance with Topic 606. The Company is currently analyzing the impact of the adoption of this new standard.

 

2.

Transactions with Related Parties

The following amounts were charged by related parties for services rendered:

 

     Three months ended
June 30,
     Six months ended
June 30,
 
     2018      2017      2018      2017  

Tsakos Shipping and Trading S.A. (commissions)

     1,549        1,621        3,092        3,350  

Tsakos Energy Management Limited (management fees)

     5,055        4,826        10,119        9,462  

Tsakos Columbia Shipmanagement S.A. (special charges)

     571        538        1,010        999  

Argosy Insurance Company Limited (insurance premiums)

     2,350        2,591        4,934        4,969  

AirMania Travel S.A. (travel services)

     1,235        1,487        2,815        2,710  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total expenses with related parties

     10,760        11,063        21,970        21,490  
  

 

 

    

 

 

    

 

 

    

 

 

 

Balances due from and due to related parties are as follows:

 

     June 30,
2018
     December 31,
2017
 

Due from related parties

     

Tsakos Columbia Shipmanagement S.A.

     16,534        14,210  
  

 

 

    

 

 

 

Total due from related parties

     16,534        14,210  
  

 

 

    

 

 

 

Due to related parties

     

Tsakos Energy Management Limited

     594        728  

Tsakos Shipping and Trading S.A.

     357        313  

Argosy Insurance Company Limited

     8,655        5,947  

AirMania Travel S.A.

     441        454  
  

 

 

    

 

 

 

Total due to related parties

     10,047        7,442  
  

 

 

    

 

 

 


At June 30, 2018, an amount of $161 ($125 at December 31, 2017) due to Tsakos Shipping and Trading S.A. and an amount of $72 ($68 at December 31, 2017) due to Argosy Insurance Limited, is included in accrued liabilities which relates to services rendered by these related parties not yet invoiced.

Tsakos Energy Management Limited (the “Management Company”): The Holding Company has a Management Agreement (“Management Agreement”) with the Management Company, a Liberian corporation, to provide overall executive and commercial management of its affairs for a monthly fee, which may be adjusted per the Management Agreement of March 8, 2007, effective from January 1, 2008, at the beginning of each year, in accordance with the terms of the Management Agreement, if both parties agree. Fees are also payable to a third-party manager for the LNG carriers Maria Energy, Neo Energy, the VLCCs Ulysses, Hercules I, the aframax tankers Sapporo Princess and Maria Princess and the suezmax tanker Eurochampion 2004.

In addition to the management fee, the Management Agreement provides for an incentive award to the Management Company, which is at the absolute discretion of the Holding Company’s Board of Directors. No such award was granted in the first six months of 2018.

The Holding Company and the Management Company have certain officers and directors in common. The President, who is also the Chief Executive Officer and a Director of the Holding Company, is also the sole stockholder of the Management Company. The Management Company may unilaterally terminate its Management Agreement with the Holding Company at any time upon one year’s notice. In addition, if even one director is elected to the Holding Company without the recommendation of the existing Board of Directors, the Holding Company would be obligated to pay the Management Company an amount calculated in accordance with the terms of the Management Agreement. Under the terms of the Management Agreement between the Holding Company and the Management Company, the Holding Company may terminate the Management Agreement only under specific circumstances, without the prior approval of the Holding Company’s Board of Directors. Estimated future management fees payable over the next ten years under the Management Agreement, exclusive of any incentive awards and based on existing vessels and known vessels scheduled for future delivery, as at June 30, 2018, are:

 

Period/Year

   Amount  

July to December 2018

     10,295  

2019

     20,589  

2020

     20,760  

2021

     20,760  

2022

     20,760  

2023 to 2028

     111,506  
  

 

 

 
     204,670  
  

 

 

 

Management fees for vessels are included in General and Administrative expenses in the accompanying Consolidated Statements of Comprehensive (Loss) Income. Also, under the terms of the Management Agreement, the Management Company provides supervisory services for the construction of new vessels for a monthly fee of $20.4. There were no such fees during the six months ended June 30, 2018, while fees amounting to $500 were charged during the six months ended June 30, 2017 and accounted for as part of construction costs for delivered vessels or included in Advances for vessels under construction.

 

  (b)

Tsakos Columbia Shipmanagement S.A. (“TCM”): The Management Company appointed TCM to provide technical management to the Company’s vessels from July 1, 2010. TCM is owned jointly and in equal part by related party interests and by a private German group. TCM, with the consent of the Holding Company, may subcontract all or part of the technical management of any vessel to an alternative unrelated technical manager.


Effective July 1, 2010, the Management Company, at its own expense, pays technical management fees to TCM and the Company bears and pays directly to TCM most of its operating expenses, including repairs and maintenance, provisioning and crewing of the Company’s vessels, as well as certain charges which are capitalized or deferred, including reimbursement of the costs of TCM personnel sent overseas to supervise repairs and perform inspections on Company vessels.

TCM has a 25% share in a manning agency, located in the Philippines, named TCM Tsakos Maritime Philippines, which provides crew to certain of the Company’s vessels. The Company has no control or ownership directly in TCM Tsakos Maritime Philippines, nor had any direct transactions to date with the agency.

 

  (c)

Tsakos Shipping and Trading S.A. (“Tsakos Shipping”): Tsakos Shipping provides chartering services for the Company’s vessels by communicating with third party brokers to solicit research and propose charters. For this service, the Company pays to Tsakos Shipping a chartering commission of approximately 1.25% on all freights, hires and demurrages. Such commissions are included in Voyage expenses in the accompanying Consolidated Statements of Comprehensive Income. Tsakos Shipping also provides sale and purchase of vessels brokerage service. For this service, Tsakos Shipping may charge brokerage commissions. In the first half of 2018 and 2017, there were no such charges. Tsakos Shipping may also charge a fee of $200 (or such other sum as may be agreed) on delivery of each new-building vessel in payment for the cost of design and supervision of the new-building by Tsakos Shipping. In the first half of 2017, $2,750 has been charged for thirteen vessels delivered between May 2016 and May 2017. In the first half of 2018, no such fee was charged.

Certain members of the Tsakos family are involved in the decision-making processes of Tsakos Shipping and of the Management Company and are also shareholders and directors of the Holding Company.

 

  (d)

Argosy Insurance Company Limited (“Argosy”): The Company places its hull and machinery insurance, increased value insurance and war risk and certain other insurance through Argosy, a captive insurance company affiliated with Tsakos Shipping.

 

  (e)

AirMania Travel S.A. (“AirMania”): Apart from third-party agents, the Company also uses an affiliated company, AirMania, for travel services.

 

3.

Vessels

Acquisitions

During the first six months of 2018 there were no vessel acquisitions. During the first six months of 2017, the Company took delivery of its newbuild VLCC tanker Hercules I, the newbuild aframaxes Marathon TS, Sola TS and Oslo TS and the newbuild shuttle tanker Lisboa for $383,125 in total.

Held for sale

At December 31, 2017, the VLCC Millennium was classified as held for sale.

Sales

On April 11, 2018, the Company sold the VLCC Millennium, for net proceeds of $17,520, realizing a net loss of $364.

Sale and Leaseback

On December 21, 2017, the Company entered into a five-year sale and leaseback agreement for each of two suezmaxes, Eurochampion 2004 and Euronike. Under these leaseback agreements, there was a seller’s credit of $6,500 each on the sales price that becomes immediately payable to the Company by the owners at the end of the five-year charter or upon sale of the vessels during the charter period. The Company analyzed the classification of the leaseback agreements based on the primary lease classification criteria and the supplemental indicators in ASC 840, and determined that these agreements qualified as operating leases.


Charter hire expense

As at June 30, 2018, minimum commitments to be incurred by the Company under vessel operating leases by which the Company charters-in vessels were approximately $48,478, comprised of $5,456 (2018), $10,822 (2019), $10,852 (2020), $10,822 (2021), and $10,526 (2022). The Company recognizes the expense from these charters, which is included in time-charter hire expense in the accompanying Consolidated Statements of Comprehensive Income/(Loss), on a straight-line basis over the term of the charters.

 

4.

Deferred Charges

Deferred charges consisting of dry-docking and special survey costs, net of accumulated amortization, amounted to $30,381 and $23,759, at June 30, 2018 and December 31, 2017, respectively. Amortization of deferred dry-docking costs was $4,492 during the first six months of 2018 and $3,300 during the first six months of 2017 and is included in depreciation and amortization of deferred dry-docking costs in the accompanying Consolidated Statements of Comprehensive (Loss) Income.

 

5.

Long-Term Debt

 

Facility

   June 30,
2018
     December 31,
2017
 

(a) Credit Facilities

     65,000        250,104  

(b) Term Bank Loans

     1,619,266        1,512,978  
  

 

 

    

 

 

 

Total

     1,684,266        1,763,082  

Less deferred finance costs, net

     (12,181      (11,213

Total long-term debt

     1,672,085        1,751,869  

Less current portion of debt

     (260,619      (228,967

Add deferred finance costs, current portion

     3,370        3,084  
  

 

 

    

 

 

 

Total long-term portion, net of current portion and deferred finance costs

     1,414,836        1,525,986  
  

 

 

    

 

 

 

 

  (a)

Credit facilities

As at June 30, 2018, the Company had one open reducing revolving credit facility, which is reduced in semi-annual installments with balloon payment due at maturity in February 2019. Interest is payable at a rate based on LIBOR plus a spread. At June 30, 2018, the interest rate on the above facility was 3.08%.

 

  (b)

Term bank loans

Term loan balances outstanding at June 30, 2018, amounted to $1,619,266. These bank loans are payable in U.S. Dollars in quarterly or semi-annual installments, with balloon payments due at maturity between October 2018 and January 2027. Interest rates on the outstanding loans as at June 30, 2018 are based on LIBOR plus a spread.

On February 15, 2018, the Company signed a new five-year loan for the refinancing of loans maturing between October 2018 and April 2019, relating to eleven vessels. The total new loan amounted to $162,575 and was drawn on April 3, 2018. The new loan is repayable in ten semi-annual installments of $11,561, commencing six months after the drawdown date, plus a balloon of $46,965 payable together with the last installment. On April 4, 2018, the Company prepaid $181,168 relating to the outstanding debt on the above eleven vessels.

On April 27, 2018, the Company signed a supplemental agreement to the loan agreement dated January 31, 2012 for a $12,475 top-up tranche to the existing loan for the early refinancing of the shuttle tanker Rio 2016. The top-up was drawn down on April 30, 2018 and is repayable in twelve equal semi-annual installments of $3,203, plus a balloon payment of $38,438 payable together with the last installment.


On June 7, 2018, the Company signed a new six-year loan agreement for $80,000 relating to the early refinancing of the shuttle tanker Brasil 2014. The Company repaid the amount of $66,658, which was outstanding at the refinancing date and drew down $80,000 on the same date. The new loan is repayable in twelve semi-annual installments of $3,745 for the first six installments and $3,412.5 for the following six installments, commencing six months after the drawdown date, plus a balloon of $37,055 payable together with the last installment.

On June 28, 2018, the Company signed a new term bank loan for $48,650 relating to the refinancing of three aframax tankers, Maria Princess, Nippon Princess and Ise Princess, which were approaching maturity. The loan is repayable in ten semi-annual installments of $3,041, plus a balloon payment of $18,240 payable together with the last installment.

At June 30, 2018, interest rates on these term bank loans ranged from 3.54% to 5.33%.

The weighted-average interest rates on the above executed loans for the applicable periods were:

 

Three months ended June 30, 2018

     4.25

Three months ended June 30, 2017

     3.42

Six months ended June 30, 2018

     4.00

Six months ended June 30, 2017

     3.32

The above revolving credit facilities and term bank loans are secured by first priority mortgages on all vessels, by assignments of earnings and insurances of the respectively mortgaged vessels, and by corporate guarantees of the relevant vessel-owning subsidiaries.

The loan agreements include, among other covenants, covenants requiring the Company to obtain the lenders’ prior consent in order to incur or issue any financial indebtedness, additional borrowings, pay dividends in an amount more than 50% of cumulative net income (as defined in the related agreements), sell vessels and assets and change the beneficial ownership or management of the vessels. Also, the covenants require the Company to maintain a minimum liquidity, not legally restricted, of $107,435 at June 30, 2018 and $113,427 at December 31, 2017, a minimum hull value in connection with the vessels’ outstanding loans and insurance coverage of the vessels against all customary risks. Three loan agreements require the Company to maintain throughout the security period, an aggregate credit balance in a deposit account of $3,250 and two other loan agreements require a monthly pro rata transfer to a retention account of any principal due but unpaid.

As at June 30, 2018, the Company and its wholly and majority owned subsidiaries had thirty loan agreements, totaling $1,684,266. The Company fulfilled its requirements in respect of the financial covenants of all the agreements in relation to the leverage ratio and all other terms and covenants, apart from the value-to-loan requirement in certain of its loan agreements in respect of which an amount of $6,833 has been reclassified within current liabilities at June 30, 2018.

The Company’s liquidity requirements relate primarily to servicing its debt, funding the equity portion of investments in vessels and funding expected capital expenditure on dry-dockings and working capital. As of June 30, 2018, and December 31, 2017, the Company’s working capital (non-restricted net current assets), amounted to $20.0 million deficit and $50.5 million deficit, respectively.

The annual principal payments required to be made after June 30, 2018, are as follows:

 

Period/Year

   Amount  

July to December 2018

     87,381  

2019

     248,037  

2020

     264,759  

2021

     282,319  

2022

     221,151  

2023 and thereafter

     580,619  
  

 

 

 
     1,684,266  
  

 

 

 


6.

Interest and Finance Costs, net

 

     Three months ended
June 30,
     Six months ended
June 30,
 
     2018      2017      2018      2017  

Interest expense

     18,295        15,368        35,016        29,472  

Less: Interest capitalized

     (21      (120      (21      (384
  

 

 

    

 

 

    

 

 

    

 

 

 

Interest expense, net

     18,274        15,248        34,995        29,088  

Swaps termination cash settlements

     —          —            —          (3,685

Bunkers swap cash settlements

     (2,149      (327      (3,560      (688

Amortization of loan fees

     1,262        754        2,074        1,464  

Bank charges

     377        114        379        140  

Change in fair value of non-hedging financial instruments

     (2,981      84        (1,160      1,419  
  

 

 

    

 

 

    

 

 

    

 

 

 

Net total

     14,783        15,873        32,728        27,738  
  

 

 

    

 

 

    

 

 

    

 

 

 

At June 30, 2018, the Company was committed to six floating-to-fixed interest rate swaps with major financial institutions covering notional amounts aggregating to $337,787, maturing from July 2020 through October 2027, on which it pays fixed rates averaging 2.94% and receives floating rates based on the six-month London interbank offered rate (“LIBOR”) (Note 11).

At June 30, 2018 and December 31, 2017, all interest rate swap agreements were designated and qualified as cash flow hedges, in order to hedge the Company’s exposure to interest rate fluctuations. The fair value of such financial instruments as of June 30, 2018 and December 31, 2017, in aggregate amounted to $951 (negative) and $1,967 (negative), respectively. The net amount of cash flow hedge losses at June 30, 2018, that is estimated to be reclassified into earnings within the next twelve months to June 30, 2019 is $115.

During the first half of 2017, the Company entered into an early termination of four of its hedging interest rate swap agreements. Total cash received from those terminations amounted to $3,685.

At June 30, 2018 and December 31, 2017, the Company held one call option agreement to hedge its exposure to bunker price fluctuations associated with the consumption of bunkers by its vessels. The value of the call option at June 30, 2018 and December 31, 2017, was $224 (positive) and $118 (positive), respectively.

The change in fair values during the first half of 2018 and 2017 amounting to $106 (positive) and $866 (negative), respectively, have been included in Change in fair value of non-hedging financial instruments in the table above.

In the first half of 2017, the Company entered into a call option agreement, and paid a premium of $118.

At June 30, 2018 and December 31, 2017, the Company held thirteen and seven, respectively, bunker swap agreements to hedge its exposure to bunker price fluctuations associated with the consumptions of bunkers by its vessels. The fair value of bunker swap agreements at June 30, 2018 and December 31, 2017, was $4,121 (positive) and $3,763 (positive), respectively. The change in the fair value in the first half of 2018 and 2017 was $358 (positive) and $529 (positive), respectively, have been included in Change in fair value of non-hedging financial instruments in the table above.

During 2016, the Company entered into three bunker swap agreements in order to hedge its exposure to bunker price fluctuations associated with the consumption of bunkers by the vessel Ulysses. The fair values of these financial instruments as of June 30, 2018 and December 31, 2017, were $3,960 (positive) and $3,264 (positive). The change in the fair value in the first half of 2018 and 2017 was $696 (positive) and $1,083 (negative), respectively and have been included in Change in fair value of non-hedging financial instruments in the table above.


7.

Stockholders’ Equity

During the first half of 2018, the Company sold 1,016,870 common shares from its treasury stock for net proceeds of $3,571. During the first half of 2017, the Company sold 650,717 common shares from its treasury stock for net proceeds of $2,676 and 24,803 of its Series D Preferred Shares for net proceeds of $533.

On January 30, 2018 and April 30, 2018, the Company paid dividends of $0.50 per share, $2,000 in total, for its 8.00% Series B Preferred Shares and $0.55469 per share, $2,219 in total, on its 8.875% Series C Preferred Shares. On January 30, 2017 and May 1, 2017, the Company paid dividends of $0.50 per share, $2,000 in total, for its 8.00% Series B Preferred Shares and $0.55469 per share, $2,219 in total, on its 8.875% Series C Preferred Shares.

On February 28, 2018, and May 29, 2018, the Company paid dividends of $0.54687 per share for its 8.75% Series D Preferred Shares, $3,746 in total. On February 28, 2017 and May 30, 2017, the Company paid dividends of $0.546875 per share, $3,739 in total, for its Series D Preferred Shares.

On April 5, 2017, the Company completed an offering of 4,600,000 of its Series E Cumulative Redeemable Perpetual Preferred Shares, par value $1.00 per share, liquidation preference $25.00 per share, raising $110,496, net of underwriter’s discount and other expenses. Dividends on the Series E Preferred Shares are cumulative from the date of original issue and will be payable quarterly in arrears on the 28th day of February, May, August and November of each year, commencing May 28, 2017, when, as and if declared by our board of directors. Dividends will be payable from cash available for dividends at a rate equal to 9.25% per annum of the stated liquidation preference prior to May 28, 2027 and from and including May 28, 2027, at a floating rate equal to three-month LIBOR plus a spread of 6.881% per annum of the stated liquidation preference. On May 30, 2017, the Company paid dividends of $0.34045 per share each or $1,566 in total, on its Series E Preferred Shares. On February 28, 2018 and May 29, 2018, the Company paid dividends of $0.57812 per share or $5,319 in total, for its 9.25% Series E Preferred Shares.

On June 28, 2018, the Company completed an offering of 5,400,000 of its Series F Cumulative Redeemable Perpetual Preferred Shares, par value $1.00 per share, liquidation preference $25.00 per share, raising $130,553, net of underwriter’s discount and other expenses. Dividends on the Series F Preferred Shares are cumulative from the date of original issue and will be payable quarterly in arrears on the 30th day of January, April, July and October of each year, commencing October 30, 2018, when, as and if declared by our board of directors. Dividends will be payable from cash available for dividends at a rate equal to 9.50% per annum of the stated liquidation preference prior to July 30, 2028 and from and including July 30, 2028, at a floating rate equal to three-month LIBOR plus spread of 6.54% per annum of the stated liquidation preference.

On May 10, 2018, the Company paid a dividend of $0.05 per common share outstanding which was declared on March 12, 2018. On June 15, 2018, the Company declared a dividend of $0.05 per common share payable on August 8, 2018 to stockholders of record as of August 2, 2018. On April 28, 2017 and July 14, 2017, the Company paid dividends of $0.05 per common share outstanding, which were declared on March 17, 2017 and May 12, 2017, respectively.

 

8.

Accumulated other comprehensive income (loss)

In the first half of 2018, Accumulated other comprehensive loss decreased with unrealized gains of $786 which resulted from changes in fair value of financial instruments.

In the first half of 2017, Accumulated other comprehensive loss increased with unrealized losses of $3,196, which resulted from changes in fair value of financial instruments.


9.

(Loss) Earnings per Common Share

The computation of basic (loss) earnings per share is based on the weighted average number of common shares outstanding during the period.

 

     Three months ended
June 30,
     Six months ended
June 30,
 
     2018      2017      2018      2017  

Numerator

           

Net (loss) income attributable to Tsakos Energy Navigation Limited

     (9,553      3,575        (21,468      21,053  

Preferred share dividends Series B

     (1,000      (1,000      (2,000      (2,000

Preferred share dividends Series C

     (1,109      (1,109      (2,219      (2,219

Preferred share dividends Series D

     (1,874      (1,874      (3,746      (3,732

Preferred share dividends Series E

     (2,659      (2,541      (5,319      (2,541

Preferred share dividends Series F

     (71      —          (71      —    
  

 

 

    

 

 

    

 

 

    

 

 

 

Net (loss) income attributable to common stockholders

     (16,266    $ (2,949      (34,823    $ 10,561  
  

 

 

    

 

 

    

 

 

    

 

 

 

Denominator

           

Weighted average common shares outstanding

     86,942,159        84,284,281        86,634,907        84,126,285  

Basic and diluted (loss) income per common share

   $ (0.19    $ (0.03    $ (0.40    $ 0.13  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

10.

Commitments and Contingencies

On May 2, 2018, the Company signed two new building contracts for the construction of two aframax tankers for $51,720 each. The total contracted amount remaining to be paid for the two vessels under construction as at June 30, 2018 was $93,096 from November 2018 to January 2020.

At June 30, 2018, there is a prepaid amount of $1,650 under an old shipbuilding contract which was terminated in 2014, which will be used against the contract price of future new buildings currently being discussed between the Company and the shipyard.

In the ordinary course of the shipping business, various claims and losses may arise from disputes with charterers, agents and other suppliers relating to the operations of the Company’s vessels. Management believes that all such matters are either adequately covered by insurance or are not expected to have a material adverse effect on the Company’s results from operations or financial condition.

Charters-out

The future minimum revenues of vessels in operation at June 30, 2018, before reduction for brokerage commissions, expected to be recognized on non-cancelable time charters are as follows:

 

Period/Year

   Amount  

July to December 2018

     149,712  

2019

     232,196  

2020

     201,453  

2021

     163,775  

2022 to 2029

     385,192  
  

 

 

 

Minimum charter payments

     1,132,328  
  

 

 

 


These amounts do not assume any off-hire.

 

11.

Financial Instruments

 

  (a)

Interest rate risk: The Company is subject to interest rate risk associated with changing interest rates with respect to its variable interest rate term loans and credit facilities as described in Notes 5 and 6.

 

  (b)

Concentration of credit risk: Financial instruments that are subject to credit risks consist principally of cash, trade accounts receivable, investments, and derivatives. The Company places its temporary cash investments, consisting mostly of deposits, primarily with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the Company’s investment strategy. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally does not require collateral for its accounts receivable and does not have any agreements to mitigate credit risk. The Company limits the exposure of non-performance by counterparties to derivative instruments by diversifying among counterparties with high credit ratings and performing periodic evaluations of the relative credit standing of the counterparties.

 

  (c)

Fair value: The carrying amounts reflected in the accompanying Consolidated Balance Sheet of cash and cash equivalents, restricted cash, trade receivables and accounts payable approximate their respective fair values due to the short maturity of these instruments, as at June 30, 2018 and December 31, 2017. The fair value of long-term bank loans with variable interest rates approximate the recorded values, generally due to their variable interest rates. The Company performs relevant enquiries on a periodic basis to assess the recoverability of the long-term investment and estimates that the amount presented on the accompanying Consolidated Balance Sheet approximates the amount that is expected to be received by the Company in the event of sale of that investment.

The fair values of the interest rate swap agreements, the bunker swap agreements, the put option agreements and the call option agreements as at June 30, 2018 and the fair value of the one long-term bank loan with a fixed interest rate as at December 31, 2017, are determined through Level 2 of the fair value hierarchy as defined in FASB guidance for Fair Value Measurements and are derived principally from or corroborated by observable market data, interest rates, yield curves and other items that allow value to be determined.


The estimated fair values of the Company’s financial instruments, other than derivatives at June 30, 2018 and December 31, 2017, are as follows:

 

     Carrying
Amount
June 30,
2018
     Fair Value
June 30,
2018
     Carrying
Amount
December 31,
2017
     Fair Value
December 31,
2017
 

Financial assets (liabilities)

           

Cash and cash equivalents

     272,501        272,501        189,763        189,763  

Restricted cash

     9,924        9,924        12,910        12,910  

Investments

     1,000        1,000        1,000        1,000  

Debt

     (1,684,266      (1,684,266      (1,763,082      (1,762,938

Tabular Disclosure of Derivatives Location

Derivatives are recorded in the consolidated balance sheet on a net basis by counterparty when a legal right of set-off exists. The following tables present information with respect to the fair values of derivatives reflected in the consolidated balance sheet on a gross basis by transaction. The tables also present information with respect to gains and losses on derivative positions reflected in the consolidated statement of comprehensive income (loss) or in the consolidated balance sheet, as a component of Accumulated other comprehensive income (loss).

Fair Value of Derivative Instruments

 

          Asset Derivatives      Liability Derivatives  

Derivative

  

Balance Sheet Location

   June 30,
2018
Fair Value
     December 31,
2017
Fair Value
     June 30,
2018
Fair Value
     December 31,
2017
Fair Value
 

Derivatives designated as hedging instruments

           

Interest rate swaps

  

Current portion of financial instruments - Fair value

     —          —          336        1,378  
  

Financial instruments - Fair value, net of current portion

     588        —          1,203        589  
     

 

 

    

 

 

    

 

 

    

 

 

 
  

Subtotal

     588        —          1,539        1,967  
     

 

 

    

 

 

    

 

 

    

 

 

 
          Asset Derivatives      Liability Derivatives  

Derivative

  

Balance Sheet Location

   June 30,
2018
Fair Value
     December 31,
2017
Fair Value
     June 30,
2018
Fair Value
     December 31,
2017
Fair Value
 

Derivatives not designated as hedging instruments

           

Bunker swaps

  

Current portion of financial instruments - Fair value

     7,045        5,715        —          —    
  

Financial instruments - Fair value, net of current portion

     1,036        1,312        —          —    

Bunker call options

  

Financial instruments - Fair value, net of current portion

     224        118        —          —    
     

 

 

    

 

 

    

 

 

    

 

 

 
  

Subtotal

     8,305        7,145        —          —    
     

 

 

    

 

 

    

 

 

    

 

 

 
              

Total derivatives

     8,893        7,145        1,539        1,967  
     

 

 

    

 

 

    

 

 

    

 

 

 


Derivatives designated as Hedging Instruments-Net effect on the Statement of Comprehensive Income (Loss)

 

     Gain (Loss) Recognized in Accumulated
OCI on Derivative (Effective Portion)
 

Derivative

   Amount
Three months ended
June 30,
    Amount
Six months ended
June 30,
 
     2018      2017     2018      2017  

Interest rate swaps

     1,604        (816     83        (4,611
  

 

 

    

 

 

   

 

 

    

 

 

 

Total

     1,604        (816     83        (4,611

 

    

Gain (Loss) Reclassified from

Accumulated OCI into Income (Effective Portion)

 

Derivative

  

Location

   Amount
Three months ended
June 30,
    Amount
Six months ended
June 30,
 
          2018     2017     2018     2017  

Interest rate swaps

  

Depreciation expense

     (47     (51     (94     (76

Interest rate swaps

  

Interest and finance costs, net

     (157     (640     (609     (1,339
     

 

 

   

 

 

   

 

 

   

 

 

 

Total

        (204     (691     (703     (1,415
     

 

 

   

 

 

   

 

 

   

 

 

 

Derivatives not designated as Hedging Instruments–Net effect on the Statement of Comprehensive Income (Loss)

 

    

Gain (Loss) Recognized on Derivative

 

Derivative

  

Location

   Amount
Three months ended
June 30,
    Amount
Six months ended
June 30,
 
          2018      2017     2018      2017  

Bunker swaps

  

Interest and finance costs, net

     5,056        368       4,614        (174

Bunker call options

  

Interest and finance costs, net

     75        (124     106        (557
     

 

 

    

 

 

   

 

 

    

 

 

 

Total

        5,131        244       4,720        (731
     

 

 

    

 

 

   

 

 

    

 

 

 

The accumulated loss from Derivatives designated as Hedging instruments recognized in Accumulated Other Comprehensive Loss as of June 30, 2018 and December 31, 2017 was $4,519 and $5,305 respectively.

The following tables summarize the fair values for assets and liabilities measured on a recurring basis as of June 30, 2018 and December 31, 2017 using level 2 inputs (significant other observable inputs):

 

Recurring measurements:

   June 30,
2018
     December 31,
2017
 

Interest rate swaps

     (951      (1,967

Bunker swaps

     8,081        7,027  

Bunker call options

     224        118  
  

 

 

    

 

 

 
     7,354        5,178  
  

 

 

    

 

 

 


12.

Subsequent Events

 

(a)

On July 10, 2018, the Company received the net amount of $14,575 from the exercise of the underwriters’ greenshoe option on its Series F Preferred Shares with the sale of 600,000 additional shares.

 

(b)

On July 30, 2018, the Company paid dividends of $0.50 and $0.55469 per share on its 8.00% Series B and its 8.875% Series C Preferred Shares, respectively.

 

(c)

On August 8, 2018, the Company paid a dividend of $0.05 per common share outstanding, which was declared on June 15, 2018.

 

(d)

On August 28, 2018, the Company paid dividends of $0.546875 per share on its 8.75% Series D Preferred Shares and $0.578125 per share on its 9.25% Series E Preferred Shares, respectively.

 

(e)

On September 7, 2018, the Company declared a dividend of $0.05 per common share payable on December 6, 2018 to shareholders of record as of November 30, 2018.

 

EX-99.2 3 d636251dex992.htm EX-99.2 EX-99.2

EXHIBIT 99.2

TSAKOS ENERGY NAVIGATION LIMITED

THREE AND SIX MONTHS ENDED JUNE 30, 2018

Results of operations – management’s discussion & analysis

(Percentage calculations are based on the actual amounts shown in the accompanying financial statements)

Voyage revenues

Voyage revenue earned for the three months ended June 30, 2018 and 2017:

 

     2018     2017  
     $
million
     %
of total
    $
million
     %
of total
 

Time charter-bareboat

     —          0     1.4        1

Time charter-fixed rate

     59.6        48     56.3        43

Time charter-variable rate (profit-share)

     23.9        19     27.2        20

Voyage charter-spot market

     31.6        26     38.0        29

Voyage charter-contract of affreightment

     8.8        7     9.3        7
  

 

 

    

 

 

   

 

 

    

 

 

 

Total voyage revenue

     123.9        100     132.2        100
  

 

 

    

 

 

   

 

 

    

 

 

 

Voyage revenue earned for the six months ended June 30, 2018 and 2017:

 

     2018     2017  
     $
million
     %
of total
    $
million
     %
of total
 

Time charter-bareboat

     —          0     2.7        1

Time charter-fixed rate

     119.4        48     105.2        39

Time charter-variable rate (profit-share)

     49.9        20     49.6        18

Voyage charter-spot market

     60.0        24     92.0        34

Voyage charter-contract of affreightment

     20.4        8     20.9        8
  

 

 

    

 

 

   

 

 

    

 

 

 

Total voyage revenue

     249.7        100     270.4        100
  

 

 

    

 

 

   

 

 

    

 

 

 

Voyage revenue earned during the three months ended June 30, 2018, totaled $123.9 million, compared to $132.2 million earned in the three months ended June 30, 2017, a 6.2% decrease. The decrease was primarily due to the softening of the market, exacerbated by expected seasonal oil demand factors and by de-stocking of crude oil and product inventories. During the second quarter of 2018, the Company operated on average 64.1 vessels compared to 62.3 vessels in the second quarter of 2017.

Total utilization (total days that the vessels were actually employed as a percentage of total days in the period that the Company owned or controlled the vessels) achieved by the fleet was 96.2% in the second quarter of 2018 compared to 96.4% in the second quarter of 2017. Lost days arose mainly from the dry-dockings of the panamax vessel Inca and the DP shuttle tanker Brasil 2014, repairs to the handymax vessel Artemis, the delivery and sale of vessel Millennium and the long-haul repositioning voyages for the handymax product carrier Ariadne, the handysize product carrier Arion and aframax Sapporo Princess. In the previous year second quarter, lost days related to the dry-dockings of the suezmaxes Silia T and Arctic, the aframaxes Sakura Princess and Izumo Princess, the handysize product carrier Aegeas and the days lost for repositioning and delivery preparation of the new DP shuttle tanker Lisboa.

Due to the addition of two new vessels to the fleet and the commencement of their fixed rate long-term employment, in addition to management’s decision to increase the number of vessels’ operating days on secured employment, operating days on pure time-charter without profit-share arrangements increased by 249 days, to 2,546 from 2,297

 

1


for the second quarter of 2018 and 2017 respectively, a 10.8% increase. The amount of revenue earned from time-charters without profit-share arrangements, however, increased only by 5.9% to $59.6 million from $56.3 million, due to lower rates achieved on charter renewals in the poor market. The number of days utilized on time-charter with profit-share arrangements, remained relatively stable and totaled 1,575 compared to 1,537 in the second quarter of 2017, while a decrease of $3.3 million on this type of employment was due to almost no profit-share being earned in the second quarter of 2018, because of the low rate environment. The number of days in the second quarter of 2018 for vessels employed on spot and contract of affreightment decreased by 140 days to 1,493 during the second quarter of 2018 from 1,633 in the second quarter of 2017, an 8.6% decrease. Revenue earned on spot and contract of affreightment for the second quarter of 2018, decreased by $6.9 million, or 14.5%, compared to the corresponding period of 2017, due partly to the move of vessels to fixed employment, but also to the soft market. In particular, the VLCC crude carriers suffered a spot rate decline by more than 20% compared to the previous second quarter, while suezmax crude carriers saw spot rates decline by up to 14% over the equivalent quarter of 2017.

During the six months ended June 30, 2018, voyage revenue decreased to $249.7 million from $270.4 million earned in the first half of 2017, a decrease of $20.7 million, or 7.7%, compared to revenue achieved in the six months ended June 30, 2017. For the first six months of 2018, the utilization achieved was 96.2%, compared to 96.8% in the first six months of 2017. Apart from the lost days of the second quarter, the six-month period of 2018 also includes lost days from the dry-dockings of the suezmax tanker Eurovision, the panamax tankers Maya, Selecao, Socrates, the dry-docking of the DP shuttle tanker Brasil 2014, and various repositioning voyages.

The average daily revenue per vessel for the second quarter of 2018, after deducting voyage expenses (time charter equivalent or TCE, see definition below) was $17,154 per day compared to $19,200 per day for the previous year’s second quarter. For the six-month period of 2018, the average daily TCE was $17,463 compared to $20,038 for the equivalent period of 2017. Average daily TCE rate earned for the three- and six-month periods ended June 30, 2018 and 2017, per vessel category were:

 

     Three months ended
June 30,
     Six months ended
June 30,
 
     2018      2017      2018      2017  
     $      $      $      $  

LNG carrier

     29,920        23,660        26,786        23,663  

VLCC

     24,857        28,204        23,991        27,889  

Suezmax

     15,079        19,584        14,716        23,151  

DP2 Suezmax

     49,115        49,506        49,339        49,882  

Aframax

     17,650        18,031        18,104        19,055  

Panamax

     12,946        16,373        14,005        16,155  

Handymax

     11,848        14,784        11,960        14,916  

Handysize

     9,928        12,666        11,462        12,642  

TCE is calculated by taking voyage revenue less voyage costs divided by the number of revenue days less 188 days lost as a result of calculating revenue on a loading to discharge basis for the first half of 2018 and 104 days for the second quarter of 2018.The change in the calculation of days is due to the adoption of the new revenue recognition standard.

Time charter equivalent revenue and TCE rate are not measures of financial performance under U.S. GAAP and may not be comparable to similarly titled measures of other companies. However, TCE is a standard shipping industry performance measure used primarily to compare period-to-period changes in shipping performance despite changes in the mix of charter types (i.e. spot voyage charters, time charters and bareboat charters) under which the vessels may be employed between the periods. The following table reflects the calculation of our TCE rate for the period presented (amount in thousands of U.S. dollars, except for TCE rate, which is expressed in U.S. dollars and available days):

 

2


     Three months ended
June 30,
     Six months ended
June 30,
 
     2018      2017      2018      2017  

Voyage revenues

   $ 123,927      $ 132,180      $ 249,651      $ 270,421  

Less: Voyage Expenses

     (29,407      (28,121      (56,683      (58,204

Add: Representative operating expenses for bareboat charter ($10,000 daily)

     —          910        —          1,810  
  

 

 

    

 

 

    

 

 

    

 

 

 

Time charter equivalent revenues

   $ 94,520      $ 104,969      $ 192,968      $ 214,027  
  

 

 

    

 

 

    

 

 

    

 

 

 

Divided by: net earnings (operating) days

     5,510        5,467        11,050        10,681  

Average TCE per vessel per day

   $ 17,154      $ 19,200      $ 17,463      $ 20,038  

Voyage expenses

Voyage expenses include costs that are directly related to a voyage, such as port charges, agency fees, canal dues and bunker (fuel) costs. These voyage expenses are borne by the Company unless the vessel is on time-charter, in which case they are borne by the charterer. Commissions on revenue are included in voyage expenses and they are borne by the Company for all types of charter.

Voyage expenses for the three months ended June 30, 2018 and 2017:

 

     Voyage expenses     Average daily voyage
expenses per relevant vessel
 
     2018      2017            2018      2017         
     $
million
     $
million
     increase/
(decrease)
    $      $      increase/
(decrease)
 

Bunker expenses

     16.1        13.4        20.2     10,798        8,215        31.4

Port and other expenses

     8.8        9.7        (9.5 )%      5,881        5,941        (1.0 )% 

Commissions

     4.5        5.0        (10.0 )%      3,017        3,064        (1.5 )% 
  

 

 

    

 

 

      

 

 

    

 

 

    

Total

     29.4        28.1        4.6     19,696        17,220        14.4
  

 

 

    

 

 

      

 

 

    

 

 

    

Voyage expenses for the six months ended June 30, 2018 and 2017:

 

     Voyage expenses     Average daily voyage
expenses per relevant vessel
 
     2018      2017            2018      2017         
     $
million
     $
million
     increase/
(decrease)
    $      $      increase/
(decrease)
 

Bunker expenses

     30.6        29.6        3.6     10,287        8,566        20.1

Port and other expenses

     17.2        18.2        (5.7 )%      5,771        5,278        9.3

Commissions

     8.9        10.4        (14.9 )%      2,977        3,017        (1.3 )% 
  

 

 

    

 

 

      

 

 

    

 

 

    

Total

     56.7        58.2        (2.6 )%      19,035        16,861        12.9
  

 

 

    

 

 

      

 

 

    

 

 

    

Voyage expenses were $29.4 million during the quarter ended June 30, 2018, compared to $28.1 million during the prior year’s second quarter, a 4.6% increase. The increase in voyage expenses for the second quarter of 2018 compared to the second quarter of 2017, is mainly due to the increase in average bunker prices by 49.1%, partially offset by the decrease in volume of bunkers consumed by 25.3% due to the fewer number of days that the vessels were employed on types of employment bearing voyage expenses (spot and contract of affreightment). Total port expenses during the second quarter of 2018 decreased by $0.9 million from the previous second quarter and the average port expenses per vessel per day were 1.0% lower than in the second quarter of 2017.

 

3


Voyage expenses were $56.7 million in the first six months of 2018, compared to $58.2 million in the first six months of 2017, a 2.6% decrease. Bunker expenses in the first half of 2018 compared to the first half of 2017 increased by $1.0 million, mainly due to the increase of the average bunker prices by 31.2%, partially offset by the decrease in the bunkers volume consumed by 29.9%. For the first six-month respective periods, the days the vessels were operating in types of employment bearing voyage expenses were 2,978 days in 2018 compared to 3,452 days in 2017, a decrease of 13.7%. Port and other expenses decreased by 5.7% between the six-month periods and increased by 9.3% on a daily basis.

Commissions amounted to $4.5 million, or 3.6% of voyage revenue, during the second quarter of 2018 compared to $5.0 million, or 3.8% of voyage revenue, during the second quarter of 2017. The decrease in total commission charges relates mainly to the decrease in revenue. For the six-month period ended June 30, 2018, commissions amounted to $8.9 million, or 3.6% of voyage revenue, compared to $10.4 million, or 3.9% of voyage revenue, in the corresponding period of 2017. The overall decrease between the respective six-month periods was mainly due to lower revenue.

Vessel operating expenses

Operating expenses for the three months ended June 30, 2018 and 2017:

 

     Operating expenses     Average daily operating
expenses per vessel
 
     2018     2017            2018     2017         
     $
million
    $
million
     increase/
(decrease)
    $     $      increase/
(decrease)
 

Crew expenses

     26.7       26.1        2.3     4,576       4,675        (2.1 )% 

Insurances

     3.9       4.0        (3.9 )%      664       722        (8.1 )% 

Repairs and maintenance, and spares

     5.6       6.1        (7.5 )%      966       1,092        (11.5 )% 

Stores

     2.6       2.5        5.5     449       444        0.9

Lubricants

     1.8       1.8        0.3     311       325        (4.1 )% 

Other (quality and safety, taxes, registration fees, communications)

     4.0       2.7        46.6     689       491        40.2

Foreign currency (gains) losses

     (0.4     0.7        (174.6 )%      (84     117        (171.4 )% 
  

 

 

   

 

 

      

 

 

   

 

 

    

Total

     44.2       43.9        0.6     7,571       7,866        (3.8 )% 
  

 

 

   

 

 

      

 

 

   

 

 

    

Earnings capacity days

            5,834       5,580     

Operating expenses for the six months ended June 30, 2018 and 2017:

 

     Operating expenses     Average daily operating
expenses per vessel
 
     2018      2017            2018      2017         
     $
million
     $
million
     increase/
(decrease)
    $      $      increase/
(decrease)
 

Crew expenses

     54.6        50.6        7.8     4,670        4,665        0.12

Insurances

     8.0        7.9        1.0     685        730        (6.1 )% 

Repairs and maintenance, and spares

     12.2        10.7        14.2     1,044        984        6.1

Stores

     6.0        4.9        22.3     515        453        13.6

Lubricants

     3.7        3.5        5.7     318        324        (1.8 )% 

Other (quality and safety, taxes, registration fees, communications)

     7.0        5.7        23.5     601        524        14.7

Foreign currency losses

     0.2        0.6        (67.1 )%      16        50        (69.4 )% 
  

 

 

    

 

 

      

 

 

    

 

 

    

Total operating expenses

     91.7        83.9        9.3     7,849        7,730        1.5
  

 

 

    

 

 

      

 

 

    

 

 

    

Earnings capacity days

             11,684        10,854     

 

4


Vessel operating expenses include crew expenses, insurances, repairs and maintenance, spares, stores, lubricants, and other expenses relating to quality and safety, tonnage tax, registration fees, communications and foreign currency (gains or losses).

Vessel operating expenses are borne by the Company for all vessels of the fleet. Total vessel operating expenses were $44.2 million during the quarter ended June 30, 2018 compared to $43.9 million during the second quarter of 2017, an increase of 0.6%. In the six-month period of 2018, operating expenses amounted to $91.7 million and were $83.9 million for the first half of 2017, a 9.3% increase, whereas earnings capacity days increased by 7.6% as a result of the operation of two additional new vessels in the first six months of 2018 compared to the prior year first six months, which affected the major operating expense categories. More specifically, high non-deferrable dry-docking costs were incurred in the first quarter of 2018 as well as significant re-stocking of spares and supplies.

Average operating expenses per ship per day decreased by $295 to $7,571 from $7,866 for the quarter ended June 30, 2018, a 3.8% decrease. For the six-month periods, there was an increase in average daily operating expenses per vessel to $7,849 from $7,730, an increase of $118 daily, or 1.5% due to high first quarter expenditure.

Depreciation and amortization of deferred charges

Depreciation and amortization charges totaled $36.6 million in the second quarter of 2018 compared to $34.3 million in the second quarter of 2017, a 6.8% increase.

Depreciation amounted to $34.2 million in the second quarter of 2018 and $32.7 million in the second quarter of 2017, the increase being mainly due to the addition of two vessels to the fleet, partially offset by the vessel Millennium, which was classified as Held for Sale since December 31, 2017 and did not incur depreciation expense in the first two quarters of 2018, while incurring depreciation in the first half of 2017. For the first six months of 2018, depreciation was $67.9 million compared to $63.3 million in the first six months of 2017, a 7.3% increase, mainly due to the increase in the fleet partially offset by the impact of the absence of depreciation for the Millennium.

Amortization of deferred dry-docking charges was $2.5 million during the second quarter of 2018, compared to $1.6 million during the second quarter of 2017. For the six-month periods ended June 30, 2018 and 2017, amortization of deferred dry-docking charges was $4.5 million and $3.3 million, respectively. The increase in both the three and six-month periods of 2018 relates primarily to the amortization of deferred charges arising from the increased number of vessels that underwent dry-docking in recent years and increase in costs, including the significant deferrable costs incurred in the first quarter of 2018.

Impairment

In the first half of 2018, vessel values continued to decline as world vessel capacity grew and freight rates softened, resulting in a large part of the fleet having carrying values in excess of market values. Fifty-nine of our vessels had carrying values in excess of market values. However, the Company’s impairment cash-flow tests did not indicate that an impairment charge was required for any vessel of the fleet at June 30, 2018 and 2017.

General and administrative expenses

General and administrative expenses include management fees, administrative expenses, management incentive award and stock compensation expense.

General and administrative expenses (G&A) totaled $6.8 million in the second quarter of 2018, compared to $6.6 million in the second quarter of 2017, a 3.9% increase mainly due to the increase in the size of the fleet which resulted in an increase in total management fees. For the six months ended June 30, 2018, G&A totaled $13.6 million compared to $12.7 million for the first six months of 2017, a 7.7% increase.

Management fees totaled $5.5 million during the quarter ended June 30, 2018, compared to $5.2 million for the quarter ended June 30, 2017, a 5.5% increase. For the six months ended June 30, 2018 management fees were $11.0 million compared to $10.2 million in the first six months of 2017, a 7.6% increase, mainly due to the increase in the average number of operating vessels from 61.0 to 64.6.

 

 

5


The Company pays to Tsakos Energy Management Ltd. fixed fees per vessel under a management agreement between the companies. The fee pays for services that cover both the management of the individual vessels and of the enterprise as a whole. According to the management agreement, there is a prorated adjustment if at the beginning of the year the Euro has appreciated by 10% or more against the U.S. Dollar since January 1, 2007, and an increase each year by a percentage figure reflecting 12-month Euribor, if both parties agree. Both parties have agreed that for 2018 and 2017, there should be no increase.

In the first half of 2018, all the vessels in the fleet were technically managed by Tsakos Columbia Shipmanagement, S.A., apart from the LNG carriers Neo Energy and Maria Energy, the VLCCs Ulysses and Hercules I, the suezmax Eurochampion 2004 and the aframaxes Maria Princess and Sapporo Princess, which have been managed by a third-party manager. Monthly management fees for operating conventional vessels are $27,500 per month. The monthly fee relating to vessels chartered-in or chartered-out on a bare-boat basis or for vessels under construction is $20,400. Management fees for the LNG carriers are $36,877, of which $10,000 are payable to the management company and $26,877 to the third-party manager. Management fees for Eurochampion 2004, Maria Princess, Sapporo Princess, Millennium (until its sale), Hercules I and Ulysses are $27,500 per month, of which $14,503 are payable to a third-party manager. Management fees for the DP2 shuttle tankers are $35,000 per month.

Office administrative expenses consist primarily of professional fees, office supplies, investor relations, advertising costs, directors’ liability insurance, directors’ fees and travel-related expenses. Administrative expenses totaled $1.3 million during the second quarter ended June 30, 2018 compared to $1.1 million during the previous year’s second quarter.

No incentive award nor any stock compensation was made to the management in the six-month period ended June 30, 2018. In June 2017, the management company was awarded a total amount of $1.2 million based on a decision made by the Board of Directors and various agreed performance criteria, taking into account cash availability and market volatility. Of this amount, $0.6 million related to the offering of Series E Cumulative Perpetual Preferred Shares, which amount was accounted for as a deduction of additional paid in capital. The remaining award was accounted for on a straight-line basis within the year it was determined. As a consequence, an amount of $0.3 million was included in the second quarter and first half of 2017, within General and administrative expenses.

General and administrative expenses, including the management fee, plus any incentive or stock compensation award, represent the overhead of the Company. On a per vessel basis, the daily overhead was $1,168 for the second quarter of 2018, compared to $1,156 in the second quarter of 2017. For the respective six-month periods, the daily overhead per vessel was $1,168 and $1,148.

Operating income

Income from vessel operations was $3.9 million during the second quarter of 2018, compared to $19.3 million during the second quarter of 2017. During the first half of 2018, income from vessel operations was $9.5 million, compared to $49.1 million during the first half of 2017, the decrease being mainly due lower freight rates as a result of a softer spot market.

Interest and finance costs

Interest and finance cost analysis in the table below is not presented according to U.S. GAAP guidelines. However, management believes that this analysis may provide its users a better understanding of the Company’s finance cost. Management also uses this analysis in making financial and planning decisions.

 

6


     Three months ended
June 30,
     Six months ended
June 30,
 
     2018      2017      2018      2017  
     $
million
     $
million
     $
million
     $
million
 

Interest on loans

     18.1        14.6        34.4        27.9  

Interest rate swaps cash settlements

     0.5        0.8        0.9        1.6  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total interest

     18.6        15.4        35.3        29.5  

Less: Interest capitalized

     —          (0.1      —          (0.4
  

 

 

    

 

 

    

 

 

    

 

 

 

Interest expense, net

     18.6        15.3        35.3        29.1  

Receipts from swaps termination

     —          —          —          (3.7

Bunker hedging instruments cash settlements

     (2.1      (0.1      (3.6      (0.7

Change in fair value of non-hedging bunker instruments

     (3.0      0.1        (1.2      1.4  

Change in fair value of hedging interest rate swaps

     (0.3      (0.2      (0.3       

Other finance costs

     1.6        0.8        2.5        1.6  
  

 

 

    

 

 

    

 

 

    

 

 

 

Net total

     14.8        15.9        32.7        27.7  
  

 

 

    

 

 

    

 

 

    

 

 

 

Interest and finance costs, net, were $14.8 million for the second quarter of 2018, compared to $15.9 million for the quarter ended June 30, 2017, a 7.0% decrease. Loan interest in the second quarter of 2018 (excluding the impact of interest rate swaps) increased by 23.1% to $18.1 million from $14.6 million in the second quarter of 2017, due primarily to increased interest rates. The average loan interest rate also increased to 4.3% during the second quarter of 2018 from 3.2% in the second quarter of 2017.

Interest paid on hedging interest rate swaps amounted to $0.5 million in the second quarter of 2018 compared to $0.8 million in the second quarter of 2017, due to expiration of two hedging interest rate swaps during the second quarter of 2018. For the six months ended June 30, 2018, interest paid was $0.9 million compared to $1.6 million in the prior year period.

For the six months ended June 30, 2018, interest and finance costs, net were $32.7 million compared to $27.7 million for the six months ended June 30, 2017, a 22.3% increase. Loan interest (excluding the impact of interest rate swaps) increased to $34.4 million in the six months ended June 30, 2018 from $27.9 million in the six months ended June 30, 2017. Interest rates on loans averaged 4.0% in the six months ended June 30, 2018, while in the first half of 2017 they averaged 3.1%.

During the first quarter of 2017, the Company entered into an early termination of four of its hedging interest rate swap agreements. Total cash received from those terminations amounted to $3.7 million.

Capitalized interest is based on expenditure incurred to date on vessels under construction. There was a minor amount of capitalized interest in the second quarter of 2018 compared to $0.1 million in the prior year quarter. During 2017, the Company completed the fifteen-vessel newbuilding program which started in May 2016 and completed in October 2017. On May 2, 2018, the Company signed two aframax newbuilding contracts and paid the first installment for both Hulls on June 15, 2018.

During the first half of 2018, the Company had one bunker-related call option agreement. During the prior year half, the Company had six call option agreements and earned a net premium of $0.3 million. The changes in the fair value amounts amounted to $0.1 million positive in the first half of 2018 and $0.9 million negative in the first half of 2017.

During the first half of 2018, the Company had thirteen bunker swap agreements, compared to nine in the prior year first half. The change in their fair values amounted to $0.4 million positive compared to $0.5 million positive in the prior year first half. Bunker derivative instruments had a positive movement in the fair market value of $1.5 million in the second quarter of 2018 and $0.3 million in the prior year second quarter.

 

7


During 2016, the Company entered into three bunker swap agreements in order to hedge its exposure to bunker price fluctuations associated with the consumption of bunkers by the vessel Ulysses. The change in their fair values amounted to $0.7 million positive in the first half of 2018, compared to $1.1 million negative in the prior year first half.

Other finance costs amounted to $1.6 million in the second quarter of 2018 and $0.8 million in the second quarter of 2017. In the first half of 2018, other finance costs amounted to $2.5 million compared to $1.6 million in the first half of 2017, due to increased deferred loan expenses and write off expenses due to loan refinancing.

Interest income

During the second quarter of 2018, interest income was $0.4 million compared to $0.3 million during the second quarter of 2017. For the six-month periods ended June 30, 2018 and 2017, interest income was $0.7 million and $0.4 million, respectively.

Non-controlling interest

There is a non-controlling interest of 49% in the subsidiary Mare Success S.A., which owns 100% of each of the companies that own the panamax vessels Maya and Inca. There was loss attributable to the non-controlling interest in the second quarter of 2018 amounting to $1.0 million, compared to income of $0.4 million in the prior year second quarter. For the six months ended June 30, 2018 the net loss attributable to the non-controlling interest was $1.4 million and for the equivalent period of 2017 the net income attributable to the non-controlling interest was $0.8 million.

Net income (loss)

As a result of the foregoing, the net loss attributable to Tsakos Energy Navigation Limited for the quarter ended June 30, 2018, was $16.3 million, or $0.19 loss per share basic and diluted, taking into account the impact of preferred stock dividends of $6.7 million on our Series B, Series C, Series D, Series E and Series F Preferred Shares, compared to net loss of $2.9 million, or $0.03 loss per share basic and diluted, after preferred share dividends of $6.5 million for the quarter ended June 30, 2017. The net loss attributable to Tsakos Energy Navigation Limited for the six months ended June 30, 2018, was $34.8 million, or $0.40 loss per share including the effect of cumulative dividends of $13.4 million on our preferred shares, versus $10.6 million net income, or $0.13 earnings per share, including the effect of preferred share dividends of $10.5 million for the six months ended June 30, 2017.

Liquidity and capital resources

Liquidity requirements relate to servicing debt, funding the equity portion of investments in vessels, funding working capital and controlling fluctuations in cash flow. In addition, our new building commitments, other expected capital expenditure on dry-dockings and vessel acquisitions will require us to expend cash in 2018 and in future years. Net cash flow generated by operations is the main source of liquidity. Apart from the possibility of issuing further equity, additional sources of cash include proceeds from asset sales and borrowings, although all borrowing arrangements to date have specifically related to the acquisition of specific vessels.

We believe, given our current cash holdings and the number of vessels we have on time charter, that if market conditions remain relatively stable throughout 2018 and early 2019, our financial resources, including the cash expected to be generated within the year, will be sufficient to meet our liquidity and working capital needs through June 30, 2019, taking into account our existing capital commitments and debt service requirements. If market conditions worsen significantly, then our cash resources may decline to a level that may put at risk our ability to service timely our debt and capital expenditure commitments. In order to avoid such an eventuality, management would expect to be able to raise extra capital through the alternative sources described above.

Working capital (non-restricted net current assets) amounted to a negative $20.0 million at June 30, 2018 compared to a negative $50.5 million at December 31, 2017. Of our $1.68 billion debt as of June 30, 2018, $87.4 million is scheduled to be repaid in the second half of 2018.

 

8


Current assets increased to $378.2 million at June 30, 2018 from $304.4 million at December 31, 2017, mainly due to increased cash and cash equivalents during the six-month period. Current liabilities increased to $384.8 million at June 30, 2018 from $338.9 million at December 31, 2017, mainly due to the increased current portion of debt.

Net cash provided by operating activities was $14.1 million in the quarter ended June 30, 2018, compared to $56.5 million in the previous year’s second quarter. For the respective six-month periods, net cash from operating activities was $38.7 million in 2018, compared to $110.9 million in the first six months of 2017. The decrease in both periods was due to the decrease in revenue arising from lower charter rates due to the soft market for tankers, as discussed further above. Reduced collectability of outstanding receivables also contributed to the lower level of operational cash.

Net cash provided by investing activities was $6.9 million for the quarter ended June 30, 2018, compared to $74.6 million used in investing activities for the quarter ended June 30, 2017. Net cash provided by investing activities was $6.4 million for the six months ended June 30, 2018, compared to $221.2 million used in investing activities during the six months ended June 30, 2017. In the first half of 2018, $10.5 million was paid for the construction of two aframaxes and $0.6 million for additions and improvements on our existing fleet. In April 2018, the VLCC Millennium was sold for net proceeds of $17.5 million, generating a net loss of $0.4 million and releasing cash of approximately $7.3 million after repayment of associated debt. In the first half of 2017, $216.2 million was paid for the acquisition of the shuttle tanker Lisboa, the aframax tankers Marathon TS, Sola TS, Oslo TS and the VLCC tanker Hercules I and a further $3.0 million was paid for additions and improvements to existing vessels, while $2.0 million was paid relating to two aframax vessels under construction, Stavanger TS and Bergen TS. At June 30, 2018, the remaining yard installments for the two aframaxes under construction payable from November 2018 to January 2020 totaled $93.1 million.

Net cash provided by financing activities was $83.2 million in the quarter ended June 30, 2018, compared to $116.1 million during the quarter ended June 30, 2017. In the second quarter of 2018, the Company drew down $255.1 million for the refinancing of certain loans and prepaid the amount of $254.5 million of debt relating to the same vessels. A further $37.5 million was paid in scheduled installments in the second quarter of 2018. A preferred stock issuance in the second quarter of 2018 raised a net amount of $130.6 million as described below. Net cash provided by financing activities was $34.6 million in the six months ended June 30, 2018, compared to $170.7 million during the six months ended June 30, 2017. In addition to the second-quarter transactions mentioned above, there were scheduled repayments in the first quarter of 2018 amounting to $41.9 million. During the first half of 2018, therefore, total scheduled payments of long-term debt amounted to $79.4 million. Scheduled payments in the first half of 2017 amounted to $82.1 million.

Total debt outstanding decreased from $1.76 billion at December 31, 2017, to $1.68 billion at June 30, 2018. The debt to capital (equity plus debt) ratio was 51.3% at June 30, 2018 (or 46.7% on a net of cash basis).

On June 28, 2018, the Company completed an offering of 5,400,000 of its Series F Cumulative Perpetual Preferred Shares, par value $1.00 per share, liquidation preference $25.00 per share, raising $130.6 million, net of underwriter’s discount and other expenses. Dividends on the Series F Preferred Shares are cumulative from the date of original issue and will be payable quarterly in arrears on the 30th day of January, April, July and October of each year, commencing October 30, 2018, when, as and if declared by our board of directors. Dividends will be payable from cash available for dividends at a rate equal to 9.50% per annum of the stated liquidation preference prior to July 30, 2028 and from and including July 30, 2028, at a floating rate equal to three-month LIBOR plus spread of 6.54% per annum of the stated liquidation preference. On July 10, 2018, the Company received the net amount of $14,575 thousand from the exercise of the green shoe on its Series F Preferred Shares with the sale of 600,000 additional shares.

During the first half of 2018, the Company sold 1,016,870 common shares from its treasury stock for net proceeds of $3,571 thousand. During the first half of 2017, the Company sold 650,717 common shares from its treasury stock for net proceeds of $2,676 thousand and 24,803 of its Series D Preferred Shares for net proceeds of $533 thousand.

On May 10, 2018, the Company paid a dividend of $0.05 per common share outstanding which was declared on March 12, 2018. On June 15, 2018, the Company declared a dividend of $0.05 per common share, which was paid on August 8, 2018 to stockholders of record as of August 2, 2018. On September 7, 2018, the Company declared a dividend of $0.05 per common share payable on December 6, 2018 to shareholders of record as of November 30,

 

9


2018. On April 28, 2017 and July 14, 2017, the Company paid dividends of $0.05 per common share outstanding, which were declared on March 17, 2017 and May 12, 2017, respectively. The payment and the amount of dividends are subject to the discretion of our board of directors and depend, among other things, on available cash balances, anticipated cash needs, our results of operations, our financial condition, and any loan agreement restrictions binding us or our subsidiaries, as well as other relevant factors.

On January 30, 2018 and April 30, 2018, the Company paid dividends of $0.50 per share, $2,000 thousand in total, on its 8.00% Series B Preferred Shares and $0.55469 per share, $2,219 thousand in total, on its 8.875% Series C Preferred Shares. On January 30, 2017 and May 1, 2017, the Company paid dividends of $0.50 per share, $2,000 thousand in total, on its 8.00% Series B Preferred Shares and $0.55469 per share, $2,219 thousand in total, on its 8.875% Series C Preferred Shares. On July 30, 2018, the Company paid dividends of $0.50 and $0.55469 per share on its 8.00% Series B and its 8.875% Series C Preferred Shares, respectively.

On February 28, 2018, and May 29, 2018, the Company paid dividends of $0.54687 per share on its 8.75% Series D Preferred Shares, $3,746 thousand in total. On February 28, 2017 and May 30, 2017, the Company paid dividends of $0.546875 per share, $3,739 thousand in total, on its Series D Preferred Shares.

On February 28, 2018 and May 29, 2018, the Company paid dividends of $0.57812 per share or $5,319 thousand in total, on its 9.25% Series E Preferred Shares. On May 30, 2017, the Company paid dividends of $0.34045 per share each or $1,566 thousand in total, on its Series E Preferred Shares.

On August 28, 2018, the Company paid dividends of $0.546875 per share on its 8.75% Series D Preferred Shares and $0.578125 per share payable on its 9.25% Series E Preferred Shares, respectively.

The Company continues to be fully compliant with its scheduled debt service requirements, repaying capital and paying interest promptly in accordance with respective bank agreements without fail. As a percentage of total liabilities against total assets at fair value, our consolidated leverage (a non-GAAP measure) as computed in accordance with our loan agreements at June 30, 2018 was below the loan covenant maximum of 70%, which is applicable to all the above loans on a fleet and total liabilities basis.

As at June 30, 2018, the Company and its wholly and majority owned subsidiaries were compliant with the financial covenants in its thirty loan agreements totaling $1.68 billion, apart from the value-to-loan requirement in seven of its loan agreements, due to a fall in vessel values arising from world fleet overcapacity and soft tanker market. Three loans were in compliance in the third quarter of 2018, following scheduled repayments. An amount of $6.8 million has been reclassified within current liabilities as at June 30, 2018, in relation to the remaining four loans.

 

 

10

EX-99.3 4 d636251dex993.htm EX-99.3 EX-99.3

EXHIBIT 99.3

CAPITALIZATION

The following table sets forth our (i) cash and cash equivalents, (ii) restricted cash and (iii) consolidated capitalization as of June 30, 2018 on:

 

   

an actual basis; and

 

   

an as adjusted basis giving effect to (i) scheduled debt repayments of $56.4 million, (ii) the declaration and payment of a $4.4 million common share dividend, (iii) the payment of $6.6 million of preferred share dividends, (iv) the sale of 268,192 common shares for an aggregate sum of $0.9 million and (v) the exercise of the greenshoe on the Company’s Series F Preferred Shares with the sale of 600,000 additional shares that resulted in net proceeds of $14.6 million.

Other than these adjustments, there has been no material change in our capitalization from debt or equity issuances, re-capitalization or special dividends between June 30, 2018 and October 5, 2018.

This table should be read in conjunction with our consolidated financial statements and the notes thereto, “Results of operations-Management’s Discussion and Analysis” attached as Exhibits 99.1 and 99.2, respectively, to the Report on Form 6-K to which this capitalization table is an exhibit, and “Item 5. Operating and Financial Review and Prospects,” included in our Annual Report on Form 20-F for the year ended December 31, 2017.

 

     As of June 30, 2018  
In thousands of U.S. Dollars    Actual      Adjusted  

Cash

     

Cash and cash equivalents

     272,501        220,555  

Restricted cash

     9,924        9,924  
  

 

 

    

 

 

 

Total cash

     282,425        230,479  
  

 

 

    

 

 

 

Capitalization

     

Debt:

     

Long-term secured debt obligations (including current portion)

     1,684,266        1,627,827  
  

 

 

    

 

 

 

Stockholders equity:

     

Preferred shares, $1.00 par value; 25,000,000 shares authorized on an actual and as adjusted basis and 2,000,000 Series B Preferred Shares, 2,000,000 Series C Preferred Shares, 3,424,803 Series D Preferred Shares, 4,600,000 Series E Preferred Shares and 5,400,000 Series F Preferred Shares issued and outstanding on an actual basis and 2,000,000 Series B Preferred Shares, 2,000,000 Series C Preferred Shares, 3,424,803 Series D Preferred Shares, 4,600,000 Series E Preferred Shares and 6,000,000 Series F Preferred Shares issued and outstanding on an as adjusted basis

     17,425        18,025  

Common shares, $1.00 par value; 175,000,000 shares authorized on an actual and as an adjusted basis; 87,338,652 shares issued and outstanding on an actual basis and 87,604,645 shares issued and outstanding on an as adjusted basis

     87,339        87,605  

Additional paid-in capital

     983,107        997,681  

Cost of treasury stock

     (76      —    

Accumulated other comprehensive loss

     (4,519      (4,519

Retained earnings

     501,113        490,156  

Non-controlling interest

     12,447        12,447  
  

 

 

    

 

 

 

Total stockholders’ equity

     1,596,836        1,601,395  
  

 

 

    

 

 

 

Total capitalization

     3,281,102        3,229,222  
  

 

 

    

 

 

 
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Also, the covenants require the Company to maintain a minimum liquidity, not legally restricted, of $107,435 at June 30, 2018 and $113,427 at December 31, 2017, a minimum hull value in connection with the vessels’ outstanding loans and insurance coverage of the vessels against all customary risks. Three loan agreements require the Company to maintain throughout the security period, an aggregate credit balance in a deposit account of $3,250 and two other loan agreements require a monthly pro rata transfer to a retention account of any principal due but unpaid. As at June 30, 2018, the Company and its wholly and majority owned subsidiaries had thirty loan agreements, totaling $1,684,266. The Company fulfilled its requirements in respect of the financial covenants of all the agreements in relation to the leverage ratio and all other terms and covenants, apart from the value-to-loan requirement in certain of its loan agreements in respect of which an amount of $6,833 has been reclassified within current liabilities at June 30, 2018. 107435000 113427000 6833000 3250000 1684266000 2019-02-28 -20000000 -50500000 12475000 12 semi-annual quarterly or semi-annual 38438000 0.0533 0.0354 LIBOR 80000000 80000000 P6Y 12 semi-annual 37055000 3745000 66658000 162575000 P5Y 10 semi-annual 46965000 11561000 162575000 2018-10-31 2027-01-31 2018-10-31 2019-04-30 3203000 12475000 3412500 -181168000 48650000 10 semi-annual 18240000 3041000 21000 384000 35016000 29472000 34995000 29088000 0 3685000 -3560000 -688000 379000 140000 1160000 -1419000 18295000 15368000 21000 120000 18274000 15248000 0 0 -2149000 -327000 377000 114000 1262000 754000 2981000 -84000 1 118000 2020-07-30 2027-10-31 6 337787000 0.0294 six-month LIBOR -951000 -1967000 -115000 1 224000 118000 106000 4121000 358000 3 3960000 3264000 696000 -866000 4 3685000 13 7 3763000 -1083000 529000 4600000 1 25 110496000 0.0925 0.095 three-month LIBOR plus a spread of 6.881% 3571000 533000 24803 2676000 0.5 0.5 0.5 0.5 0.55469 0.55469 0.55469 0.55469 0.54687 0.54687 0.546875 0.546875 2000000 2219000 3746000 2000000 2219000 3739000 0.57812 0.57812 0.34045 5319000 1566000 5400000 1 25 130553000 three-month LIBOR plus a spread of 6.54% 0.05 0.05 0.05 2018-03-12 2017-03-17 2017-05-12 0.05 2018-08-08 2018-08-02 2000000 2000000 2219000 2219000 3746000 3732000 5319000 2541000 1000000 1000000 1109000 1109000 1874000 1874000 2659000 2541000 71000 0 71000 0 232196000 201453000 163775000 385192000 1132328000 149712000 1650000 51720000 51720000 93096000 2 272501000 189763000 9924000 12910000 1000000 1000000 1684266000 1762938000 0 0 7045000 5715000 336000 1378000 0 0 588000 0 1036000 1312000 1203000 589000 0 0 588000 0 1539000 1967000 8893000 7145000 1539000 1967000 83000 -4611000 94000 76000 609000 1339000 -703000 -1415000 4614000 -174000 4720000 -731000 -951000 -1967000 8081000 7027000 224000 118000 7354000 5178000 106000 -557000 224000 0 118000 0 83000 -4611000 1604000 -816000 1604000 -816000 47000 51000 157000 640000 -204000 -691000 5056000 368000 75000 -124000 5131000 244000 8305000 7145000 0 0 -4519000 -5305000 600000 14575000 0.5 0.55469 0.546875 0.578125 0.05 2018-12-06 2018-11-30 0.05 2018-06-15 <div class="Section1"><p style="margin-top:4pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Treasury stock:</font><font style="font-family:'Times New Roman'"> Treasury stock is stock that is repurchased by the issuing entity, reducing the amount of outstanding shares in the open market. When shares are repurchased, they may either be cancelled or held for reissue. If not cancelled, such shares are referred to as treasury stock. Treasury stock is essentially the same as unissued capital and reduce ordinary share capital. The cost of the acquired shares should generally be shown as a deduction from stockholders&#8217; equity. Dividends on such shares held in the entity&#8217;s treasury should not be reflected as income and not shown as a reduction in equity. Gains and losses on sales of treasury stock should be accounted for as adjustments to stockholders&#8217; equity and not as part of income. Depending on whether the shares are acquired for reissuance or retirement, treasury stock is accounted for under the cost method or the constructive retirement method. The cost method is also used, when reporting entity management has not made decisions as to whether the reacquired shares will be retired, held indefinitely or reissued. The Company elected for the repurchase of its common shares to be accounted for under the cost method. Under this method, the treasury stock account is charged for the aggregate cost of shares reacquired. </font></p><p style="margin-top:4pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:4pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Revenue from Contracts with Customers:</font><font style="font-family:'Times New Roman'"> In</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">May 2016, the FASB issued their final standard on revenue from contracts with customers. The standard, which was issued as ASU 2014-09 (Topic 606) by the FASB, and as amended, outlines a single comprehensive model for entities to use in accounting for revenue from contracts with customers and supersedes most legacy revenue recognition guidance. The core principle of the guidance in Topic 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services by applying the following steps: (1)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">identify the contract(s) with a customer; (2)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">identify the performance obligations in each contract; (3)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">determine the transaction price; (4)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">allocate the transaction price to the performance obligations in each contract; and (5)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">recognize revenue when (or as) the entity satisfies a performance obligation.</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">The standard is effective for public business entities from annual reporting periods beginning after December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">15, 2017, including interim reporting periods within that reporting period.</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">The new revenue standard may be applied using either of the following transition methods: (1)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (2)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">a modified retrospective approach with the cumulative effect of initially adopting the standard recognized at the date of adoption (which includes additional footnote disclosures). </font></p><p style="margin-top:4pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">Regarding the incremental costs of obtaining a contract with a customer and contract&#8217;s fulfilling costs, they should be capitalized and been amortized over the voyage duration, if certain criteria are met &#8211; for incremental costs if only they are chargeable to the customer and for contract&#8217;s fulfilling costs if each of the following criteria is met: (i)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">they relate directly to the contract, (ii)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">they generate or enhance entity&#8217;s resources that shall be used in performance obligation satisfaction and (iii)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">are expected to be recovered. Further, in case of incremental costs, entities may elect, in accordance with the practical expedient of ASC 340 &#8220;Other assets and deferred costs&#8221;, not to capitalize them in cases of amortization period (voyage period) is less than one year. </font></p><p style="margin-top:14pt; margin-bottom:14pt; font-size:10pt"><font style="font-family:'Times New Roman'">On January</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">1, 2018, the Company adopted the aforementioned ASU using the modified retrospective method. Its adoption mainly changed the method of recognizing revenue over time for voyage charters from the discharge-to-discharge method to the loading-to-discharge method. Under the loading-to-discharge method the commencement date of each voyage charter shall be deemed to be upon the loading of the current cargo, decreasing the period of time for recognizing revenue for voyages. With respect to the recognition of voyage charters related costs, taking into consideration the aforementioned practical expedient, the related costs (i.e. commissions) continue to be expensed as incurred, on the basis that the Company&#8217;s voyage charters do not exceed one year. Additionally, the Company has identified that the fuel consumption that is incurred by the Company from the latter of the end of the previous vessel employment and the contract date until the arrival at the loading port, during this period meet the capitalization criteria and are deferred and amortized ratably over the total transit time of the voyage from arrival at the loading port until the vessel departs from the discharge port and expensed as part of Voyage Expenses. Capitalized voyage costs are included in the consolidated balance sheet under Current Assets. Regarding time charter and profit sharing contracts, no material changes related to Company&#8217;s accounting policies were identified. : profit sharing contracts are accounted for as variable consideration, and included in the transaction price if some or all of an amount of variable consideration can be estimated in accordance with paragraph 606-10-32-8 and only to the extent that it is probable</font><font style="font-family:'Times New Roman'; font-weight:bold"> </font><font style="font-family:'Times New Roman'">that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved</font><font style="font-family:'Times New Roman'; font-style:italic">. </font><font style="font-family:'Times New Roman'">The Company adopted ASU 2014-09 during the first quarter of 2018 using the modified retrospective transition method applied to those spot market voyage charter contracts which were not completed as of January</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">1, 2018. Upon adoption, the Company recognized the cumulative effect of adopting this guidance as an adjustment to its opening balance of retained earnings as of January</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">1, 2018. Prior periods were not adjusted retrospectively. </font></p><p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">The following table illustrates the impact of the adoption of the new revenue recognition guidance on the Consolidated Statement of Comprehensive Loss: </font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse"><tr><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td colspan="3" style="width:393.85pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri; font-weight:bold">For the Three Months period ended June 30, 2018</font></p></td></tr><tr><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><br /><font style="font-family:Calibri">As reported</font><br /><font style="font-family:Calibri">$</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri">Balance without adoption of New Revenue Standard</font><br /><font style="font-family:Calibri">$</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri">Effect of</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri">Change</font><br /><font style="font-family:Calibri">$</font></p></td></tr><tr><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">Voyage revenues</font></p></td><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">123,927</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">123,840</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">87</font></p></td></tr><tr><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">Voyage expenses</font></p></td><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">29,407</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">29,456</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">(49)</font></p></td></tr><tr><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">Net loss</font></p></td><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">(16,266)</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">(16,402)</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">136</font></p></td></tr><tr><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">Net loss per share, basic and diluted</font></p></td><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">(0.19)</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">(0.19)</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">0.00</font></p></td></tr></table><p style="margin-top:4pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse"><tr><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td colspan="3" style="width:393.85pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri; font-weight:bold">For the Six Months period ended June 30, 2018</font></p></td></tr><tr><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><br /><font style="font-family:Calibri">As reported</font><br /><font style="font-family:Calibri">$</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri">Balance without adoption of New Revenue Standard</font><br /><font style="font-family:Calibri">$</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri">Effect of</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri">Change</font><br /><font style="font-family:Calibri">$</font></p></td></tr><tr><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">Voyage revenues</font></p></td><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">249,651</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">248,972</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">679</font></p></td></tr><tr><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">Voyage expenses</font></p></td><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">56,683</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">56,627</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">56</font></p></td></tr><tr><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">Net loss</font></p></td><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">(34,823)</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">(35,446)</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">623</font></p></td></tr><tr><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">Net loss per share, basic and diluted</font></p></td><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">(0.40)</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">(0.41)</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">0.01</font></p></td></tr></table><p style="margin-top:4pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:4pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">The following table illustrates the impact of the adoption of the new revenue recognition guidance on the Consolidated Statement of Cash Flow:</font></p><p style="margin-top:4pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse"><tr><td style="width:108.75pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td colspan="3" style="width:337.15pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri; font-weight:bold">For the Six Months period ended June 30, 2018</font></p></td></tr><tr><td style="width:108.75pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td style="width:105.5pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><br /><font style="font-family:Calibri">As reported</font><br /><font style="font-family:Calibri">$</font></p></td><td style="width:105.7pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri">Balance without adoption of New Revenue Standard</font><br /><font style="font-family:Calibri">$</font></p></td><td style="width:104.35pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri">Effect of</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri">Change</font><br /><font style="font-family:Calibri">$</font></p></td></tr><tr><td style="width:108.75pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">Cash Flows from Operating Activities: </font></p></td><td style="width:105.5pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">38,691</font></p></td><td style="width:105.7pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">38,068</font></p></td><td style="width:104.35pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">623</font></p></td></tr><tr><td style="width:108.75pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">Adjustments to reconcile net loss to net cash provided by operating activities:</font></p></td><td style="width:105.5pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td style="width:105.7pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td style="width:104.35pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td></tr><tr><td style="width:108.75pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">Increase in Receivables, net</font></p></td><td style="width:105.5pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">(8,666)</font></p></td><td style="width:105.7pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">(7,987)</font></p></td><td style="width:104.35pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">(679)</font></p></td></tr><tr><td style="width:108.75pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">Increase in Capitalized voyage expenses</font></p></td><td style="width:105.5pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">(525)</font></p></td><td style="width:105.7pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">0</font></p></td><td style="width:104.35pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">(525)</font></p></td></tr></table><p style="margin-top:4pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:4pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:4pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">The following table illustrates the cumulative effect of the adoption of the new revenue recognition guidance on the opening Consolidated Balance Sheet: </font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse"><tr><td style="width:108.45pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td style="width:105.55pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri">Balance as at December 31, 2017</font><br /><font style="font-family:Calibri">$</font></p></td><td style="width:106.8pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri">New Revenue Standard Adjustment</font><br /><font style="font-family:Calibri">$</font></p></td><td style="width:103.5pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri">Balance as at January 1, </font><br /><font style="font-family:Calibri">2018</font><br /><font style="font-family:Calibri">$</font></p></td></tr><tr><td style="width:108.45pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri; text-decoration:underline">Assets: </font></p></td><td style="width:105.55pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td style="width:106.8pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td style="width:103.5pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td></tr><tr><td style="width:108.45pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">Current Assets:</font></p></td><td style="width:105.55pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td style="width:106.8pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td style="width:103.5pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td></tr><tr><td style="width:108.45pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">Accounts receivable, net</font></p></td><td style="width:105.55pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">27,364</font></p></td><td style="width:106.8pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">(1,949)</font></p></td><td style="width:103.5pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">25,415</font></p></td></tr><tr><td style="width:108.45pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">Capitalized voyage expenses</font></p></td><td style="width:105.55pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">-</font></p></td><td style="width:106.8pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">638</font></p></td><td style="width:103.5pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">638</font></p></td></tr><tr><td style="width:108.45pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td style="width:105.55pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td style="width:106.8pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td style="width:103.5pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td></tr><tr><td style="width:108.45pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri; text-decoration:underline">Liabilities</font><font style="font-family:Calibri"> and Stockholders&#8217; Equity:</font></p></td><td style="width:105.55pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td style="width:106.8pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td style="width:103.5pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td></tr><tr><td style="width:108.45pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">Current Liabilities: </font></p></td><td style="width:105.55pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">-</font></p></td><td style="width:106.8pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">-</font></p></td><td style="width:103.5pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">-</font></p></td></tr><tr><td style="width:108.45pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">Stockholders&#8217; Equity:</font></p></td><td style="width:105.55pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td style="width:106.8pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td style="width:103.5pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td></tr><tr><td style="width:108.45pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">Retained earnings</font></p></td><td style="width:105.55pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">547,937</font></p></td><td style="width:106.8pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">(1,311)</font></p></td><td style="width:103.5pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">546,626</font></p></td></tr></table><p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Leases:</font><font style="font-family:'Times New Roman'"> </font><font style="font-family:'Times New Roman'">In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC 842), and as amended, which requires lessees to recognize most leases on the balance sheet. This is expected to increase both reported assets and liabilities. The new lease standard does not substantially change lessor accounting. For public companies, the standard will be effective for the first interim reporting period within annual periods beginning after December 15, 2018, although early adoption is permitted. Lessees and lessors will be required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they first apply the new guidance, using a modified retrospective transition method. In July 2018, the FASB issued ASU No. 2018-11, Leases (ASC 842) &#8211; Targeted Improvements. The amendments in this Update: (i) provide entities with an additional (and optional) transition method to adopt the new leases standard, under which an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption consistent with preparers&apos; requests and (ii) provide lessors with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component and, instead, to account for those components as a single component if the non-lease components otherwise would be accounted for under the new revenue guidance (Topic 606) and both of the following are met: (a) The timing and pattern of transfer of the non-lease component(s) and associated lease component are the same and (b) The lease component, if accounted for separately, would be classified as an operating lease. If the non-lease component or components associated with the lease component are the predominant component of the combined component, an entity is required to account for the combined component in accordance with Topic 606. The Company is currently analyzing the impact of the adoption of this new standard.</font></p></div> <div class="Section1"><table cellspacing="0" cellpadding="0" style="border-collapse:collapse"><tr><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td colspan="3" style="width:393.85pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri; font-weight:bold">For the Three Months period ended June 30, 2018</font></p></td></tr><tr><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><br /><font style="font-family:Calibri">As reported</font><br /><font style="font-family:Calibri">$</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri">Balance without adoption of New Revenue Standard</font><br /><font style="font-family:Calibri">$</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri">Effect of</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri">Change</font><br /><font style="font-family:Calibri">$</font></p></td></tr><tr><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">Voyage revenues</font></p></td><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">123,927</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">123,840</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">87</font></p></td></tr><tr><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">Voyage expenses</font></p></td><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">29,407</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">29,456</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">(49)</font></p></td></tr><tr><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">Net loss</font></p></td><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">(16,266)</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">(16,402)</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">136</font></p></td></tr><tr><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">Net loss per share, basic and diluted</font></p></td><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">(0.19)</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">(0.19)</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">0.00</font></p></td></tr></table><p style="margin-top:4pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse"><tr><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td colspan="3" style="width:393.85pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri; font-weight:bold">For the Six Months period ended June 30, 2018</font></p></td></tr><tr><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><br /><font style="font-family:Calibri">As reported</font><br /><font style="font-family:Calibri">$</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri">Balance without adoption of New Revenue Standard</font><br /><font style="font-family:Calibri">$</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri">Effect of</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri">Change</font><br /><font style="font-family:Calibri">$</font></p></td></tr><tr><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">Voyage revenues</font></p></td><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">249,651</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">248,972</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">679</font></p></td></tr><tr><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">Voyage expenses</font></p></td><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">56,683</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">56,627</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">56</font></p></td></tr><tr><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">Net loss</font></p></td><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">(34,823)</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">(35,446)</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">623</font></p></td></tr><tr><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">Net loss per share, basic and diluted</font></p></td><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">(0.40)</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">(0.41)</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">0.01</font></p></td></tr></table><p style="margin-top:4pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:4pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:4pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:4pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse"><tr><td style="width:108.75pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td colspan="3" style="width:337.15pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri; font-weight:bold">For the Six Months period ended June 30, 2018</font></p></td></tr><tr><td style="width:108.75pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td style="width:105.5pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><br /><font style="font-family:Calibri">As reported</font><br /><font style="font-family:Calibri">$</font></p></td><td style="width:105.7pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri">Balance without adoption of New Revenue Standard</font><br /><font style="font-family:Calibri">$</font></p></td><td style="width:104.35pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri">Effect of</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri">Change</font><br /><font style="font-family:Calibri">$</font></p></td></tr><tr><td style="width:108.75pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">Cash Flows from Operating Activities: </font></p></td><td style="width:105.5pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">38,691</font></p></td><td style="width:105.7pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">38,068</font></p></td><td style="width:104.35pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">623</font></p></td></tr><tr><td style="width:108.75pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">Adjustments to reconcile net loss to net cash provided by operating activities:</font></p></td><td style="width:105.5pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td style="width:105.7pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td style="width:104.35pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td></tr><tr><td style="width:108.75pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">Increase in Receivables, net</font></p></td><td style="width:105.5pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">(8,666)</font></p></td><td style="width:105.7pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">(7,987)</font></p></td><td style="width:104.35pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">(679)</font></p></td></tr><tr><td style="width:108.75pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">Increase in Capitalized voyage expenses</font></p></td><td style="width:105.5pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">(525)</font></p></td><td style="width:105.7pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">0</font></p></td><td style="width:104.35pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">(525)</font></p></td></tr></table><p style="margin-top:4pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:4pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:4pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:4pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse"><tr><td style="width:108.45pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td style="width:105.55pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri">Balance as at December 31, 2017</font><br /><font style="font-family:Calibri">$</font></p></td><td style="width:106.8pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri">New Revenue Standard Adjustment</font><br /><font style="font-family:Calibri">$</font></p></td><td style="width:103.5pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri">Balance as at January 1, </font><br /><font style="font-family:Calibri">2018</font><br /><font style="font-family:Calibri">$</font></p></td></tr><tr><td style="width:108.45pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri; text-decoration:underline">Assets: </font></p></td><td style="width:105.55pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td style="width:106.8pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td style="width:103.5pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td></tr><tr><td style="width:108.45pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">Current Assets:</font></p></td><td style="width:105.55pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td style="width:106.8pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td style="width:103.5pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td></tr><tr><td style="width:108.45pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">Accounts receivable, net</font></p></td><td style="width:105.55pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">27,364</font></p></td><td style="width:106.8pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">(1,949)</font></p></td><td style="width:103.5pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">25,415</font></p></td></tr><tr><td style="width:108.45pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">Capitalized voyage expenses</font></p></td><td style="width:105.55pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">-</font></p></td><td style="width:106.8pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">638</font></p></td><td style="width:103.5pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">638</font></p></td></tr><tr><td style="width:108.45pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td style="width:105.55pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td style="width:106.8pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td style="width:103.5pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td></tr><tr><td style="width:108.45pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri; text-decoration:underline">Liabilities</font><font style="font-family:Calibri"> and Stockholders&#8217; Equity:</font></p></td><td style="width:105.55pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td style="width:106.8pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td style="width:103.5pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td></tr><tr><td style="width:108.45pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">Current Liabilities: </font></p></td><td style="width:105.55pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">-</font></p></td><td style="width:106.8pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">-</font></p></td><td style="width:103.5pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">-</font></p></td></tr><tr><td style="width:108.45pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">Stockholders&#8217; Equity:</font></p></td><td style="width:105.55pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td style="width:106.8pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td style="width:103.5pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td></tr><tr><td style="width:108.45pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">Retained earnings</font></p></td><td style="width:105.55pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">547,937</font></p></td><td style="width:106.8pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">(1,311)</font></p></td><td style="width:103.5pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">546,626</font></p></td></tr></table><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:92%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:57.98%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.96%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.96%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.04%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.04%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:57.98%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Three</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">months</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">ended</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">June</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Six months ended</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">June</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td></tr><tr><td style="width:57.98%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:9.96%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:9.96%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:11.04%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:11.04%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td></tr><tr><td style="width:57.98%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">Tsakos Shipping and Trading S.A. (commissions)</font></p></td><td style="width:9.96%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">1,549</font><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></td><td style="width:9.96%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">1,621</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.04%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">3,092</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.04%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">3,350</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:57.98%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">Tsakos Energy Management Limited (management fees)</font></p></td><td style="width:9.96%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">5,055</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.96%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">4,826</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.04%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">10,119</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.04%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">9,462</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:57.98%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">Tsakos Columbia Shipmanagement S.A. (special charges)</font></p></td><td style="width:9.96%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">571</font><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></td><td style="width:9.96%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">538</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.04%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">1,010</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.04%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">999</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:57.98%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">Argosy Insurance Company Limited (insurance premiums)</font></p></td><td style="width:9.96%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">2,350</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.96%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">2,591</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.04%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">4,934</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.04%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">4,969</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:57.98%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">AirMania Travel S.A. (travel services)</font></p></td><td style="width:9.96%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">1,235</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.96%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">1,487</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.04%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">2,815</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.04%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">2,710</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:57.98%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:9.96%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:9.96%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:11.04%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:11.04%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr><tr style="height:16.95pt"><td style="width:57.98%; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total expenses with related parties</font></p></td><td style="width:9.96%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">10,760</font><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></td><td style="width:9.96%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">11,063</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.04%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">21,970</font><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></td><td style="width:11.04%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">21,490</font><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></td></tr><tr><td style="width:57.98%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:9.96%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:9.96%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:11.04%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:11.04%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:74.04%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:56.48%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:22.22%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:21.3%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:56.48%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:22.22%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">June</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">2018</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:21.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">December</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">31,</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">2017</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td></tr><tr><td style="width:56.48%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Due from related parties</font></p></td><td style="width:22.22%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="width:21.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td></tr><tr><td style="width:56.48%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">Tsakos Columbia Shipmanagement S.A.</font></p></td><td style="width:22.22%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">16,534</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:21.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#160;&#160; 14,210</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:56.48%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:22.22%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:21.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr><tr><td style="width:56.48%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total due from related parties</font></p></td><td style="width:22.22%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">16,534</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:21.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#160;&#160; 14,210</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:56.48%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:22.22%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:21.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr><tr><td style="width:56.48%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Due to related parties</font></p></td><td style="width:22.22%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="width:21.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td></tr><tr><td style="width:56.48%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">Tsakos Energy Management Limited</font></p></td><td style="width:22.22%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">594</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:21.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">728</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:56.48%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">Tsakos Shipping and Trading S.A.</font></p></td><td style="width:22.22%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">357</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:21.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">313</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:56.48%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">Argosy Insurance Company Limited</font></p></td><td style="width:22.22%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">8,655</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:21.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#160;&#160; 5,947</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:56.48%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">AirMania Travel S.A.</font></p></td><td style="width:22.22%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">441</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:21.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">454</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:56.48%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:22.22%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:21.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr><tr><td style="width:56.48%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total due to related parties</font></p></td><td style="width:22.22%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">10,047</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:21.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#160;&#160;&#160;&#160; 7,442</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:56.48%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:22.22%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:21.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:68%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:58%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:47pt"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:88%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Period/Year</font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Amount</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td></tr><tr><td style="vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">July to December 2018</font></p></td><td style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">10,295</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">2019</font></p></td><td style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">20,589</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">2020</font></p></td><td style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">20,760</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">2021</font></p></td><td style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">20,760</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">2022</font></p></td><td style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">20,760</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">2023 to 2028</font></p></td><td style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">111,506</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr><tr><td style="padding-left:7.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">204,670</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:18pt; margin-left:24.5pt; margin-bottom:0pt; text-indent:-24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">2.Transactions with Related Parties </font></p><p style="margin-top:6pt; margin-left:24.45pt; margin-bottom:0pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">The following amounts were charged by related parties for services rendered: </font></p><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:92%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:57.98%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><a name="DM_MAP_ac3e8e6522974b04b37cb85f2a17f4f5"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:9.96%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.96%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.04%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.04%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:57.98%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Three</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">months</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">ended</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">June</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Six months ended</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">June</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td></tr><tr><td style="width:57.98%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:9.96%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:9.96%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:11.04%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:11.04%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td></tr><tr><td style="width:57.98%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">Tsakos Shipping and Trading S.A. (commissions)</font></p></td><td style="width:9.96%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">1,549</font><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></td><td style="width:9.96%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">1,621</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.04%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">3,092</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.04%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">3,350</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:57.98%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">Tsakos Energy Management Limited (management fees)</font></p></td><td style="width:9.96%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">5,055</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.96%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">4,826</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.04%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">10,119</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.04%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">9,462</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:57.98%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">Tsakos Columbia Shipmanagement S.A. (special charges)</font></p></td><td style="width:9.96%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">571</font><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></td><td style="width:9.96%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">538</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.04%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">1,010</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.04%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">999</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:57.98%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">Argosy Insurance Company Limited (insurance premiums)</font></p></td><td style="width:9.96%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">2,350</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.96%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">2,591</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.04%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">4,934</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.04%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">4,969</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:57.98%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">AirMania Travel S.A. (travel services)</font></p></td><td style="width:9.96%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">1,235</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.96%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">1,487</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.04%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">2,815</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.04%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">2,710</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:57.98%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:9.96%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:9.96%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:11.04%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:11.04%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr><tr style="height:16.95pt"><td style="width:57.98%; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total expenses with related parties</font></p></td><td style="width:9.96%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">10,760</font><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></td><td style="width:9.96%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">11,063</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.04%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">21,970</font><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></td><td style="width:11.04%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">21,490</font><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></td></tr><tr><td style="width:57.98%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:9.96%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:9.96%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:11.04%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:11.04%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr></table></div><p style="margin-top:6pt; margin-left:24.45pt; margin-bottom:0pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:6pt; margin-left:24.45pt; margin-bottom:0pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">Balances due from and due to related parties are as follows: </font></p><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:74.04%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:56.48%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><a name="DM_MAP_fbcd993fd9744ab78b9469db7dddb7e7"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:22.22%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:21.3%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:56.48%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:22.22%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">June</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">2018</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:21.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">December</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">31,</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">2017</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td></tr><tr><td style="width:56.48%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Due from related parties</font></p></td><td style="width:22.22%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="width:21.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td></tr><tr><td style="width:56.48%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">Tsakos Columbia Shipmanagement S.A.</font></p></td><td style="width:22.22%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">16,534</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:21.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#160;&#160; 14,210</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:56.48%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:22.22%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:21.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr><tr><td style="width:56.48%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total due from related parties</font></p></td><td style="width:22.22%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">16,534</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:21.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#160;&#160; 14,210</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:56.48%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:22.22%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:21.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr><tr><td style="width:56.48%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Due to related parties</font></p></td><td style="width:22.22%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="width:21.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td></tr><tr><td style="width:56.48%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">Tsakos Energy Management Limited</font></p></td><td style="width:22.22%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">594</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:21.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">728</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:56.48%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">Tsakos Shipping and Trading S.A.</font></p></td><td style="width:22.22%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">357</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:21.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">313</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:56.48%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">Argosy Insurance Company Limited</font></p></td><td style="width:22.22%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">8,655</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:21.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#160;&#160; 5,947</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:56.48%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">AirMania Travel S.A.</font></p></td><td style="width:22.22%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">441</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:21.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">454</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:56.48%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:22.22%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:21.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr><tr><td style="width:56.48%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total due to related parties</font></p></td><td style="width:22.22%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">10,047</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:21.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#160;&#160;&#160;&#160; 7,442</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:56.48%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:22.22%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:21.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr></table></div><p style="margin-top:4.5pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:24.45pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:'Times New Roman'">At June</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018, an amount of $161 ($125 at December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017) due to Tsakos Shipping and Trading S.A. and an amount of $72 ($68 at December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017) due to Argosy Insurance Limited, is included in accrued liabilities which relates to services rendered by these related parties not yet invoiced. </font></p><p style="margin-top:6pt; margin-left:27pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Tsakos Energy Management Limited (the &#8220;Management Company&#8221;): </font><font style="font-family:'Times New Roman'">The Holding Company has a Management Agreement (&#8220;Management Agreement&#8221;) with the Management Company, a Liberian corporation, to provide overall executive and commercial management of its affairs for a monthly fee, which may be adjusted per the Management Agreement of March 8, 2007, effective from January 1, 2008, at the beginning of each year, in accordance with the terms of the Management Agreement, if both parties agree. Fees are also payable to a third-party manager for the LNG carriers </font><font style="font-family:'Times New Roman'; font-style:italic">Maria Energy, Neo Energy,</font><font style="font-family:'Times New Roman'"> the VLCCs </font><font style="font-family:'Times New Roman'; font-style:italic">Ulysses, Hercules I,</font><font style="font-family:'Times New Roman'"> the aframax tankers </font><font style="font-family:'Times New Roman'; font-style:italic">Sapporo Princess</font><font style="font-family:'Times New Roman'"> and </font><font style="font-family:'Times New Roman'; font-style:italic">Maria Princess</font><font style="font-family:'Times New Roman'"> and the suezmax tanker </font><font style="font-family:'Times New Roman'; font-style:italic">Eurochampion 2004</font><font style="font-family:'Times New Roman'">.</font></p><p style="margin-top:6pt; margin-left:27pt; margin-bottom:0pt; text-align:justify; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">In addition to the management fee, the Management Agreement provides for an incentive award to the Management Company, which is at the absolute discretion of the Holding Company&#8217;s Board of Directors.</font><font style="font-family:'Times New Roman'"> </font><font style="font-family:'Times New Roman'; font-size:10pt">No such award was granted in the first six months of 2018. </font></p><p style="margin-top:6pt; margin-left:27pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:'Times New Roman'">The Holding Company and the Management Company have certain officers and directors in common. The President, who is also the Chief Executive Officer and a Director of the Holding Company, is also the sole stockholder of the Management Company. The Management Company may unilaterally terminate its Management Agreement with the Holding Company at any time upon one year&#8217;s notice. In addition, if even a director is elected to the Holding Company without the recommendation of the existing Board of Directors, the Holding Company would be obligated to pay the Management Company an amount calculated in accordance with the terms of the Management Agreement. Under the terms of the Management Agreement between the Holding Company and the Management Company, the Holding Company may terminate the Management Agreement only under specific circumstances, without the prior approval of the Holding Company&#8217;s Board of Directors. Estimated future management fees payable over the next ten years under the Management Agreement, exclusive of any incentive awards and based on existing vessels and known vessels scheduled for future delivery, as at June</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018, are: </font></p><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:68%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:58%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><a name="DM_MAP_38cc27ac0eb248b498d956851de5cd42"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:47pt"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:88%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Period/Year</font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Amount</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td></tr><tr><td style="vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">July to December 2018</font></p></td><td style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">10,295</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">2019</font></p></td><td style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">20,589</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">2020</font></p></td><td style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">20,760</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">2021</font></p></td><td style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">20,760</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">2022</font></p></td><td style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">20,760</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">2023 to 2028</font></p></td><td style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">111,506</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr><tr><td style="padding-left:7.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">204,670</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr></table></div><p style="margin-top:4.5pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:14pt; margin-left:48.95pt; margin-bottom:14pt; text-align:justify; font-size:10pt"><font style="font-family:'Times New Roman'">Management fees for vessels are included in General and Administrative expenses in the accompanying Consolidated Statements of Comprehensive (Loss) Income. Also, under the terms of the Management Agreement, the Management Company provides supervisory services for the construction of new vessels for a monthly fee of $20.4. There were no such fees during the six months ended June</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018, while fees amounting to $500 were charged during the six months ended June 30, 2017 and accounted for as part of construction costs for delivered vessels or included in Advances for vessels under construction.</font></p><p style="margin-top:14pt; margin-left:48.95pt; margin-bottom:14pt; text-align:justify; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:48.95pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:48.95pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:49.65pt; margin-bottom:0pt; text-indent:-28.35pt; text-align:justify; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(b)Tsakos Columbia Shipmanagement S.A. (&#8220;TCM&#8221;): </font><font style="font-family:'Times New Roman'">The Management Company appointed TCM to provide technical management to the Company&#8217;s vessels from July</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">1, 2010. TCM is owned jointly and in equal part by related party interests and by a private German group. TCM, at the consent of the Holding Company, may subcontract all or part of the technical management of any vessel to an alternative unrelated technical manager. </font></p><p style="margin-top:6pt; margin-left:49.65pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:'Times New Roman'">Effective July</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">1, 2010, the Management Company, at its own expense, pays technical management fees to TCM and the Company bears and pays directly to TCM most of its operating expenses, including repairs and maintenance, provisioning and crewing of the Company&#8217;s vessels, as well as certain charges which are capitalized or deferred, including reimbursement of the costs of TCM personnel sent overseas to supervise repairs and perform inspections on Company vessels. </font></p><p style="margin-top:6pt; margin-left:49.65pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:'Times New Roman'">TCM has a 25% share in a manning agency, located in the Philippines, named TCM Tsakos Maritime Philippines, which provides crew to certain of the Company&#8217;s vessels. The Company has no control or ownership directly in TCM Tsakos Maritime Philippines, nor had any direct transactions to date with the agency.&#160; </font></p><p style="margin-top:12pt; margin-left:49.65pt; margin-bottom:0pt; text-indent:-28.35pt; text-align:justify; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(c)Tsakos Shipping and Trading S.A. (&#8220;Tsakos Shipping&#8221;): </font><font style="font-family:'Times New Roman'">Tsakos Shipping provides chartering services for the Company&#8217;s vessels by communicating with third party brokers to solicit research and propose charters. For this service, the Company pays to Tsakos Shipping a chartering commission of approximately 1.25% on all freights, hires and demurrages. Such commissions are included in Voyage expenses in the accompanying Consolidated Statements of Comprehensive Income. Tsakos Shipping also provides sale and purchase of vessels brokerage service. For this service, Tsakos Shipping may charge brokerage commissions. In the first half of 2018 and 2017, there were no such charges. Tsakos Shipping may also charge a fee of $200 (or such other sum as may be agreed) on delivery of each new-building vessel in payment for the cost of design and supervision of the new-building by Tsakos Shipping. In the first half of 2017, $2,750 has been charged for thirteen vessels delivered between May 2016 and May 2017. In the first half of 2018, no such fee was charged. </font></p><p style="margin-top:6pt; margin-left:49.65pt; margin-bottom:0pt; text-indent:-0.7pt; font-size:10pt"><font style="font-family:'Times New Roman'">Certain members of the Tsakos family are involved in the decision-making processes of Tsakos Shipping and of the Management Company and are also shareholders and directors of the Holding Company. </font></p><p style="margin-top:6pt; margin-left:48.95pt; margin-bottom:0pt; text-indent:-24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic"> (d)Argosy Insurance Company Limited (&#8220;Argosy&#8221;):</font><font style="font-family:'Times New Roman'"> The Company places its hull and machinery insurance, increased value insurance and war risk and certain other insurance through Argosy, a captive insurance company affiliated with Tsakos Shipping. </font></p><p style="margin-top:6pt; margin-left:48.95pt; margin-bottom:0pt; text-indent:-24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(e)AirMania Travel S.A. (&#8220;AirMania&#8221;): </font><font style="font-family:'Times New Roman'">Apart from third-party agents, the Company also uses an affiliated company, AirMania, for travel services. </font></p></div> <div class="Section1"><p style="margin-top:18pt; margin-left:48.95pt; margin-bottom:0pt; text-indent:-24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">3. Vessels </font></p><p style="margin-top:6pt; margin-left:24.45pt; margin-bottom:0pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Acquisitions </font></p><p style="margin-top:6pt; margin-left:24.45pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">During the first six months of 2018 there were no vessel acquisitions. During the first six months of 2017, the Company took delivery of its newbuild VLCC tanker </font><font style="font-family:'Times New Roman'; font-style:italic">Hercules I</font><font style="font-family:'Times New Roman'">, the newbuild aframaxes </font><font style="font-family:'Times New Roman'; font-style:italic">Marathon TS</font><font style="font-family:'Times New Roman'">, </font><font style="font-family:'Times New Roman'; font-style:italic">Sola TS</font><font style="font-family:'Times New Roman'"> and </font><font style="font-family:'Times New Roman'; font-style:italic">Oslo TS</font><font style="font-family:'Times New Roman'"> and the newbuild shuttle tanker </font><font style="font-family:'Times New Roman'; font-style:italic">Lisboa</font><font style="font-family:'Times New Roman'"> for $383,125 in total. </font></p><p style="margin-top:6pt; margin-left:24.45pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Held for sale</font></p><p style="margin-top:6pt; margin-left:24.45pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">At December 31, 2017, the VLCC </font><font style="font-family:'Times New Roman'; font-style:italic">Millennium</font><font style="font-family:'Times New Roman'"> was classified as held for sale.</font></p><p style="margin-top:6pt; margin-left:24.45pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Sales</font></p><p style="margin-top:6pt; margin-left:24.45pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">On April 11, 2018, the Company sold the VLCC </font><font style="font-family:'Times New Roman'; font-style:italic">Millennium</font><font style="font-family:'Times New Roman'">, for net proceeds of $17,520, realizing a net loss of $364.</font></p><p style="margin-top:6pt; margin-bottom:0pt; text-indent:24.45pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Sale and Leaseback</font></p><p style="margin-top:6pt; margin-left:24.45pt; margin-bottom:0pt; text-align:justify; font-size:14pt"><font style="font-family:'Times New Roman'; font-size:10pt">On December 21, 2017, the Company entered into a five-year sale and leaseback agreement for each of the two suezmaxes, </font><font style="font-family:'Times New Roman'; font-size:10pt; font-style:italic">Eurochampion 2004</font><font style="font-family:'Times New Roman'; font-size:10pt"> and </font><font style="font-family:'Times New Roman'; font-size:10pt; font-style:italic">Euronike</font><font style="font-family:'Times New Roman'; font-size:10pt">. Under these leaseback agreements, there was a seller&#8217;s credit of $6,500 each on the sales price that becomes immediately payable to the Company by the owners at the end of the five-year charter or upon sale of the vessels during the charter period.</font><font style="font-family:'Times New Roman'"> </font><font style="font-family:'Times New Roman'; font-size:10pt">The Company analyzed the classification of the leaseback agreements based on the primary lease classification criteria and the supplemental indicators in ASC 840, and determined that these agreements qualified as operating leases.</font></p><p style="margin-top:6pt; margin-left:24.45pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Charter hire expense</font></p><p style="margin-top:6pt; margin-left:24.45pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:'Times New Roman'">As at June 30, 2018, minimum commitments to be incurred by the Company under vessel operating leases by which the Company charters-in vessels were approximately $48,478, comprised of $5,456 (2018), $10,822 (2019), $10,852 (2020), $10,822 (2021), and $10,526 (2022). The Company recognizes the expense from these charters, which is included in time-charter hire expense in the accompanying Consolidated Statements of Comprehensive Income/(Loss), on a straight-line basis over the term of the charters.</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-left:24.5pt; margin-bottom:0pt; text-indent:-24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">4.Deferred Charges </font></p><p style="margin-top:6pt; margin-left:24.45pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:'Times New Roman'">Deferred charges consisting of dry-docking and special survey costs, net of accumulated amortization, amounted to $30,381 and $23,759, at June</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017, respectively. Amortization of deferred dry-docking costs was $4,492 during the first six months of 2018 and $3,300 during the first six months of 2017 and is included in depreciation and amortization of deferred dry-docking costs in the accompanying Consolidated Statements of Comprehensive (Loss) Income. </font></p></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:80.82%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:52.02%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:24.46%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.52%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:52.02%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Facility</font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:24.46%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">June</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:23.52%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">December</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">31,</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td></tr><tr><td style="width:52.02%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">(a) Credit Facilities</font></p></td><td style="width:24.46%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">65,000</font><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></td><td style="width:23.52%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">250,104</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:52.02%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">(b) Term Bank Loans</font></p></td><td style="width:24.46%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">1,619,266</font><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></td><td style="width:23.52%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">1,512,978</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:52.02%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:24.46%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:23.52%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr><tr><td style="width:52.02%; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:24.46%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold">1,684,266</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.52%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold">1,763,082</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.6pt"><td style="width:52.02%; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">Less deferred finance costs, net</font></p></td><td style="width:24.46%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(12,181)</font></p></td><td style="width:23.52%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(11,213)</font></p></td></tr><tr style="height:7.05pt"><td style="width:52.02%; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total long-term debt</font></p></td><td style="width:24.46%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold">1,672,085</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.52%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold">1,751,869</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:8.7pt"><td style="width:52.02%; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">Less current portion of debt</font></p></td><td style="width:24.46%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(260,619)</font></p></td><td style="width:23.52%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(228,967)</font></p></td></tr><tr style="height:10.25pt"><td style="width:52.02%; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">Add deferred finance costs, current portion</font></p></td><td style="width:24.46%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">3,370</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.52%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">3,084</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:52.02%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:24.46%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:23.52%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr><tr><td style="width:52.02%; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total long-term portion, net of current portion and deferred finance costs</font></p></td><td style="width:24.46%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold">1,414,836</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.52%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold">1,525,986</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:52.02%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:24.46%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:23.52%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:68%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:61%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:61%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">Three months ended June</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018</font></p></td><td style="width:39%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">4.25%</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:61%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">Three months ended June</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2017</font></p></td><td style="width:39%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">3.42%</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:6pt"><td style="width:61%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:61%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">Six months ended June</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018</font></p></td><td style="width:39%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#160;&#160;&#160;&#160;&#160; 4.00%</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:61%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">Six months ended June</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2017</font></p></td><td style="width:39%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">3.32%</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:70.06%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:81.32%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.68%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:81.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Period/Year</font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:18.68%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Amount</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:6pt"><td style="width:81.32%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.68%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:81.32%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">July to December 2018</font></p></td><td style="width:18.68%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">87,381</font><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></td></tr><tr><td style="width:81.32%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">2019</font></p></td><td style="width:18.68%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">248,037</font><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></td></tr><tr><td style="width:81.32%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">2020</font></p></td><td style="width:18.68%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">264,759</font><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></td></tr><tr><td style="width:81.32%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">2021</font></p></td><td style="width:18.68%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">282,319</font><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></td></tr><tr><td style="width:81.32%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">2022</font></p></td><td style="width:18.68%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">221,151</font><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></td></tr><tr><td style="width:81.32%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">2023 and thereafter</font></p></td><td style="width:18.68%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">580,619</font><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></td></tr><tr><td style="width:81.32%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:18.68%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr><tr><td style="width:81.32%; padding-left:7.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="width:18.68%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">1,684,266</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:81.32%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:18.68%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:18pt; margin-left:24.5pt; margin-bottom:0pt; text-indent:-24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">5.Long-Term Debt </font></p><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:80.82%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:52.02%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><a name="DM_MAP_328fc41494614cdcbd70bfd7cb9f1f25"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:24.46%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.52%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:52.02%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Facility</font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:24.46%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">June</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:23.52%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">December</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">31,</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td></tr><tr><td style="width:52.02%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">(a) Credit Facilities</font></p></td><td style="width:24.46%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">65,000</font><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></td><td style="width:23.52%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">250,104</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:52.02%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">(b) Term Bank Loans</font></p></td><td style="width:24.46%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">1,619,266</font><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></td><td style="width:23.52%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">1,512,978</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:52.02%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:24.46%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:23.52%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr><tr><td style="width:52.02%; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total</font></p></td><td style="width:24.46%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold">1,684,266</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.52%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold">1,763,082</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.6pt"><td style="width:52.02%; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">Less deferred finance costs, net</font></p></td><td style="width:24.46%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(12,181)</font></p></td><td style="width:23.52%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(11,213)</font></p></td></tr><tr style="height:7.05pt"><td style="width:52.02%; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total long-term debt</font></p></td><td style="width:24.46%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold">1,672,085</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.52%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold">1,751,869</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:8.7pt"><td style="width:52.02%; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">Less current portion of debt</font></p></td><td style="width:24.46%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(260,619)</font></p></td><td style="width:23.52%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(228,967)</font></p></td></tr><tr style="height:10.25pt"><td style="width:52.02%; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">Add deferred finance costs, current portion</font></p></td><td style="width:24.46%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">3,370</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.52%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">3,084</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:52.02%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:24.46%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:23.52%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr><tr><td style="width:52.02%; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total long-term portion, net of current portion and deferred finance costs</font></p></td><td style="width:24.46%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold">1,414,836</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:23.52%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold">1,525,986</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:52.02%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:24.46%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:23.52%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr></table></div><p style="margin-top:6pt; margin-left:48.95pt; margin-bottom:0pt; text-indent:-24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-style:italic">(a)Credit facilities </font></p><p style="margin-top:6pt; margin-left:48.95pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">As at June</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018, the Company had one open reducing revolving credit facility, which is reduced in semi-annual installments with balloon payment due at maturity February 2019. Interest is payable at a rate based on LIBOR plus a spread. At June</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018, the interest rate on the above facility was 3.08%. </font></p><p style="margin-top:6pt; margin-left:48.95pt; margin-bottom:0pt; text-indent:-24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-style:italic">(b)Term bank loans </font></p><p style="margin-top:6pt; margin-left:48.95pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">Term loan balances outstanding at June</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018, amounted to $1,619,266. These bank loans are payable in U.S. Dollars in quarterly or semi-annual installments, with balloon payments due at maturity between October 2018 and January 2027. Interest rates on the outstanding loans as at June</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 are based on LIBOR plus a spread. </font></p><p style="margin-top:4pt; margin-left:49.5pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:'Times New Roman'">On February 15, 2018, the Company signed a new five-year loan for the refinancing of loans maturing between October 2018 and April 2019, relating to eleven vessels. The total new loan amounted to $162,575 and was drawn on April 3, 2018. The new loan is repayable in ten semi-annual installments of $11,561, commencing six months after the drawdown date, plus a balloon of $46,965 payable together with the last installment. On April 4, 2018, the Company prepaid $181,168 relating to the outstanding debt on the above eleven vessels.</font></p><p style="margin-top:4pt; margin-left:49.5pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:'Times New Roman'">On April 27, 2018, the Company signed a supplemental agreement on the loan agreement dated January 31, 2012 for a $12,475 top-up tranche to the existing loan for the early refinancing of the shuttle tanker </font><font style="font-family:'Times New Roman'; font-style:italic">Rio 2016.</font><font style="font-family:'Times New Roman'">The top-up was drawn down on April 30, 2018 and is repayable in twelve equal semi-annual installments of $3,203, plus a balloon payment of $38,438 payable together with the last installment.</font></p><p style="margin-top:4pt; margin-left:49.5pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:'Times New Roman'">On June 7, 2018, the Company signed a new six-year loan agreement for $80,000 relating to the early refinancing of the shuttle tanker </font><font style="font-family:'Times New Roman'; font-style:italic">Brasil 2014. </font><font style="font-family:'Times New Roman'">The Company repaid the amount of $66,658, which was outstanding at the refinancing date and drew down $80,000 on the same date. The new loan is repayable in twelve semi-annual installments of $3,745 for the first six installments and $3,412.5 for the following six installments, commencing six months after the drawdown date, plus a balloon of $37,055 payable together with the last installment. </font></p><p style="margin-top:4pt; margin-left:49.5pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:'Times New Roman'">On June 28, 2018, the Company signed a new term bank loan for $48,650 relating to the refinancing of three aframax tankers, </font><font style="font-family:'Times New Roman'; font-style:italic">Maria Princess, Nippon Princess</font><font style="font-family:'Times New Roman'"> and </font><font style="font-family:'Times New Roman'; font-style:italic">Ise Princess, </font><font style="font-family:'Times New Roman'">which were approaching maturity</font><font style="font-family:'Times New Roman'; font-style:italic">.</font><font style="font-family:'Times New Roman'"> The loan is repayable in ten semi-annual installments of $3,041, plus a balloon payment of $18,240 payable together with the last installment.</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:48.95pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">At June</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018, interest rates on these term bank loans ranged from 3.54% to 5.33%. </font></p><p style="margin-top:6pt; margin-left:24.45pt; margin-bottom:0pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">The weighted-average interest rates on the above executed loans for the applicable periods were: </font></p><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:68%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:61%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><a name="DM_MAP_6f3562847f714fd2b04d563a3de0a1ac"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:39%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:61%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">Three months ended June</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018</font></p></td><td style="width:39%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">4.25%</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:61%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">Three months ended June</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2017</font></p></td><td style="width:39%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">3.42%</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:6pt"><td style="width:61%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:39%; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:61%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">Six months ended June</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018</font></p></td><td style="width:39%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#160;&#160;&#160;&#160;&#160; 4.00%</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:61%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">Six months ended June</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2017</font></p></td><td style="width:39%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">3.32%</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr></table></div><p style="margin-top:8pt; margin-left:24.5pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:'Times New Roman'">The above revolving credit facilities and term bank loans are secured by first priority mortgages on all vessels, by assignments of earnings and insurances of the respectively mortgaged vessels, and by corporate guarantees of the relevant vessel-owning subsidiaries. </font></p><p style="margin-top:4pt; margin-left:24.5pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:'Times New Roman'">The loan agreements include, among other covenants, covenants requiring the Company to obtain the lenders&#8217; prior consent in order to incur or issue any financial indebtedness, additional borrowings, pay dividends in an amount more than 50% of cumulative net income (as defined in the related agreements), sell vessels and assets and change the beneficial ownership or management of the vessels. Also, the covenants require the Company to maintain a minimum liquidity, not legally restricted, of $107,435 at June</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and $113,427 at December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017, a minimum hull value in connection with the vessels&#8217; outstanding loans and insurance coverage of the vessels against all customary risks. Three loan agreements require the Company to maintain throughout the security period, an aggregate credit balance in a deposit account of $3,250 and two other loan agreements require a monthly pro rata transfer to a retention account of any principal due but unpaid. </font></p><p style="margin-top:4pt; margin-left:24.5pt; margin-bottom:0pt; text-align:justify; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:4pt; margin-left:24.5pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:'Times New Roman'">As at June 30, 2018, the Company and its wholly and majority owned subsidiaries had thirty loan agreements, totaling $1,684,266. The Company fulfilled its requirements in respect of the financial covenants of all the agreements in relation to the leverage ratio and all other terms and covenants, apart from the value-to-loan requirement in certain of its loan agreements in respect of which an amount of $6,833 has been reclassified within current liabilities at June 30, 2018. </font></p><p style="margin-top:4pt; margin-left:24.5pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:4pt; margin-left:24.5pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:'Times New Roman'">The Company&#8217;s liquidity requirements relate primarily to servicing its debt, funding the equity portion of investments in vessels and funding expected capital expenditure on dry-dockings and working capital. As of June 30, 2018, and December 31, 2017, the Company&#8217;s working capital (non-restricted net current assets), amounted to $20.0 million and $50.5 million deficit, respectively.</font></p><p style="margin-top:6pt; margin-left:24.45pt; margin-bottom:0pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">The annual principal payments required to be made after June</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018, are as follows: </font></p><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:70.06%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:81.32%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><a name="DM_MAP_3a52c72dbf0244ceab8d214c10bc6d71"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:18.68%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:81.32%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Period/Year</font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:18.68%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Amount</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:6pt"><td style="width:81.32%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.68%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:81.32%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">July to December 2018</font></p></td><td style="width:18.68%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">87,381</font><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></td></tr><tr><td style="width:81.32%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">2019</font></p></td><td style="width:18.68%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">248,037</font><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></td></tr><tr><td style="width:81.32%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">2020</font></p></td><td style="width:18.68%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">264,759</font><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></td></tr><tr><td style="width:81.32%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">2021</font></p></td><td style="width:18.68%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">282,319</font><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></td></tr><tr><td style="width:81.32%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">2022</font></p></td><td style="width:18.68%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">221,151</font><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></td></tr><tr><td style="width:81.32%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">2023 and thereafter</font></p></td><td style="width:18.68%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">580,619</font><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></td></tr><tr><td style="width:81.32%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:18.68%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr><tr><td style="width:81.32%; padding-left:7.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="width:18.68%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">1,684,266</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:81.32%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:18.68%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr></table></div><p style="margin-top:13.5pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:96.78%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:0.7pt"><td style="width:46.18%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.52%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.56%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.42%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.3%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:22.5pt"><td style="width:46.18%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Three</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">months</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">ended</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">June</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Six months ended</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">June</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:12.95pt"><td style="width:46.18%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:13.52%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:14.56%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:12.42%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:13.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:12.95pt"><td style="width:46.18%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">Interest expense</font></p></td><td style="width:13.52%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">18,295</font><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></td><td style="width:14.56%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">15,368</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.42%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">35,016</font><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></td><td style="width:13.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">29,472</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:13.65pt"><td style="width:46.18%; vertical-align:top"><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-12pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">Less: Interest capitalized</font></p></td><td style="width:13.52%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">(21)</font></p></td><td style="width:14.56%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(120)</font></p></td><td style="width:12.42%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">(21)</font></p></td><td style="width:13.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(384)</font></p></td></tr><tr style="height:3.4pt"><td style="width:46.18%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:13.52%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:14.56%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:12.42%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:13.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr><tr style="height:12.95pt"><td style="width:46.18%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">Interest expense, net</font></p></td><td style="width:13.52%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">18,274</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.56%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">15,248</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.42%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">34,995</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">29,088</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.3pt"><td style="width:46.18%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">Swaps termination cash settlements</font></p></td><td style="width:13.52%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.56%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.42%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(3,685)</font></p></td></tr><tr style="height:12.95pt"><td style="width:46.18%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">Bunkers swap cash settlements</font></p></td><td style="width:13.52%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(2,149)</font></p></td><td style="width:14.56%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(327)</font></p></td><td style="width:12.42%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(3,560)</font></p></td><td style="width:13.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(688)</font></p></td></tr><tr style="height:12.95pt"><td style="width:46.18%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">Amortization of loan fees</font></p></td><td style="width:13.52%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">1,262</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.56%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">754</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.42%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">2,074</font><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></td><td style="width:13.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">1,464</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.95pt"><td style="width:46.18%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">Bank charges</font></p></td><td style="width:13.52%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">377</font><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></td><td style="width:14.56%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">114</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.42%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">379</font><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></td><td style="width:13.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">140</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.3pt"><td style="width:46.18%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">Change in fair value of non-hedging financial instruments</font></p></td><td style="width:13.52%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(2,981)</font></p></td><td style="width:14.56%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">84</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.42%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(1,160)</font></p></td><td style="width:13.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">1,419</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4.1pt"><td style="width:46.18%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:13.52%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:14.56%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:12.42%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:13.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr><tr style="height:12.3pt"><td style="width:46.18%; vertical-align:top"><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Net total</font></p></td><td style="width:13.52%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">14,783</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.56%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">15,873</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.42%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">32,728</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">27,738</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:5.45pt"><td style="width:46.18%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:13.52%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:14.56%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:12.42%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:13.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-left:24.5pt; margin-bottom:0pt; text-indent:-24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">6.Interest and Finance Costs, net </font></p><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:96.78%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:0.7pt"><td style="width:46.18%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><a name="DM_MAP_c61907b044d94371ada7697bed20d738"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:13.52%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.56%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.42%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.3%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:22.5pt"><td style="width:46.18%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Three</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">months</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">ended</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">June</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Six months ended</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">June</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:12.95pt"><td style="width:46.18%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:13.52%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:14.56%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:12.42%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:13.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:12.95pt"><td style="width:46.18%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">Interest expense</font></p></td><td style="width:13.52%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">18,295</font><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></td><td style="width:14.56%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">15,368</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.42%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">35,016</font><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></td><td style="width:13.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">29,472</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:13.65pt"><td style="width:46.18%; vertical-align:top"><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-12pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">Less: Interest capitalized</font></p></td><td style="width:13.52%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">(21)</font></p></td><td style="width:14.56%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(120)</font></p></td><td style="width:12.42%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">(21)</font></p></td><td style="width:13.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(384)</font></p></td></tr><tr style="height:3.4pt"><td style="width:46.18%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:13.52%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:14.56%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:12.42%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:13.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr><tr style="height:12.95pt"><td style="width:46.18%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">Interest expense, net</font></p></td><td style="width:13.52%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">18,274</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.56%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">15,248</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.42%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">34,995</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">29,088</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.3pt"><td style="width:46.18%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">Swaps termination cash settlements</font></p></td><td style="width:13.52%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.56%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.42%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(3,685)</font></p></td></tr><tr style="height:12.95pt"><td style="width:46.18%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">Bunkers swap cash settlements</font></p></td><td style="width:13.52%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(2,149)</font></p></td><td style="width:14.56%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(327)</font></p></td><td style="width:12.42%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(3,560)</font></p></td><td style="width:13.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(688)</font></p></td></tr><tr style="height:12.95pt"><td style="width:46.18%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">Amortization of loan fees</font></p></td><td style="width:13.52%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">1,262</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.56%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">754</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.42%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">2,074</font><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></td><td style="width:13.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">1,464</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.95pt"><td style="width:46.18%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">Bank charges</font></p></td><td style="width:13.52%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">377</font><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></td><td style="width:14.56%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">114</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.42%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">379</font><font style="font-family:'Times New Roman'; font-size:12pt">&#xa0;</font></p></td><td style="width:13.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">140</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.3pt"><td style="width:46.18%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">Change in fair value of non-hedging financial instruments</font></p></td><td style="width:13.52%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(2,981)</font></p></td><td style="width:14.56%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">84</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.42%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(1,160)</font></p></td><td style="width:13.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">1,419</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4.1pt"><td style="width:46.18%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:13.52%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:14.56%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:12.42%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:13.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr><tr style="height:12.3pt"><td style="width:46.18%; vertical-align:top"><p style="margin-top:0pt; margin-left:36pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Net total</font></p></td><td style="width:13.52%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">14,783</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:14.56%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">15,873</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.42%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">32,728</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">27,738</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:5.45pt"><td style="width:46.18%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:13.52%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:14.56%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:12.42%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:13.3%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr></table></div><p style="margin-top:6pt; margin-left:24.45pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:'Times New Roman'">At June</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018, the Company was committed to six floating-to-fixed interest rate swaps with major financial institutions covering notional amounts aggregating to $337,787, maturing from July 2020 through October 2027, on which it pays fixed rates averaging 2.94% and receives floating rates based on the six-month London interbank offered rate (&#8220;LIBOR&#8221;) (Note 11). </font></p><p style="margin-top:14pt; margin-bottom:14pt; font-size:10pt"><font style="font-family:'Times New Roman'">At June</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and December 31, 2017, all interest rate swap agreements were designated and qualified as cash flow hedges, in order to hedge the Company&#8217;s exposure to interest rate fluctuations. The fair value of such financial instruments as of June</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017, in aggregate amounted to $951 (negative) and $1,967 (negative), respectively. The net amount of cash flow hedge losses at June</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018, that is estimated to be reclassified into earnings within the next twelve months to June 30, 2019 is $115.</font></p><p style="margin-top:14pt; margin-bottom:14pt; font-size:10pt"><font style="font-family:'Times New Roman'">During the first half of 2017, the Company entered into an early termination of four of its hedging interest rate swap agreements. Total cash received from those terminations amounted to $3,685. </font></p><p style="margin-top:14pt; margin-bottom:14pt; font-size:10pt"><font style="font-family:'Times New Roman'">At June 30, 2018 and December 31, 2017, the Company held one call option agreement to hedge its exposure to bunker price fluctuations associated with the consumption of bunkers by its vessels. The value of the call option at June 30, 2018 and December 31, 2017, was $224 (positive) and $118 (positive), respectively.&#160; </font></p><p style="margin-top:14pt; margin-bottom:14pt; font-size:10pt"><font style="font-family:'Times New Roman'">The change in fair values during the first half of 2018 </font><a name="_Hlk525907376"><font style="font-family:'Times New Roman'">and 2017 </font></a><font style="font-family:'Times New Roman'">amounting to $106 (positive) and $866 (negative), respectively, </font><a name="_Hlk525907487"><font style="font-family:'Times New Roman'">have been included in Change in fair value of non-hedging financial instruments in the table above. </font></a></p><p style="margin-top:14pt; margin-bottom:14pt; font-size:10pt"><font style="font-family:'Times New Roman'">In the first half of 2017, the Company entered into a call option agreement, and paid a premium of $118. </font></p><p style="margin-top:14pt; margin-bottom:14pt; font-size:10pt"><font style="font-family:'Times New Roman'">At June 30, 2018 and December 31, 2017, the Company held thirteen and seven, respectively, bunker swap agreements to hedge its exposure to bunker price fluctuations associated with the consumptions of bunkers by its vessels. The fair value of bunker swap agreements at June 30, 2018 and December 31, 2017, was $4,121 (positive) and $3,763 (positive), respectively. The change in the fair value in the first half of 2018 and 2017 was $358 (positive) and $529 (positive), respectively, have been included in Change in fair value of non-hedging financial instruments in the table above. </font></p><p style="margin-top:14pt; margin-bottom:14pt; font-size:10pt"><font style="font-family:'Times New Roman'">During 2016, the Company entered into three bunker swap agreements in order to hedge its exposure to bunker price fluctuations associated with the consumption of bunkers by the vessel </font><font style="font-family:'Times New Roman'; font-style:italic">Ulysses</font><font style="font-family:'Times New Roman'">. The fair values of these financial instruments as of June 30, 2018 and December 31, 2017, were $3,960 (positive) and $3,264 (positive). The change in the fair value in the first half of 2018 and 2017 was $696 (positive) and $1,083 (negative), respectively and have been included in Change in fair value of non-hedging financial instruments in the table above. </font></p><p style="margin-top:6pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:6pt; margin-left:24.45pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:18pt; margin-left:24.5pt; margin-bottom:0pt; text-indent:-24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:18pt; margin-left:24.5pt; margin-bottom:0pt; text-indent:-24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">7.Stockholders&#8217; Equity </font></p><p style="margin-top:14pt; margin-bottom:14pt; font-size:10pt"><font style="font-family:'Times New Roman'">During the first half of 2018, the Company sold 1,016,870 common shares from its treasury stock for net proceeds of $3,571. During the first half of 2017, the Company sold 650,717 common shares from its treasury stock for net proceeds of $2,676 and 24,803 of its Series D Preferred Shares for net proceeds of $533.</font></p><p style="margin-top:14pt; margin-bottom:14pt; font-size:10pt"><font style="font-family:'Times New Roman'">On January 30, 2018 and April 30, 2018, the Company paid dividends of $0.50 per share, $2,000 in total, for its 8.00% Series B Preferred Shares and $0.55469 per share, $2,219 in total, on its 8.875% Series C Preferred Shares. On January 30, 2017 and May 1, 2017, the Company paid dividends of $0.50 per share, $2,000 in total, for its 8.00% Series B Preferred Shares and $0.55469 per share, $2,219 in total, on its 8.875% Series C Preferred Shares. </font></p><p style="margin-top:14pt; margin-bottom:14pt; font-size:10pt"><font style="font-family:'Times New Roman'">On February 28, 2018, and May 29, 2018, the Company paid dividends of $0.54687 per share for its 8.75% Series D Preferred Shares, $3,746 in total. On February 28, 2017 and May 30, 2017, the Company paid dividends of $0.546875 per share, $3,739 in total, for its Series D Preferred Shares. </font></p><p style="margin-top:14pt; margin-bottom:14pt; font-size:10pt"><font style="font-family:'Times New Roman'">On April 5, 2017, the Company completed an offering of 4,600,000 of its Series E Cumulative Perpetual Preferred Shares, </font><a name="_Hlk524606006"><font style="font-family:'Times New Roman'">par value $1.00 per share, liquidation preference $25.00 per share, raising </font></a><font style="font-family:'Times New Roman'">$110,496, net of underwriter&#8217;s discount and other expenses. Dividends on the Series E Preferred Shares are cumulative from the date of original issue and will be payable quarterly in arrears on the 28</font><font style="font-family:'Times New Roman'; font-size:6.67pt; vertical-align:super">th</font><font style="font-family:'Times New Roman'"> day of February, May, August and November of each year, commencing May 28, 2017, when, as and if declared by our board of directors. Dividends will be payable from cash available for dividends at a rate equal to 9.25% per annum of the stated liquidation preference prior to May 28, 2027 and</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">from and including May</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">28, 2027, at a floating rate equal to three-month LIBOR plus a spread of 6.881% per annum of the stated liquidation preference. On May 30, 2017, the Company paid dividends of $0.34045 per share each or $1,566 in total, on its Series E Preferred Shares. On February 28, 2018 and May 29, 2018, the Company paid dividends of $0.57812 per share or $5,319 in total, for its 9.25% Series E Preferred Shares.</font></p><p style="margin-top:14pt; margin-bottom:14pt; font-size:10pt"><font style="font-family:'Times New Roman'">On June 28, 2018, the Company completed an offering of 5,400,000 of its Series F Cumulative Perpetual Preferred Shares, par value $1.00 per share, liquidation preference $25.00 per share, raising $130,553, net of underwriter&#8217;s discount and other expenses. Dividends on the Series F Preferred Shares are cumulative from the date of original issue and will be payable quarterly in arrears on the 30</font><font style="font-family:'Times New Roman'; font-size:6.67pt; vertical-align:super">th</font><font style="font-family:'Times New Roman'"> day of January, April, July and October of each year, commencing October 30, 2018, when, as and if declared by our board of directors. Dividends will be payable from cash available for dividends at a rate equal to 9.50% per annum of the stated liquidation preference prior to July 30, 2028 and from and including July 30, 2028, at a floating rate equal to three-month LIBOR plus spread of 6.54% per annum of the stated liquidation preference. </font></p><p style="margin-top:14pt; margin-bottom:14pt; font-size:10pt"><font style="font-family:'Times New Roman'">On May 10, 2018, the Company paid dividend of $0.05 per common share outstanding which was declared on March 12, 2018. On June 15, 2018, the Company declared a dividend of $0.05 per common share payable on August 8, 2018 to stockholders of record as of August 2, 2018. On April 28, 2017 and July 14, 2017, the Company paid dividend of $0.05 per common share outstanding, which was declared on March 17, 2017 and May 12, 2017, respectively.</font></p><p style="margin-top:14pt; margin-bottom:14pt; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:18pt; margin-left:24.5pt; margin-bottom:0pt; text-indent:-24.5pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:18pt; margin-left:24.5pt; margin-bottom:0pt; text-indent:-24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">8.Accumulated other comprehensive income (loss) </font></p><p style="margin-top:6pt; margin-left:24.45pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">In the first half of 2018, Accumulated other comprehensive loss decreased with unrealized gains of $786 which resulted from changes in fair value of financial instruments.</font></p><p style="margin-top:6pt; margin-left:24.45pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">In the first half of 2017, Accumulated other comprehensive loss increased with unrealized losses of $3,196, which resulted from changes in fair value of financial instruments.</font></p><p style="margin-top:18pt; margin-left:24.5pt; margin-bottom:0pt; text-indent:-24.5pt; font-size:10pt"><br style="page-break-before:always; clear:both" /></p></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:95.76%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:0.5pt"><td style="width:0.22%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:0.22%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:0.22%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td></tr><tr style="height:22.45pt"><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Three months ended</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">June</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Six months ended</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">June</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:13pt"><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:9.72%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:13.86%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:12.28%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.2pt"><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td colspan="2" style="vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">Numerator</font></p></td><td style="width:9.72%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="width:13.86%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="width:12.28%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td></tr><tr style="height:23.05pt"><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td colspan="2" style="vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">Net (loss) income attributable to Tsakos Energy Navigation Limited</font></p></td><td style="width:9.72%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">(9,553)</font></p></td><td style="width:13.86%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">3,575</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.28%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; line-height:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">(21,468)</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt"> 21,053&#160; </font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td colspan="2" style="vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">Preferred share dividends Series B</font></p></td><td style="width:9.72%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(1,000)</font></p></td><td style="width:13.86%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(1,000)</font></p></td><td style="width:12.28%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (2,000)</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (2,000)</font></p></td></tr><tr style="height:12.4pt"><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td colspan="2" style="vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">Preferred share dividends Series C</font></p></td><td style="width:9.72%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">&#160;&#160; (1,109)</font></p></td><td style="width:13.86%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">&#160;&#160; (1,109)</font></p></td><td style="width:12.28%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (2,219)</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (2,219)</font></p></td></tr><tr style="height:12.4pt"><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td colspan="2" style="vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">Preferred share dividends Series D</font></p></td><td style="width:9.72%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(1,874)</font></p></td><td style="width:13.86%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(1,874)</font></p></td><td style="width:12.28%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'"> (3,746)</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'"> (3,732)</font></p></td></tr><tr style="height:12.4pt"><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td colspan="2" style="vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">Preferred share dividends Series E</font></p></td><td style="width:9.72%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(2,659)</font></p></td><td style="width:13.86%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(2,541)</font></p></td><td style="width:12.28%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(5,319)</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(2,541)</font></p></td></tr><tr style="height:12.4pt"><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td colspan="2" style="vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">Preferred share dividends Series F</font></p></td><td style="width:9.72%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(71)</font></p></td><td style="width:13.86%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.28%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(71)</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:3.5pt"><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:9.72%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:13.86%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:12.28%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr><tr style="height:23.05pt"><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td colspan="2" style="vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">Net (loss) income attributable to common stockholders</font></p></td><td style="width:9.72%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(16,266)</font></p></td><td style="width:13.86%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">$ (2,949)</font></p></td><td style="width:12.28%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(34,823)</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family:'Times New Roman'; font-size:10pt">$</font><font style="font-family:'Times New Roman'; font-size:10pt">10,561&#160;&#160;&#160; </font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4.7pt"><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:9.72%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt; font-style:italic">&#xa0;</font></p></td><td style="width:13.86%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:12.28%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr><tr style="height:11.8pt"><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td colspan="2" style="vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">Denominator</font></p></td><td style="width:9.72%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="width:13.86%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="width:12.28%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td></tr><tr style="height:5.85pt"><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td colspan="2"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.72%"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.86%"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.28%"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:22.45pt"><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td colspan="2" style="vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">Weighted average common shares outstanding</font></p></td><td style="width:9.72%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">86,942,159</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.86%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">84,284,281</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.28%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">86,634,907</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; 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vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; $ </font><font style="font-family:'Times New Roman'; font-size:10pt">0</font><font style="font-family:'Times New Roman'; font-size:10pt">.13&#160; </font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:6.85pt"><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:9.72%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:13.86%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:1.8%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:1pt"></td><td style="width:1pt"></td><td style="width:1pt"></td><td style="width:19.6pt"></td><td style="width:19.6pt"></td><td style="width:222.35pt"></td><td style="width:42.35pt"></td><td style="width:60.95pt"></td><td style="width:53.9pt"></td><td style="width:18.2pt"></td><td style="width:8.2pt"></td></tr></table></div><p style="margin-top:18pt; 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margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt"> 21,053&#160; </font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.4pt"><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td colspan="2" style="vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">Preferred share dividends Series B</font></p></td><td style="width:9.72%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(1,000)</font></p></td><td style="width:13.86%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(1,000)</font></p></td><td style="width:12.28%; 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margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">&#160;&#160; (1,109)</font></p></td><td style="width:13.86%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">&#160;&#160; (1,109)</font></p></td><td style="width:12.28%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (2,219)</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; (2,219)</font></p></td></tr><tr style="height:12.4pt"><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td colspan="2" style="vertical-align:top"><p style="margin-top:0pt; 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font-size:10pt">10,561&#160;&#160;&#160; </font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4.7pt"><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:9.72%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt; font-style:italic">&#xa0;</font></p></td><td style="width:13.86%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:12.28%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr><tr style="height:11.8pt"><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td colspan="2" style="vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">Denominator</font></p></td><td style="width:9.72%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="width:13.86%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="width:12.28%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td></tr><tr style="height:5.85pt"><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td colspan="2"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.72%"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.86%"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.28%"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:22.45pt"><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td colspan="2" style="vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">Weighted average common shares outstanding</font></p></td><td style="width:9.72%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">86,942,159</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.86%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">84,284,281</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.28%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">86,634,907</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; 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</font><font style="font-family:'Times New Roman'">$</font><font style="font-family:'Times New Roman'">(0.19)&#160;&#160; </font></p></td><td style="width:13.86%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">&#160;</font><font style="font-family:'Times New Roman'">$</font><font style="font-family:'Times New Roman'">(0.03)&#160;&#160; </font></p></td><td style="width:12.28%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">$</font><font style="font-family:'Times New Roman'">(0.40)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; $ </font><font style="font-family:'Times New Roman'; font-size:10pt">0</font><font style="font-family:'Times New Roman'; font-size:10pt">.13&#160; </font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:6.85pt"><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td style="vertical-align:top"></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:9.72%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:13.86%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:1.8%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:1pt"></td><td style="width:1pt"></td><td style="width:1pt"></td><td style="width:19.6pt"></td><td style="width:19.6pt"></td><td style="width:222.35pt"></td><td style="width:42.35pt"></td><td style="width:60.95pt"></td><td style="width:53.9pt"></td><td style="width:18.2pt"></td><td style="width:8.2pt"></td></tr></table></div><p style="margin-top:18pt; margin-left:24.5pt; margin-bottom:0pt; text-indent:-24.5pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:68%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:58%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:47pt"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:88%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Period/Year</font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Amount</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td></tr><tr><td style="vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">July to December 2018</font></p></td><td style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; 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margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">2021</font></p></td><td style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">163,775</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">2022 to 2029</font></p></td><td style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">385,192</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr><tr><td style="vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">Minimum charter payments</font></p></td><td style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">1,132,328</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:18pt; margin-left:24.5pt; margin-bottom:0pt; text-indent:-24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">10.Commitments and Contingencies </font></p><p style="margin-top:6pt; margin-left:9pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:'Times New Roman'">On May 2, 2018, the Company signed two new building contracts for the construction of two aframax tankers for $51,720 each. The total contracted amount remaining to be paid for the two vessels under construction as at June</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 was $93,096 from November 2018 to January 2020. </font></p><p style="margin-top:6pt; margin-left:9pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:'Times New Roman'">At June 30, 2018, there is a prepaid amount of $1,650 under an old shipbuilding contract which was terminated in 2014, which will be used against the contract price of future new buildings currently being discussed between the Company and the shipyard.</font></p><p style="margin-top:6pt; margin-left:9pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:'Times New Roman'">In the ordinary course of the shipping business, various claims and losses may arise from disputes with charterers, agents and other suppliers relating to the operations of the Company&#8217;s vessels. Management believes that all such matters are either adequately covered by insurance or are not expected to have a material adverse effect on the Company&#8217;s results from operations or financial condition. </font></p><p style="margin-top:18pt; margin-left:9pt; margin-bottom:0pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Charters-out </font></p><p style="margin-top:6pt; margin-left:9pt; margin-bottom:0pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">The future minimum revenues of vessels in operation at June</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018, before reduction for brokerage commissions, expected to be recognized on non-cancelable time charters are as follows: </font></p><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:68%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:58%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><a name="DM_MAP_c8eb8e51eca441048316bcbc0ccd8183"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:47pt"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:88%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Period/Year</font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Amount</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td></tr><tr><td style="vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">July to December 2018</font></p></td><td style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">149,712</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">2019</font></p></td><td style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">232,196</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">2020</font></p></td><td style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">201,453</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">2021</font></p></td><td style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">163,775</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">2022 to 2029</font></p></td><td style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">385,192</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr><tr><td style="vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">Minimum charter payments</font></p></td><td style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">1,132,328</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr></table></div><p style="margin-top:6pt; margin-left:24.45pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">These amounts do not assume any off-hire. </font></p><p style="margin-top:18pt; margin-left:24.5pt; margin-bottom:0pt; text-indent:-24.5pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:99%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:0.55pt"><td style="width:31.16%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:18.96%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:15.88%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.18%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.82%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:41.2pt"><td style="width:31.16%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:18.96%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Carrying</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">Amount</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">June</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">2018</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:15.88%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Fair Value</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">June</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">2018</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:17.18%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Carrying</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">Amount</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">December</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">31,</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">2017</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:16.82%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Fair Value</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">December</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">31,</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">2017</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.55pt"><td style="width:31.16%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:10.5pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Financial assets (liabilities)</font></p></td><td style="width:18.96%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="width:15.88%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="width:17.18%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="width:16.82%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="width:31.16%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:10.5pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">Cash and cash equivalents</font></p></td><td style="width:18.96%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">272,501</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:15.88%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">272,501</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.18%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">189,763</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.82%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">189,763</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="width:31.16%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:10.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">Restricted cash</font></p></td><td style="width:18.96%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">9,924</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:15.88%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">9,924</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.18%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">12,910</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.82%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">12,910</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="width:31.16%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:10.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">Investments</font></p></td><td style="width:18.96%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">1,000</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:15.88%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">1,000</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.18%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">1,000</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.82%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">1,000</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="width:31.16%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:10.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">Debt</font></p></td><td style="width:18.96%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(1,684,266)</font></p></td><td style="width:15.88%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(1,684,266)</font></p></td><td style="width:17.18%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(1,763,082)</font></p></td><td style="width:16.82%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(1,762,938)</font></p></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:540pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:103.8pt"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="3" style="width:197.4pt"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:57.75pt"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:61.65pt"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:58.85pt"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:60.55pt"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:96.6pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="3" style="width:190.2pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="4" style="width:112.2pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Asset Derivatives</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="4" style="width:112.2pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Liability Derivatives</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td></tr><tr><td style="width:96.6pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="3" style="width:190.2pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="2" style="width:50.55pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">June</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td colspan="2" style="width:54.45pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">December</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">31,</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td colspan="2" style="width:51.65pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">June</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td colspan="2" style="width:53.35pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">December</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">31,</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td></tr><tr><td style="width:103.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Derivative</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="3" style="width:190.2pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance Sheet Location</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="2" style="width:50.55pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">Fair</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">Value</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="2" style="width:54.45pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">Fair</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">Value</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="2" style="width:51.65pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">Fair</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">Value</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="2" style="width:53.35pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">Fair</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">Value</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td></tr><tr><td colspan="4" style="width:301.2pt; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Derivatives designated as hedging instruments</font></p><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td colspan="2" style="width:50.55pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td colspan="2" style="width:54.45pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td colspan="2" style="width:51.65pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td colspan="2" style="width:53.35pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td></tr><tr><td style="width:103.8pt; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">Interest</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">rate swaps</font></p></td><td colspan="3" style="width:197.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">Current portion of financial instruments - Fair value</font></p></td><td colspan="2" style="width:50.55pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:54.45pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:51.65pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">336</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:53.35pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">1,378</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:96.6pt; padding-left:7.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="width:197.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">Financial instruments &#8211; Fair value, net of current portion</font></p></td><td colspan="2" style="width:50.55pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">588</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:54.45pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:51.65pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">1,203</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:53.35pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">589</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4.35pt"><td style="width:96.6pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="3" style="width:190.2pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="width:50.55pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="width:54.45pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="width:51.65pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="width:53.35pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr><tr style="height:7pt"><td colspan="4" style="width:294pt; padding-left:7.2pt"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">Subtotal</font></p></td><td colspan="2" style="width:50.55pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">588</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:54.45pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:51.65pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">1,539</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:53.35pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">1,967</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:96.6pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="3" style="width:190.2pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="width:50.55pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="width:54.45pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="width:51.65pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="width:53.35pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr><tr><td style="width:103.8pt"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="3" style="width:197.4pt"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:119.4pt"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:119.4pt"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:11.55pt"><td style="width:96.6pt; padding-left:7.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="3" style="width:190.2pt; padding-left:7.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="4" style="width:112.2pt; padding-left:7.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Asset Derivatives</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="4" style="width:112.2pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Liability Derivatives</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td></tr><tr><td style="width:96.6pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="3" style="width:190.2pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="2" style="width:50.55pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">June</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td colspan="2" style="width:54.45pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">December</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">31,</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td colspan="2" style="width:51.65pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">June</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td colspan="2" style="width:53.35pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">December</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">31,</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td></tr><tr><td style="width:103.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Derivative</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="3" style="width:190.2pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance Sheet Location</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="2" style="width:50.55pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">Fair</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">Value</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="2" style="width:54.45pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">Fair</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">Value</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="2" style="width:51.65pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">Fair</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">Value</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="2" style="width:53.35pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">Fair</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">Value</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td></tr><tr><td colspan="4" style="width:301.2pt; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Derivatives not designated as hedging instruments</font></p><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td colspan="2" style="width:50.55pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td colspan="2" style="width:54.45pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td colspan="2" style="width:51.65pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td colspan="2" style="width:53.35pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td></tr><tr style="height:21.4pt"><td style="width:103.8pt; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">Bunker swaps</font></p></td><td colspan="3" style="width:197.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">Current portion of financial instruments - Fair value</font></p></td><td colspan="2" style="width:50.55pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">7,045</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:54.45pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">5,715</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:51.65pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:53.35pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:21.8pt"><td style="width:103.8pt; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="3" style="width:197.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">Financial instruments &#8211;Fair value, net of current portion</font></p></td><td colspan="2" style="width:50.55pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">1,036</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:54.45pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">1,312</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:51.65pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:53.35pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:21.5pt"><td style="width:103.8pt; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">Bunker call options</font></p></td><td colspan="3" style="width:197.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">Financial instruments- Fair value, net of current portion</font></p></td><td colspan="2" style="width:50.55pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">224</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:54.45pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">118</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:51.65pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:53.35pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:96.6pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="3" style="width:190.2pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="width:50.55pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="width:54.45pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="width:51.65pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="width:53.35pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr><tr><td colspan="4" style="width:294pt; padding-left:7.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">Subtotal</font></p></td><td colspan="2" style="width:50.55pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">8,305</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:54.45pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">7,145</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:51.65pt; padding-left:7.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:53.35pt; padding-left:7.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:96.6pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="3" style="width:190.2pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="width:50.55pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="width:54.45pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="width:51.65pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#8212;</font></p></td><td colspan="2" style="width:53.35pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr><tr style="height:16.65pt"><td colspan="4" style="width:294pt; padding-left:7.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total derivatives</font></p></td><td colspan="2" style="width:50.55pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold">8,893</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:54.45pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold">7,145</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:51.65pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold">1,539</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:53.35pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold">1,967</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:96.6pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="3" style="width:190.2pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="width:50.55pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="width:54.45pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="width:51.65pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="width:53.35pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:103.8pt"></td><td style="width:3.15pt"></td><td style="width:170.1pt"></td><td style="width:24.15pt"></td><td style="width:25.45pt"></td><td style="width:32.3pt"></td><td style="width:24.4pt"></td><td style="width:37.25pt"></td><td style="width:19.45pt"></td><td style="width:39.4pt"></td><td style="width:44.3pt"></td><td style="width:16.25pt"></td></tr></table><div><table cellspacing="0" cellpadding="0" style="width:540pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:0.6pt"><td colspan="2" style="width:106.95pt"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:170.1pt"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:49.6pt"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:56.7pt"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:56.7pt"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:83.7pt"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:0pt"><td style="width:103.8pt"></td><td style="width:3.15pt"></td><td style="width:170.1pt"></td><td style="width:24.15pt"></td><td style="width:25.45pt"></td><td style="width:32.3pt"></td><td style="width:24.4pt"></td><td style="width:37.25pt"></td><td style="width:19.45pt"></td><td style="width:39.4pt"></td><td style="width:44.3pt"></td><td style="width:16.25pt"></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:left; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:101.8%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:0.6pt"><td style="width:45.48%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.9%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:23.25pt"><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="6" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Gain</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">(Loss)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Recognized</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">in</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Accumulated</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">OCI on Derivative (Effective Portion)</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:32.8pt"><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Derivative</font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="4" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Amount</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">Three</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">months</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">ended</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">June</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Amount</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">Six</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">months</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">ended</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">June</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13.7pt"><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:11.28%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:12.7%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13.05pt"><td colspan="2" style="vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">Interest rate swaps</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">1,604</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(816)</font></p></td><td style="width:11.28%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">83</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.7%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(4,611)</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:4.2pt"><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:11.28%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:12.7%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13.05pt"><td colspan="2" style="vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">Total</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">1,604</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(816)</font></p></td><td style="width:11.28%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">83</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.7%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(4,611)</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:3.3pt"><td colspan="2" style="vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; line-height:50%; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.28%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.7%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:0pt"><td style="width:216.65pt"></td><td style="width:2.5pt"></td><td style="width:61.65pt"></td><td style="width:12pt"></td><td style="width:43.55pt"></td><td style="width:16.85pt"></td><td style="width:53.75pt"></td><td style="width:60.5pt"></td><td style="width:8.95pt"></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:99.28%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:3.3pt"><td colspan="2"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.7%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.4%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.08%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:19.62%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="8" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Gain (Loss) Reclassified from</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Accumulated OCI into Income (Effective Portion)</font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr><td style="width:19.62%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Derivative</font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Location</font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Amount</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">Three</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">months</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">ended</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">June</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Amount</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">Six</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">months</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">ended</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">June</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr><td style="width:19.62%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:13.08%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:10.54%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:13%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr><td style="width:19.62%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">Interest rate swaps</font></p></td><td colspan="3" style="vertical-align:bottom"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">Depreciation expense</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(47)</font></p></td><td style="width:13.08%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(51)</font></p></td><td style="width:10.54%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(94)</font></p></td><td style="width:13%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(76)</font></p></td><td style="vertical-align:top"></td></tr><tr><td style="width:19.62%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">Interest rate swaps</font></p></td><td colspan="3" style="vertical-align:bottom"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">Interest and finance costs, net</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(157)</font></p></td><td style="width:13.08%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(640)</font></p></td><td style="width:10.54%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(609)</font></p></td><td style="width:13%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(1,339)</font></p></td><td style="vertical-align:top"></td></tr><tr><td style="width:19.62%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:13.08%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:10.54%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:13%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr><td style="width:19.62%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">Total</font></p></td><td colspan="3" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(204)</font></p></td><td style="width:13.08%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(691)</font></p></td><td style="width:10.54%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(703)</font></p></td><td style="width:13%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(1,415)</font></p></td><td style="vertical-align:top"></td></tr><tr><td style="width:19.62%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:13.08%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:10.54%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:13%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:0pt"><td style="width:91.2pt"></td><td style="width:30.8pt"></td><td style="width:45.05pt"></td><td style="width:51.85pt"></td><td style="width:21pt"></td><td style="width:52.95pt"></td><td style="width:60.85pt"></td><td style="width:48.95pt"></td><td style="width:60.4pt"></td><td style="width:1.6pt"></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:97.62%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="vertical-align:top"></td><td style="width:17.82%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.26%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:30.22%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.34%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:15.25pt"><td colspan="3" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="8" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Gain (Loss) Recognized on Derivative</font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:35.7pt"><td colspan="3" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Derivative</font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:29.78%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Location</font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="4" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Amount</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">Three</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">months</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">ended</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">June</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Amount</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">Six</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">months</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">ended</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">June</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:14.45pt"><td colspan="3" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:29.78%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:11.74%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:14.45pt"><td colspan="3" style="vertical-align:bottom"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">Bunker swaps</font></p></td><td style="width:29.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">Interest and finance costs, net</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">5,056</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">368</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.74%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">4,614</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(174)</font></p></td></tr><tr style="height:13.7pt"><td colspan="3" style="vertical-align:bottom"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">Bunker call options</font></p></td><td style="width:29.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">Interest and finance costs, net</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">75</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(124)</font></p></td><td style="width:11.74%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">106</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(557)</font></p></td></tr><tr style="height:3.85pt"><td colspan="3" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:29.78%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:11.74%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr><tr style="height:14.45pt"><td colspan="3" style="vertical-align:bottom"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">Total</font></p></td><td style="width:29.78%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">5,131</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">244</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.74%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">4,720</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(731)</font></p></td></tr><tr style="height:8.35pt"><td colspan="3" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:29.78%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:11.74%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:13.15pt"></td><td style="width:81.4pt"></td><td style="width:5.75pt"></td><td style="width:138.05pt"></td><td style="width:42.65pt"></td><td style="width:17.65pt"></td><td style="width:32.25pt"></td><td style="width:21.4pt"></td><td style="width:53.65pt"></td><td style="width:24.95pt"></td><td style="width:25.95pt"></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td colspan="3" style="width:278.3pt"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:70.3pt"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:63.1pt"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td colspan="3" style="width:278.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Recurring measurements:</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:63.1pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">June 30,</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">2018</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="2" style="width:55.9pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">December</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">31,</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">2017</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td></tr><tr><td colspan="3" style="width:278.3pt; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">Interest rate swaps</font></p></td><td style="width:63.1pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(951)</font></p></td><td colspan="2" style="width:55.9pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(1,967)</font></p></td></tr><tr style="height:9.25pt"><td colspan="3" style="width:278.3pt; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">Bunker swaps</font></p></td><td style="width:63.1pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">8,081</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:55.9pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">7,027</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:13.8pt"><td colspan="3" style="width:278.3pt; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">Bunker call options</font></p></td><td style="width:63.1pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">224</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:55.9pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">118</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:5.05pt"><td colspan="3" style="width:271.1pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:63.1pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="width:55.9pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr><tr style="height:7.25pt"><td colspan="3" style="width:271.1pt; padding-left:7.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="width:63.1pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">7,354</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:55.9pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">5,178</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td colspan="3" style="width:271.1pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:63.1pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="width:55.9pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:191pt"></td><td style="width:85.35pt"></td><td style="width:1.95pt"></td><td style="width:70.3pt"></td><td style="width:17.3pt"></td><td style="width:45.8pt"></td></tr></table><div><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:191pt"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:85.35pt"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="3" style="width:89.55pt"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:0pt"><td style="width:191pt"></td><td style="width:85.35pt"></td><td style="width:1.95pt"></td><td style="width:70.3pt"></td><td style="width:17.3pt"></td><td style="width:45.8pt"></td></tr></table></div><p style="margin-top:18pt; margin-left:24.5pt; margin-bottom:0pt; text-indent:-24.5pt; text-align:left; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div></div> <div class="Section1"><p style="margin-top:18pt; margin-left:24.5pt; margin-bottom:0pt; text-indent:-24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">11.Financial Instruments </font></p><p style="margin-top:6pt; margin-left:48.95pt; margin-bottom:0pt; text-indent:-24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(a)Interest rate risk:</font><font style="font-family:'Times New Roman'"> The Company is subject to interest rate risk associated with changing interest rates with respect to its variable interest rate term loans and credit facilities as described in Notes 5 and 6. </font></p><p style="margin-top:6pt; margin-left:48.95pt; margin-bottom:0pt; text-indent:-24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(b)Concentration of credit risk: </font><font style="font-family:'Times New Roman'">Financial instruments that are subject to credit risks consist principally of cash, trade accounts receivable, investments, and derivatives. The Company places its temporary cash investments, consisting mostly of deposits, primarily with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the Company&#8217;s investment strategy. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers&#8217; financial condition and generally does not require collateral for its accounts receivable and does not have any agreements to mitigate credit risk. The Company limits the exposure of non-performance by counterparties to derivative instruments by diversifying among counterparties with high credit ratings and performing periodic evaluations of the relative credit standing of the counterparties. </font></p><p style="margin-top:6pt; margin-left:48.95pt; margin-bottom:0pt; text-indent:-24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">(c)Fair value: </font><font style="font-family:'Times New Roman'">The carrying amounts reflected in the accompanying Consolidated Balance Sheet of cash and cash equivalents, restricted cash, trade receivables and accounts payable approximate their respective fair values due to the short maturity of these instruments, as at June 30, 2018 and December 31, 2017. The fair value of long-term bank loans with variable interest rates approximate the recorded values, generally due to their variable interest rates. The Company performs relevant enquiries on a periodic basis to assess the recoverability of the long-term investment and estimates that the amount presented on the accompanying Consolidated Balance Sheet approximates the amount that is expected to be received by the Company in the event of sale of that investment. </font></p><p style="margin-top:4.5pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-left:48.95pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">The fair values of the interest rate swap agreements, the bunker swap agreements, the put option agreements and the call option agreements as at June 30, 2018 and the fair value of the one long-term bank loan with a fixed interest rate as at December 31,2017, are determined through Level 2 of the fair value hierarchy as defined in FASB guidance for Fair Value Measurements and are derived principally from or corroborated by observable market data, interest rates, yield curves and other items that allow value to be determined. </font></p><p style="margin-top:6pt; margin-left:21.3pt; margin-bottom:0pt; page-break-after:avoid; font-size:10pt"><br style="page-break-before:always; clear:both" /><font style="font-family:'Times New Roman'">The estimated fair values of the Company&#8217;s financial instruments, other than derivatives at June</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017, are as follows: </font></p><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:99%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:0.55pt"><td style="width:31.16%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><a name="DM_MAP_b3238cd9a7cb4249bdb67f07c18195b6"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:18.96%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:15.88%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.18%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.82%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:41.2pt"><td style="width:31.16%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:18.96%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Carrying</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">Amount</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">June</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">2018</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:15.88%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Fair Value</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">June</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">2018</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:17.18%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Carrying</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">Amount</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">December</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">31,</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">2017</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:16.82%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Fair Value</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">December</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">31,</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">2017</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:11.55pt"><td style="width:31.16%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:10.5pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Financial assets (liabilities)</font></p></td><td style="width:18.96%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="width:15.88%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="width:17.18%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="width:16.82%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="width:31.16%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:10.5pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">Cash and cash equivalents</font></p></td><td style="width:18.96%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">272,501</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:15.88%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">272,501</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.18%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">189,763</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.82%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">189,763</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="width:31.16%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:10.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">Restricted cash</font></p></td><td style="width:18.96%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">9,924</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:15.88%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">9,924</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.18%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">12,910</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.82%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">12,910</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="width:31.16%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:10.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">Investments</font></p></td><td style="width:18.96%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">1,000</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:15.88%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">1,000</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:17.18%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">1,000</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:16.82%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">1,000</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:12.75pt"><td style="width:31.16%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:10.5pt; font-size:10pt"><font style="font-family:'Times New Roman'">Debt</font></p></td><td style="width:18.96%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(1,684,266)</font></p></td><td style="width:15.88%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(1,684,266)</font></p></td><td style="width:17.18%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(1,763,082)</font></p></td><td style="width:16.82%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(1,762,938)</font></p></td></tr></table></div><p style="margin-top:18pt; margin-left:24.45pt; margin-bottom:0pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'; font-style:italic">Tabular Disclosure of Derivatives Location </font></p><p style="margin-top:6pt; margin-left:24.45pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">Derivatives are recorded in the consolidated balance sheet on a net basis by counterparty when a legal right of set-off exists. The following tables present information with respect to the fair values of derivatives reflected in the consolidated balance sheet on a gross basis by transaction. The tables also present information with respect to gains and losses on derivative positions reflected in the consolidated statement of comprehensive income (loss) or in the consolidated balance sheet, as a component of Accumulated other comprehensive income (loss). </font></p><p style="margin-top:24pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Fair Value of Derivative Instruments </font></p><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:540pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:103.8pt"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><a name="DM_MAP_a9dd043d7bf14e6485d3e1e0f913de31"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td colspan="3" style="width:197.4pt"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:57.75pt"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:61.65pt"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:58.85pt"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:60.55pt"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:96.6pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="3" style="width:190.2pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="4" style="width:112.2pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Asset Derivatives</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="4" style="width:112.2pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Liability Derivatives</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td></tr><tr><td style="width:96.6pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="3" style="width:190.2pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="2" style="width:50.55pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">June</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td colspan="2" style="width:54.45pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">December</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">31,</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td colspan="2" style="width:51.65pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">June</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td colspan="2" style="width:53.35pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">December</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">31,</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td></tr><tr><td style="width:103.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Derivative</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="3" style="width:190.2pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance Sheet Location</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="2" style="width:50.55pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">Fair</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">Value</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="2" style="width:54.45pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">Fair</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">Value</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="2" style="width:51.65pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">Fair</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">Value</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="2" style="width:53.35pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">Fair</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">Value</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td></tr><tr><td colspan="4" style="width:301.2pt; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Derivatives designated as hedging instruments</font></p><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td colspan="2" style="width:50.55pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td colspan="2" style="width:54.45pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td colspan="2" style="width:51.65pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td colspan="2" style="width:53.35pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td></tr><tr><td style="width:103.8pt; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">Interest</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">rate swaps</font></p></td><td colspan="3" style="width:197.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">Current portion of financial instruments - Fair value</font></p></td><td colspan="2" style="width:50.55pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:54.45pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:51.65pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">336</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:53.35pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">1,378</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:96.6pt; padding-left:7.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td colspan="3" style="width:197.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">Financial instruments &#8211; Fair value, net of current portion</font></p></td><td colspan="2" style="width:50.55pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">588</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:54.45pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:51.65pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">1,203</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:53.35pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">589</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4.35pt"><td style="width:96.6pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="3" style="width:190.2pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="width:50.55pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="width:54.45pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="width:51.65pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="width:53.35pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr><tr style="height:7pt"><td colspan="4" style="width:294pt; padding-left:7.2pt"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">Subtotal</font></p></td><td colspan="2" style="width:50.55pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">588</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:54.45pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:51.65pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">1,539</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:53.35pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">1,967</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:4pt"><td style="width:96.6pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="3" style="width:190.2pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="width:50.55pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="width:54.45pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="width:51.65pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="width:53.35pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr><tr><td style="width:103.8pt"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="3" style="width:197.4pt"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:119.4pt"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="4" style="width:119.4pt"><p style="margin-top:0pt; margin-bottom:0pt; font-size:1pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:11.55pt"><td style="width:96.6pt; padding-left:7.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="3" style="width:190.2pt; padding-left:7.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="4" style="width:112.2pt; padding-left:7.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Asset Derivatives</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="4" style="width:112.2pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Liability Derivatives</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td></tr><tr><td style="width:96.6pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="3" style="width:190.2pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="2" style="width:50.55pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">June</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td colspan="2" style="width:54.45pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">December</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">31,</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td><td colspan="2" style="width:51.65pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">June</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p></td><td colspan="2" style="width:53.35pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">December</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">31,</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">2017</font></p></td></tr><tr><td style="width:103.8pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Derivative</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="3" style="width:190.2pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Balance Sheet Location</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="2" style="width:50.55pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">Fair</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">Value</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="2" style="width:54.45pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">Fair</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">Value</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="2" style="width:51.65pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">Fair</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">Value</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="2" style="width:53.35pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'">Fair</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">Value</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td></tr><tr><td colspan="4" style="width:301.2pt; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Derivatives not designated as hedging instruments</font></p><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td colspan="2" style="width:50.55pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td colspan="2" style="width:54.45pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td colspan="2" style="width:51.65pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td colspan="2" style="width:53.35pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td></tr><tr style="height:21.4pt"><td style="width:103.8pt; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">Bunker swaps</font></p></td><td colspan="3" style="width:197.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">Current portion of financial instruments - Fair value</font></p></td><td colspan="2" style="width:50.55pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">7,045</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:54.45pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">5,715</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:51.65pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:53.35pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:21.8pt"><td style="width:103.8pt; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="3" style="width:197.4pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">Financial instruments &#8211;Fair value, net of current portion</font></p></td><td colspan="2" style="width:50.55pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">1,036</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:54.45pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">1,312</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:51.65pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:53.35pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:21.5pt"><td style="width:103.8pt; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">Bunker call options</font></p></td><td colspan="3" style="width:197.4pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">Financial instruments- Fair value, net of current portion</font></p></td><td colspan="2" style="width:50.55pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">224</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:54.45pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">118</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:51.65pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:53.35pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:96.6pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="3" style="width:190.2pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="width:50.55pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="width:54.45pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="width:51.65pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="width:53.35pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr><tr><td colspan="4" style="width:294pt; padding-left:7.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">Subtotal</font></p></td><td colspan="2" style="width:50.55pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">8,305</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:54.45pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">7,145</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:51.65pt; padding-left:7.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:53.35pt; padding-left:7.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#8212;</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:96.6pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="3" style="width:190.2pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="width:50.55pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="width:54.45pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="width:51.65pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#8212;</font></p></td><td colspan="2" style="width:53.35pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr><tr style="height:16.65pt"><td colspan="4" style="width:294pt; padding-left:7.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Total derivatives</font></p></td><td colspan="2" style="width:50.55pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold">8,893</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:54.45pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold">7,145</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:51.65pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold">1,539</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:53.35pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt; font-weight:bold">1,967</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:96.6pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="3" style="width:190.2pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="width:50.55pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="width:54.45pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="width:51.65pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="width:53.35pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:103.8pt"></td><td style="width:3.15pt"></td><td style="width:170.1pt"></td><td style="width:24.15pt"></td><td style="width:25.45pt"></td><td style="width:32.3pt"></td><td style="width:24.4pt"></td><td style="width:37.25pt"></td><td style="width:19.45pt"></td><td style="width:39.4pt"></td><td style="width:44.3pt"></td><td style="width:16.25pt"></td></tr></table><div><table cellspacing="0" cellpadding="0" style="width:540pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:0.6pt"><td colspan="2" style="width:106.95pt"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:170.1pt"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:49.6pt"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:56.7pt"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:56.7pt"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:83.7pt"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:0pt"><td style="width:103.8pt"></td><td style="width:3.15pt"></td><td style="width:170.1pt"></td><td style="width:24.15pt"></td><td style="width:25.45pt"></td><td style="width:32.3pt"></td><td style="width:24.4pt"></td><td style="width:37.25pt"></td><td style="width:19.45pt"></td><td style="width:39.4pt"></td><td style="width:44.3pt"></td><td style="width:16.25pt"></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:left; page-break-after:avoid; font-size:10pt"><br style="page-break-before:always; clear:both" /><font style="font-family:'Times New Roman'; font-weight:bold">Derivatives designated as Hedging Instruments-Net effect on the Statement of Comprehensive Income (Loss) </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:left; page-break-after:avoid; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div><table cellspacing="0" cellpadding="0" style="width:101.8%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:0.6pt"><td style="width:45.48%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><a name="DM_MAP_f4caaf6d3ed34a4ca7bc6163c6a2abbf"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td colspan="2"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:1.9%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:23.25pt"><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="6" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Gain</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">(Loss)</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Recognized</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">in</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">Accumulated</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">OCI on Derivative (Effective Portion)</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:32.8pt"><td colspan="2" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Derivative</font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="4" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Amount</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">Three</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">months</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">ended</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">June</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Amount</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">Six</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">months</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">ended</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">June</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13.7pt"><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:11.28%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:12.7%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13.05pt"><td colspan="2" style="vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">Interest rate swaps</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">1,604</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(816)</font></p></td><td style="width:11.28%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">83</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.7%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(4,611)</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:4.2pt"><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:11.28%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:12.7%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:13.05pt"><td colspan="2" style="vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">Total</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">1,604</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(816)</font></p></td><td style="width:11.28%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">83</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.7%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(4,611)</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:3.3pt"><td colspan="2" style="vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; line-height:50%; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.28%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:12.7%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:0pt"><td style="width:216.65pt"></td><td style="width:2.5pt"></td><td style="width:61.65pt"></td><td style="width:12pt"></td><td style="width:43.55pt"></td><td style="width:16.85pt"></td><td style="width:53.75pt"></td><td style="width:60.5pt"></td><td style="width:8.95pt"></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:left; page-break-after:avoid; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div><table cellspacing="0" cellpadding="0" style="width:99.28%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:3.3pt"><td colspan="2"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><a name="DM_MAP_191ccfada2c140fcaeb5076ee732b59d"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:9.7%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.4%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:13.08%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td style="width:19.62%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="8" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Gain (Loss) Reclassified from</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Accumulated OCI into Income (Effective Portion)</font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr><td style="width:19.62%; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Derivative</font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Location</font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Amount</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">Three</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">months</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">ended</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">June</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Amount</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">Six</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">months</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">ended</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">June</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr><td style="width:19.62%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:13.08%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:10.54%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:13%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr><td style="width:19.62%; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">Interest rate swaps</font></p></td><td colspan="3" style="vertical-align:bottom"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">Depreciation expense</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(47)</font></p></td><td style="width:13.08%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(51)</font></p></td><td style="width:10.54%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(94)</font></p></td><td style="width:13%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(76)</font></p></td><td style="vertical-align:top"></td></tr><tr><td style="width:19.62%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">Interest rate swaps</font></p></td><td colspan="3" style="vertical-align:bottom"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">Interest and finance costs, net</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(157)</font></p></td><td style="width:13.08%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(640)</font></p></td><td style="width:10.54%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(609)</font></p></td><td style="width:13%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(1,339)</font></p></td><td style="vertical-align:top"></td></tr><tr><td style="width:19.62%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:13.08%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:10.54%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:13%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr><td style="width:19.62%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">Total</font></p></td><td colspan="3" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(204)</font></p></td><td style="width:13.08%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(691)</font></p></td><td style="width:10.54%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(703)</font></p></td><td style="width:13%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(1,415)</font></p></td><td style="vertical-align:top"></td></tr><tr><td style="width:19.62%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:13.08%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:10.54%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:13%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:0pt"><td style="width:91.2pt"></td><td style="width:30.8pt"></td><td style="width:45.05pt"></td><td style="width:51.85pt"></td><td style="width:21pt"></td><td style="width:52.95pt"></td><td style="width:60.85pt"></td><td style="width:48.95pt"></td><td style="width:60.4pt"></td><td style="width:1.6pt"></td></tr></table></div><p style="margin-top:18pt; margin-bottom:0pt; text-align:left; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">Derivatives not designated as Hedging Instruments&#8211;Net effect on the Statement of Comprehensive Income (Loss) </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:left; page-break-after:avoid; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div><table cellspacing="0" cellpadding="0" style="width:97.62%; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="vertical-align:top"></td><td style="width:17.82%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><a name="DM_MAP_d4fdc96a24824630b764d596383534bf"><font style="font-family:'Times New Roman'">&#xa0;</font></a></p></td><td style="width:1.26%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:30.22%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:9.34%"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="3"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:15.25pt"><td colspan="3" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="8" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Gain (Loss) Recognized on Derivative</font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:35.7pt"><td colspan="3" style="vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Derivative</font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:29.78%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Location</font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="4" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Amount</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">Three</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">months</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">ended</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">June</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="3" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Amount</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">Six</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">months</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">ended</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">June</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">30,</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:14.45pt"><td colspan="3" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:29.78%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:11.74%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2018</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">2017</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td></tr><tr style="height:14.45pt"><td colspan="3" style="vertical-align:bottom"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">Bunker swaps</font></p></td><td style="width:29.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">Interest and finance costs, net</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">5,056</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">368</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.74%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">4,614</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(174)</font></p></td></tr><tr style="height:13.7pt"><td colspan="3" style="vertical-align:bottom"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">Bunker call options</font></p></td><td style="width:29.78%; vertical-align:bottom"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">Interest and finance costs, net</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">75</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(124)</font></p></td><td style="width:11.74%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">106</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(557)</font></p></td></tr><tr style="height:3.85pt"><td colspan="3" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:29.78%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:11.74%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr><tr style="height:14.45pt"><td colspan="3" style="vertical-align:bottom"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">Total</font></p></td><td style="width:29.78%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">5,131</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">244</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:11.74%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">4,720</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:1pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(731)</font></p></td></tr><tr style="height:8.35pt"><td colspan="3" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:29.78%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:11.74%; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:1pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:13.15pt"></td><td style="width:81.4pt"></td><td style="width:5.75pt"></td><td style="width:138.05pt"></td><td style="width:42.65pt"></td><td style="width:17.65pt"></td><td style="width:32.25pt"></td><td style="width:21.4pt"></td><td style="width:53.65pt"></td><td style="width:24.95pt"></td><td style="width:25.95pt"></td></tr></table></div><p style="margin-top:6pt; margin-left:24.45pt; margin-bottom:0pt; text-align:left; font-size:10pt"><font style="font-family:'Times New Roman'">The accumulated loss from Derivatives designated as Hedging instruments recognized in Accumulated Other Comprehensive Loss as of June</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017 was $4,519 and $5,305 respectively. </font></p><p style="margin-top:6pt; margin-left:24.45pt; margin-bottom:0pt; text-align:left; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">The following tables summarize the fair values for assets and liabilities measured on a recurring basis as of June</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 and December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017 using level 2 inputs (significant other observable inputs): </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:left; page-break-after:avoid; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><div><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td colspan="3" style="width:278.3pt"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:70.3pt"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:63.1pt"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td colspan="3" style="width:278.3pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; page-break-after:avoid; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">Recurring measurements:</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; page-break-after:avoid; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td style="width:63.1pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">June 30,</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">2018</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td><td colspan="2" style="width:55.9pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:8pt"><font style="font-family:'Times New Roman'; font-weight:bold">December</font><font style="font-family:'Times New Roman'; font-weight:bold">&#xa0;</font><font style="font-family:'Times New Roman'; font-weight:bold">31,</font><br /><font style="font-family:'Times New Roman'; font-weight:bold">2017</font><font style="font-family:'Times New Roman'"> </font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:8pt">&#xa0;</font></p></td></tr><tr><td colspan="3" style="width:278.3pt; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; page-break-after:avoid; font-size:10pt"><font style="font-family:'Times New Roman'">Interest rate swaps</font></p></td><td style="width:63.1pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(951)</font></p></td><td colspan="2" style="width:55.9pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:'Times New Roman'">(1,967)</font></p></td></tr><tr style="height:9.25pt"><td colspan="3" style="width:278.3pt; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">Bunker swaps</font></p></td><td style="width:63.1pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">8,081</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:55.9pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">7,027</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:13.8pt"><td colspan="3" style="width:278.3pt; vertical-align:top"><p style="margin-top:0pt; margin-left:12pt; margin-bottom:0pt; text-indent:-12pt; font-size:10pt"><font style="font-family:'Times New Roman'">Bunker call options</font></p></td><td style="width:63.1pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">224</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:55.9pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">118</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr style="height:5.05pt"><td colspan="3" style="width:271.1pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:63.1pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="width:55.9pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; line-height:1pt; border-top-style:solid; border-top-width:1pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr><tr style="height:7.25pt"><td colspan="3" style="width:271.1pt; padding-left:7.2pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:10pt">&#xa0;</font></p></td><td style="width:63.1pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">7,354</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="2" style="width:55.9pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:12pt"><font style="font-family:'Times New Roman'; font-size:10pt">5,178</font><font style="font-family:'Times New Roman'">&#xa0;</font></p></td></tr><tr><td colspan="3" style="width:271.1pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; line-height:2pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td style="width:63.1pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td><td colspan="2" style="width:55.9pt; padding-left:7.2pt; vertical-align:bottom"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; line-height:1pt; border-top-style:double; border-top-width:2.25pt; padding-top:1pt"><font style="font-family:'Times New Roman'; font-size:1pt">&#xa0;</font></p></td></tr><tr style="height:0pt"><td style="width:191pt"></td><td style="width:85.35pt"></td><td style="width:1.95pt"></td><td style="width:70.3pt"></td><td style="width:17.3pt"></td><td style="width:45.8pt"></td></tr></table><div><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:191pt"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="width:85.35pt"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td colspan="3" style="width:89.55pt"><p style="margin-top:0pt; margin-bottom:0pt; font-size:0.5pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></td><td style="vertical-align:top"></td></tr><tr style="height:0pt"><td style="width:191pt"></td><td style="width:85.35pt"></td><td style="width:1.95pt"></td><td style="width:70.3pt"></td><td style="width:17.3pt"></td><td style="width:45.8pt"></td></tr></table></div><p style="margin-top:0pt; margin-bottom:0pt; text-align:left; font-size:12pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div></div></div> <div class="Section1"><p style="margin-top:18pt; margin-left:24.5pt; margin-bottom:0pt; text-indent:-24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">12.Subsequent Events </font></p><p style="margin-top:0pt; margin-left:54pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:14pt; margin-left:7.1pt; margin-bottom:14pt; font-size:10pt"><font style="font-family:'Times New Roman'">(a) On July 10, 2018, the Company received the net amount of $14,575 from the exercise of the green shoe on its Series F Preferred Shares with the sale of 600,000 additional units.</font></p><p style="margin-top:14pt; margin-left:7.1pt; margin-bottom:14pt; font-size:10pt"><font style="font-family:'Times New Roman'">(b) On July 30, 2018, the Company paid dividends of $0.50 and $0.55469 per share on its 8.00% Series B and its 8.875% Series C Preferred Shares, respectively.&#160; </font></p><p style="margin-top:14pt; margin-left:7.1pt; margin-bottom:14pt; font-size:10pt"><font style="font-family:'Times New Roman'">(c) On August 8, 2018, the Company paid a dividend of $0.05 per common share outstanding, which was declared on June 15, 2018.</font></p><p style="margin-top:14pt; margin-left:7.1pt; margin-bottom:14pt; font-size:10pt"><font style="font-family:'Times New Roman'">(d) On August 28, 2018, the Company paid dividends of $0.546875 per share on its 8.75% Series D Preferred Shares and $0.578125 per share payable on its 9.25% Series E Preferred Shares, respectively. </font></p><p style="margin-top:14pt; margin-left:7.1pt; margin-bottom:14pt; font-size:10pt"><font style="font-family:'Times New Roman'">(e) On September 7, 2018, the Company declared a dividend of $0.05 per common share payable on December 6, 2018 to shareholders of record as of November 30, 2018.</font></p><p style="margin-top:6pt; margin-left:7.1pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:6pt; margin-left:49.65pt; margin-bottom:0pt; text-indent:-42.55pt; font-size:11pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p></div> <div class="Section1"><p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Business combinations &#8211; Definition of a business:</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">In January 2017, the FASB issued ASU No.</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">2017-01 &#8211; Business Combinations (Topic 805) &#8211; Clarifying the Definition of a Business which addresses business combination issues with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. ASU 2017-01 is effective for fiscal years beginning after December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">15, 2017 including interim periods within that reporting period. The Company adopted the aforementioned ASU with no impact on its condensed consolidated financial statements and notes disclosures. </font></p></div> <div class="Section1"><p style="margin-top:4pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Statement of Cash Flows:</font><font style="font-family:'Times New Roman'"> In November 2016, the FASB issued ASU No. 2016-18&#8212;Statement of Cash Flows (Topic 230) - Restricted Cash, which addresses the requirement that a statement of cash flows explain the change during the period in the total of cash and cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows.</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">ASU 2016-18 is effective for fiscal years beginning after December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">15, 2017 including interim periods within that reporting period. On January</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">1, 2018, the Company adopted the aforementioned ASU. The only effect the adoption of ASU No.</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">2016-18 had is the presentation of the restricted cash on the statement of cash flows. More precisely, the line item &#8220;Increase in restricted cash&#8221; was removed from the financing activities section of the statement of cash flows and the beginning period and ending period cash balances now include restricted cash. Comparative period of the statement of cash flow has been retrospectively adjusted to reflect the adoption of ASU No.</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">2016-18. In August 2016, the FASB issued ASU No.</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">2016-15- Statement of Cash Flows (Topic 230) &#8211; Classification of Certain Cash Receipts and Cash Payments which addresses certain cash flow issues with the objective of reducing the existing diversity in practice: ASU 2016-15 is effective for fiscal years beginning after December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">15, 2017 including interim periods within that reporting period. The Company adopted the aforementioned ASU with no impact on its condensed consolidated financial statements and notes disclosures. </font></p></div> <div class="Section1"><p style="margin-top:0pt; margin-left:24.5pt; margin-bottom:0pt; text-indent:-24.5pt; font-size:10pt"><font style="font-family:'Times New Roman'; font-weight:bold">1.Basis of Presentation </font></p><p style="margin-top:6pt; margin-left:24.45pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">The accompanying unaudited consolidated financial statements of Tsakos Energy Navigation Limited (the &#8220;Holding Company&#8221;) and subsidiaries (collectively, the &#8220;Company&#8221;) have been prepared in accordance with accounting principles generally accepted in the United States of America (&#8220;U.S. GAAP&#8221;) for interim financial information and with the instructions to Form 6-K and Article 10 of Regulation S-X of the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;). Accordingly, they do not include all of the footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been included. Operating results for the six months ended June</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018 are not necessarily indicative of the results that may be expected for the year ending December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2018. </font></p><p style="margin-top:6pt; margin-left:24.45pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">The consolidated balance sheet as of December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">31, 2017, has been derived from the audited consolidated financial statements included in the Company&#8217;s annual report on Form 20-F filed with the Securities and Exchange Commission on April</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">27, 2018 (&#8220;Annual Report&#8221;), but does not include all of the footnotes required by U.S. GAAP for complete financial statements. </font></p><p style="margin-top:6pt; margin-left:24.45pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">A discussion of the Company&#8217;s significant accounting policies can be found in Note 1 of the Company&#8217;s consolidated financial statements included in the Annual Report. There have been no material changes to these policies in the six-month period ended June</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">30, 2018, except as discussed below: </font></p><p style="margin-top:6pt; margin-left:24.45pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:4pt; margin-bottom:0pt; font-size:10pt"><a name="DM_MAP_ccddb711f3d04c5cad57edc9a48e67c8"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Statement of Cash Flows:</font><font style="font-family:'Times New Roman'"> In November 2016, the FASB issued ASU No. 2016-18&#8212;Statement of Cash Flows (Topic 230) - Restricted Cash, which addresses the requirement that a statement of cash flows explain the change during the period in the total of cash and cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows.</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">ASU 2016-18 is effective for fiscal years beginning after December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">15, 2017 including interim periods within that reporting period. On January</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">1, 2018, the Company adopted the aforementioned ASU. The only effect the adoption of ASU No.</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">2016-18 had is the presentation of the restricted cash on the statement of cash flows. More precisely, the line item &#8220;Increase in restricted cash&#8221; was removed from the financing activities section of the statement of cash flows and the beginning period and ending period cash balances now include restricted cash. Comparative period of the statement of cash flow has been retrospectively adjusted to reflect the adoption of ASU No.</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">2016-18. In August 2016, the FASB issued ASU No.</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">2016-15- Statement of Cash Flows (Topic 230) &#8211; Classification of Certain Cash Receipts and Cash Payments which addresses certain cash flow issues with the objective of reducing the existing diversity in practice: ASU 2016-15 is effective for fiscal years beginning after December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">15, 2017 including interim periods within that reporting period. The Company adopted the aforementioned ASU with no impact on its condensed consolidated financial statements and notes disclosures. </font></a></p><p style="margin-top:4pt; margin-bottom:0pt; font-size:10pt"><a name="DM_MAP_bb1ab7e3f7f9425c869dfaf2a6be1f9f"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Treasury stock:</font><font style="font-family:'Times New Roman'"> Treasury stock is stock that is repurchased by the issuing entity, reducing the amount of outstanding shares in the open market. When shares are repurchased, they may either be cancelled or held for reissue. If not cancelled, such shares are referred to as treasury stock. Treasury stock is essentially the same as unissued capital and reduce ordinary share capital. The cost of the acquired shares should generally be shown as a deduction from stockholders&#8217; equity. Dividends on such shares held in the entity&#8217;s treasury should not be reflected as income and not shown as a reduction in equity. Gains and losses on sales of treasury stock should be accounted for as adjustments to stockholders&#8217; equity and not as part of income. Depending on whether the shares are acquired for reissuance or retirement, treasury stock is accounted for under the cost method or the constructive retirement method. The cost method is also used, when reporting entity management has not made decisions as to whether the reacquired shares will be retired, held indefinitely or reissued. The Company elected for the repurchase of its common shares to be accounted for under the cost method. Under this method, the treasury stock account is charged for the aggregate cost of shares reacquired. </font></a></p><p style="margin-top:4pt; margin-bottom:0pt; font-size:10pt"><a name="DM_MAP_317d3b90bffc4bd29332d839e196d674"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Revenue from Contracts with Customers:</font><font style="font-family:'Times New Roman'"> In</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">May 2016, the FASB issued their final standard on revenue from contracts with customers. The standard, which was issued as ASU 2014-09 (Topic 606) by the FASB, and as amended, outlines a single comprehensive model for entities to use in accounting for revenue from contracts with customers and supersedes most legacy revenue recognition guidance. The core principle of the guidance in Topic 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services by applying the following steps: (1)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">identify the contract(s) with a customer; (2)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">identify the performance obligations in each contract; (3)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">determine the transaction price; (4)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">allocate the transaction price to the performance obligations in each contract; and (5)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">recognize revenue when (or as) the entity satisfies a performance obligation.</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">The standard is effective for public business entities from annual reporting periods beginning after December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">15, 2017, including interim reporting periods within that reporting period.</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">The new revenue standard may be applied using either of the following transition methods: (1)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (2)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">a modified retrospective approach with the cumulative effect of initially adopting the standard recognized at the date of adoption (which includes additional footnote disclosures). </font></a></p><p style="margin-top:4pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">Regarding the incremental costs of obtaining a contract with a customer and contract&#8217;s fulfilling costs, they should be capitalized and been amortized over the voyage duration, if certain criteria are met &#8211; for incremental costs if only they are chargeable to the customer and for contract&#8217;s fulfilling costs if each of the following criteria is met: (i)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">they relate directly to the contract, (ii)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">they generate or enhance entity&#8217;s resources that shall be used in performance obligation satisfaction and (iii)</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">are expected to be recovered. Further, in case of incremental costs, entities may elect, in accordance with the practical expedient of ASC 340 &#8220;Other assets and deferred costs&#8221;, not to capitalize them in cases of amortization period (voyage period) is less than one year. </font></p><p style="margin-top:14pt; margin-bottom:14pt; font-size:10pt"><font style="font-family:'Times New Roman'">On January</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">1, 2018, the Company adopted the aforementioned ASU using the modified retrospective method. Its adoption mainly changed the method of recognizing revenue over time for voyage charters from the discharge-to-discharge method to the loading-to-discharge method. Under the loading-to-discharge method the commencement date of each voyage charter shall be deemed to be upon the loading of the current cargo, decreasing the period of time for recognizing revenue for voyages. With respect to the recognition of voyage charters related costs, taking into consideration the aforementioned practical expedient, the related costs (i.e. commissions) continue to be expensed as incurred, on the basis that the Company&#8217;s voyage charters do not exceed one year. Additionally, the Company has identified that the fuel consumption that is incurred by the Company from the latter of the end of the previous vessel employment and the contract date until the arrival at the loading port, during this period meet the capitalization criteria and are deferred and amortized ratably over the total transit time of the voyage from arrival at the loading port until the vessel departs from the discharge port and expensed as part of Voyage Expenses. Capitalized voyage costs are included in the consolidated balance sheet under Current Assets. Regarding time charter and profit sharing contracts, no material changes related to Company&#8217;s accounting policies were identified. : profit sharing contracts are accounted for as variable consideration, and included in the transaction price if some or all of an amount of variable consideration can be estimated in accordance with paragraph 606-10-32-8 and only to the extent that it is probable</font><font style="font-family:'Times New Roman'; font-weight:bold"> </font><font style="font-family:'Times New Roman'">that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved</font><font style="font-family:'Times New Roman'; font-style:italic">. </font><font style="font-family:'Times New Roman'">The Company adopted ASU 2014-09 during the first quarter of 2018 using the modified retrospective transition method applied to those spot market voyage charter contracts which were not completed as of January</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">1, 2018. Upon adoption, the Company recognized the cumulative effect of adopting this guidance as an adjustment to its opening balance of retained earnings as of January</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">1, 2018. Prior periods were not adjusted retrospectively. </font></p><p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">The following table illustrates the impact of the adoption of the new revenue recognition guidance on the Consolidated Statement of Comprehensive Loss: </font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse"><tr><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td colspan="3" style="width:393.85pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri; font-weight:bold">For the Three Months period ended June 30, 2018</font></p></td></tr><tr><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><br /><font style="font-family:Calibri">As reported</font><br /><font style="font-family:Calibri">$</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri">Balance without adoption of New Revenue Standard</font><br /><font style="font-family:Calibri">$</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri">Effect of</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri">Change</font><br /><font style="font-family:Calibri">$</font></p></td></tr><tr><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">Voyage revenues</font></p></td><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">123,927</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">123,840</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">87</font></p></td></tr><tr><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">Voyage expenses</font></p></td><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">29,407</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">29,456</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">(49)</font></p></td></tr><tr><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">Net loss</font></p></td><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">(16,266)</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">(16,402)</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">136</font></p></td></tr><tr><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">Net loss per share, basic and diluted</font></p></td><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">(0.19)</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">(0.19)</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">0.00</font></p></td></tr></table><p style="margin-top:4pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse"><tr><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td colspan="3" style="width:393.85pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri; font-weight:bold">For the Six Months period ended June 30, 2018</font></p></td></tr><tr><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><br /><font style="font-family:Calibri">As reported</font><br /><font style="font-family:Calibri">$</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri">Balance without adoption of New Revenue Standard</font><br /><font style="font-family:Calibri">$</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri">Effect of</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri">Change</font><br /><font style="font-family:Calibri">$</font></p></td></tr><tr><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">Voyage revenues</font></p></td><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">249,651</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">248,972</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">679</font></p></td></tr><tr><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">Voyage expenses</font></p></td><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">56,683</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">56,627</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">56</font></p></td></tr><tr><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">Net loss</font></p></td><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">(34,823)</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">(35,446)</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">623</font></p></td></tr><tr><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">Net loss per share, basic and diluted</font></p></td><td style="width:124.05pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">(0.40)</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">(0.41)</font></p></td><td style="width:124.1pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">0.01</font></p></td></tr></table><p style="margin-top:4pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:4pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">The following table illustrates the impact of the adoption of the new revenue recognition guidance on the Consolidated Statement of Cash Flow:</font></p><p style="margin-top:4pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse"><tr><td style="width:108.75pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td colspan="3" style="width:337.15pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri; font-weight:bold">For the Six Months period ended June 30, 2018</font></p></td></tr><tr><td style="width:108.75pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td style="width:105.5pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><br /><font style="font-family:Calibri">As reported</font><br /><font style="font-family:Calibri">$</font></p></td><td style="width:105.7pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri">Balance without adoption of New Revenue Standard</font><br /><font style="font-family:Calibri">$</font></p></td><td style="width:104.35pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri">Effect of</font></p><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri">Change</font><br /><font style="font-family:Calibri">$</font></p></td></tr><tr><td style="width:108.75pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">Cash Flows from Operating Activities: </font></p></td><td style="width:105.5pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">38,691</font></p></td><td style="width:105.7pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">38,068</font></p></td><td style="width:104.35pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">623</font></p></td></tr><tr><td style="width:108.75pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">Adjustments to reconcile net loss to net cash provided by operating activities:</font></p></td><td style="width:105.5pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td style="width:105.7pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td style="width:104.35pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td></tr><tr><td style="width:108.75pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">Increase in Receivables, net</font></p></td><td style="width:105.5pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">(8,666)</font></p></td><td style="width:105.7pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">(7,987)</font></p></td><td style="width:104.35pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">(679)</font></p></td></tr><tr><td style="width:108.75pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">Increase in Capitalized voyage expenses</font></p></td><td style="width:105.5pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">(525)</font></p></td><td style="width:105.7pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">0</font></p></td><td style="width:104.35pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">(525)</font></p></td></tr></table><p style="margin-top:4pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:4pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:4pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">&#xa0;</font></p><p style="margin-top:0pt; margin-bottom:0pt; font-size:10pt"><font style="font-family:'Times New Roman'">The following table illustrates the cumulative effect of the adoption of the new revenue recognition guidance on the opening Consolidated Balance Sheet: </font></p><table cellspacing="0" cellpadding="0" style="border-collapse:collapse"><tr><td style="width:108.45pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td style="width:105.55pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri">Balance as at December 31, 2017</font><br /><font style="font-family:Calibri">$</font></p></td><td style="width:106.8pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri">New Revenue Standard Adjustment</font><br /><font style="font-family:Calibri">$</font></p></td><td style="width:103.5pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri">Balance as at January 1, </font><br /><font style="font-family:Calibri">2018</font><br /><font style="font-family:Calibri">$</font></p></td></tr><tr><td style="width:108.45pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri; text-decoration:underline">Assets: </font></p></td><td style="width:105.55pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td style="width:106.8pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td style="width:103.5pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:center; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td></tr><tr><td style="width:108.45pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">Current Assets:</font></p></td><td style="width:105.55pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td style="width:106.8pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td style="width:103.5pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td></tr><tr><td style="width:108.45pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">Accounts receivable, net</font></p></td><td style="width:105.55pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">27,364</font></p></td><td style="width:106.8pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">(1,949)</font></p></td><td style="width:103.5pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">25,415</font></p></td></tr><tr><td style="width:108.45pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">Capitalized voyage expenses</font></p></td><td style="width:105.55pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">-</font></p></td><td style="width:106.8pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">638</font></p></td><td style="width:103.5pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">638</font></p></td></tr><tr><td style="width:108.45pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td style="width:105.55pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td style="width:106.8pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td style="width:103.5pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td></tr><tr><td style="width:108.45pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri; text-decoration:underline">Liabilities</font><font style="font-family:Calibri"> and Stockholders&#8217; Equity:</font></p></td><td style="width:105.55pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td style="width:106.8pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td style="width:103.5pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td></tr><tr><td style="width:108.45pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">Current Liabilities: </font></p></td><td style="width:105.55pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">-</font></p></td><td style="width:106.8pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">-</font></p></td><td style="width:103.5pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">-</font></p></td></tr><tr><td style="width:108.45pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:top"><p style="margin-top:0pt; margin-bottom:0pt; text-align:justify; font-size:10pt"><font style="font-family:Calibri">Stockholders&#8217; Equity:</font></p></td><td style="width:105.55pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td style="width:106.8pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td><td style="width:103.5pt; border-style:solid; border-width:0.75pt; padding-right:5.03pt; padding-left:5.03pt; vertical-align:middle"><p style="margin-top:0pt; margin-bottom:0pt; text-align:right; font-size:10pt"><font style="font-family:Calibri">&#xa0;</font></p></td></tr><tr><td style="width:108.45pt; 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margin-bottom:0pt; font-size:10pt"><a name="DM_MAP_f9416b7a51f8487e94bf13155fe4edbe"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Business combinations &#8211; Definition of a business:</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">In January 2017, the FASB issued ASU No.</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">2017-01 &#8211; Business Combinations (Topic 805) &#8211; Clarifying the Definition of a Business which addresses business combination issues with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. ASU 2017-01 is effective for fiscal years beginning after December</font><font style="font-family:'Times New Roman'">&#xa0;</font><font style="font-family:'Times New Roman'">15, 2017 including interim periods within that reporting period. The Company adopted the aforementioned ASU with no impact on its condensed consolidated financial statements and notes disclosures. </font></a></p><p style="margin-top:12pt; margin-bottom:0pt; font-size:10pt"><a name="DM_MAP_05dc8f0ca21248a2ac7e8716526d07f2"><font style="font-family:'Times New Roman'; font-weight:bold; font-style:italic">Leases:</font><font style="font-family:'Times New Roman'"> </font><font style="font-family:'Times New Roman'">In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC 842), and as amended, which requires lessees to recognize most leases on the balance sheet. This is expected to increase both reported assets and liabilities. The new lease standard does not substantially change lessor accounting. For public companies, the standard will be effective for the first interim reporting period within annual periods beginning after December 15, 2018, although early adoption is permitted. Lessees and lessors will be required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they first apply the new guidance, using a modified retrospective transition method. In July 2018, the FASB issued ASU No. 2018-11, Leases (ASC 842) &#8211; Targeted Improvements. The amendments in this Update: (i) provide entities with an additional (and optional) transition method to adopt the new leases standard, under which an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption consistent with preparers&apos; requests and (ii) provide lessors with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component and, instead, to account for those components as a single component if the non-lease components otherwise would be accounted for under the new revenue guidance (Topic 606) and both of the following are met: (a) The timing and pattern of transfer of the non-lease component(s) and associated lease component are the same and (b) The lease component, if accounted for separately, would be classified as an operating lease. If the non-lease component or components associated with the lease component are the predominant component of the combined component, an entity is required to account for the combined component in accordance with Topic 606. 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Document and Entity Information
6 Months Ended
Jun. 30, 2018
shares
Document And Entity Information [Abstract]  
Document Type 6-K
Amendment Flag false
Document Period End Date Jun. 30, 2018
Document Fiscal Year Focus 2018
Document Fiscal Period Focus Q2
Entity Registrant Name TSAKOS ENERGY NAVIGATION LTD
Entity Central Index Key 0001166663
Trading Symbol TNP
Entity Current Reporting Status Yes
Current Fiscal Year End Date --12-31
Entity Common Stock Shares Outstanding 87,336,453
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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
CURRENT ASSETS:    
Cash and cash equivalents $ 272,501 $ 189,763
Restricted cash 9,924 12,910
Accounts receivable, net 23,436 27,364
Capitalized voyage expenses 525 0
Due from related companies (Note 2) 16,534 14,210
Advances and other 27,382 19,061
Vessels held for sale (Note 3) 0 17,500
Inventories 17,881 16,293
Prepaid insurance and other 2,946 1,577
Current portion of financial instruments- Fair value (Note 11) 7,045 5,715
Total current assets 378,174 304,393
INVESTMENTS 1,000 1,000
FINANCIAL INSTRUMENTS - FAIR VALUE, net of current portion (Note 11) 1,848 1,430
LONG TERM RECEIVABLE (Note 3) 13,000 13,000
FIXED ASSETS (Note 3)    
Advances for vessels under construction 12,123 1,650
Vessels 3,954,228 3,953,599
Accumulated depreciation (993,040) (925,195)
Vessels' Net Book Value 2,961,188 3,028,404
Total fixed assets 2,973,311 3,030,054
DEFERRED CHARGES, net (Note 4) 30,381 23,759
Total assets 3,397,714 3,373,636
CURRENT LIABILITIES:    
Current portion of long-term debt (Note 5) 257,249 225,883
Payables 44,542 46,916
Due to related companies (Note 2) 10,047 7,442
Dividends payable 4,379 0
Accrued liabilities 54,788 43,693
Unearned revenue 13,498 13,611
Current portion of financial instruments - Fair value (Note 11) 336 1,378
Total current liabilities 384,839 338,923
LONG-TERM DEBT, net of current portion (Note 5) 1,414,836 1,525,986
FINANCIAL INSTRUMENTS - FAIR VALUE, net of current portion (Note 11) 1,203 589
STOCKHOLDERS' EQUITY (Note 7):    
Preferred shares, $1.00 par value; 25,000,000 shares authorized & 2,000,000 Series B Preferred Shares, 2,000,000 Series C Preferred Shares, 3,424,803 Series D Preferred Shares, 4,600,000 Series E Preferred Shares & 5,400,000 Series F Preferred Shares issued & outstanding at June 30, 2018 & 25,000,000 shares authorized & 2,000,000 Series B Preferred Shares, 2,000,000 Series C Preferred Shares, 3,424,803 Series D Preferred Shares, 4,600,000 Series E Preferred Shares issued & outstanding at December 31, 2017 17,425 12,025
Common shares, $ 1.00 par value; 175,000,000 shares authorized at June 30, 2018 and December 31, 2017; 87,338,652 shares issued at June 30, 2018 and December 31, 2017, 87,336,453 and 86,319,583 shares outstanding at June 30, 2018 and December 31, 2017, respectively 87,339 87,339
Additional paid-in capital 983,107 857,998
Cost of treasury stock (76) (5,736)
Accumulated other comprehensive loss (4,519) (5,305)
Retained earnings 501,113 547,937
Total Tsakos Energy Navigation Limited stockholders' equity 1,584,389 1,494,258
Non-controlling Interest 12,447 13,880
Total stockholders' equity 1,596,836 1,508,138
Total liabilities and stockholders' equity $ 3,397,714 $ 3,373,636
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CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares
Jun. 30, 2018
Dec. 31, 2017
Preferred Shares - par value $ 1 $ 1
Preferred Shares - shares authorized 25,000,000 25,000,000
Common Stock - par value $ 1 $ 1
Common Stock - shares authorized 175,000,000 175,000,000
Common Stock - shares issued 87,338,652 87,338,652
Common Stock - shares outstanding 87,336,453 86,319,583
8% Series B Preferred Shares    
Preferred Shares - shares issued 2,000,000 2,000,000
Preferred Shares - shares outstanding 2,000,000 2,000,000
8.875% Series C Preferred Shares    
Preferred Shares - shares issued 2,000,000 2,000,000
Preferred Shares - shares outstanding 2,000,000 2,000,000
8.75% Series D Preferred Shares    
Preferred Shares - shares issued 3,424,803 3,424,803
Preferred Shares - shares outstanding 3,424,803 3,424,803
9.25% Series E Preferred Shares    
Preferred Shares - shares issued 4,600,000 4,600,000
Preferred Shares - shares outstanding 4,600,000 4,600,000
9.50% Series F Preferred Shares    
Preferred Shares - shares issued 5,400,000 0
Preferred Shares - shares outstanding 5,400,000 0
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Abstract]        
VOYAGE REVENUES: $ 123,927 $ 132,180 $ 249,651 $ 270,421
EXPENSES:        
Voyage expenses 29,407 28,121 56,683 58,204
Charter hire expense 2,698 0 5,376 0
Vessel operating expenses 44,169 43,894 91,704 83,905
Depreciation and amortization 36,621 34,298 72,432 66,588
General and administrative expenses 6,812 6,557 13,643 12,667
Loss on sale of vessel 364 0 364 0
Total expenses 120,071 112,870 240,202 221,364
Operating income 3,856 19,310 9,449 49,057
OTHER INCOME (EXPENSES):        
Interest and finance costs, net (Note 6) (14,783) (15,873) (32,728) (27,738)
Interest income 389 313 711 431
Other, net 2 199 (333) 54
Total other expenses, net (14,392) (15,361) (32,350) (27,253)
Net (loss) income (10,536) 3,949 (22,901) 21,804
Less: Net loss (income) attributable to the non-controlling interest 983 (374) 1,433 (751)
Net (loss) income attributable to Tsakos Energy Navigation Limited (9,553) 3,575 (21,468) 21,053
Effect of preferred dividends (6,713) (6,524) (13,355) (10,492)
Net (loss) income attributable to common stockholders of Tsakos Energy Navigation Limited $ (16,266) $ (2,949) $ (34,823) $ 10,561
(Loss) Earnings per share, basic and diluted attributable to Tsakos Energy Navigation Limited common shareholders (Note 9) $ (0.19) $ (0.03) $ (0.40) $ 0.13
Weighted average number of shares, basic and diluted (Note 9) 86,942,159 84,284,281 86,634,907 84,126,285
XML 15 R5.htm IDEA: XBRL DOCUMENT v3.10.0.1
STATEMENT OF CONSOLIDATED OTHER COMPREHENSIVE INCOME (LOSS) (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
STATEMENT OF CONSOLIDATED OTHER COMPREHENSIVE INCOME [Abstract]        
Net (loss) income $ (10,536) $ 3,949 $ (22,901) $ 21,804
Unrealized gain (loss) from hedging financial instruments        
Unrealized income (loss) on interest rate swaps, net 1,808 (125) 786 (3,196)
Comprehensive (loss) income (8,728) 3,824 (22,115) 18,608
Less: comprehensive loss (income) attributable to the non-controlling interest 983 (374) 1,433 (751)
Comprehensive (loss) income attributable to Tsakos Energy Navigation Limited $ (7,745) $ 3,450 $ (20,682) $ 17,857
XML 16 R6.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($)
$ in Thousands
Total
Preferred Shares
Common Shares
Additional Paid-in Capital
Treasury stock
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Tsakos Energy Navigation Limited
Non-controlling Interest
Dividends declared ($0.05 per common share)
Dividends declared ($0.05 per common share)
Retained Earnings
Dividends declared ($0.05 per common share)
Tsakos Energy Navigation Limited
Dividends paid ($0.05 per common share)
Dividends paid ($0.05 per common share)
Retained Earnings
Dividends paid ($0.05 per common share)
Tsakos Energy Navigation Limited
8% Series B Preferred Shares
8% Series B Preferred Shares
Retained Earnings
8% Series B Preferred Shares
Tsakos Energy Navigation Limited
8.875% Series C Preferred Shares
8.875% Series C Preferred Shares
Retained Earnings
8.875% Series C Preferred Shares
Tsakos Energy Navigation Limited
8.75% Series D Preferred Shares
8.75% Series D Preferred Shares
Preferred Shares
8.75% Series D Preferred Shares
Additional Paid-in Capital
8.75% Series D Preferred Shares
Retained Earnings
8.75% Series D Preferred Shares
Tsakos Energy Navigation Limited
Common Shares
Common Shares
Additional Paid-in Capital
Common Shares
Treasury stock
Common Shares
Retained Earnings
Common Shares
Tsakos Energy Navigation Limited
9.25% Series E Preferred Shares
9.25% Series E Preferred Shares
Preferred Shares
9.25% Series E Preferred Shares
Additional Paid-in Capital
9.25% Series E Preferred Shares
Retained Earnings
9.25% Series E Preferred Shares
Tsakos Energy Navigation Limited
9.50% Series F Preferred Shares
9.50% Series F Preferred Shares
Preferred Shares
9.50% Series F Preferred Shares
Additional Paid-in Capital
9.50% Series F Preferred Shares
Tsakos Energy Navigation Limited
BALANCE, at Dec. 31, 2016 $ 1,417,450 $ 7,400 $ 87,339 $ 752,001 $ (20,173) $ 582,889 $ (4,313) $ 1,405,143 $ 12,307                                                              
Treasury stock shares, number of shares at Dec. 31, 2016         3,617,786                                                                      
Net income (loss) 21,804         21,053   21,053 751                                                              
Issuance of shares                                                               $ 110,496 $ 4,600 $ 105,896   $ 110,496        
Sale of Shares, shares                                                         (650,717)                      
Sale of Shares, value                                           $ 533 $ 25 $ 508   $ 533 $ 2,676 $ (296) $ 3,622 $ (650) $ 2,676                  
Common dividends                   $ (4,221) $ (4,221) $ (4,221) $ (4,214) $ (4,214) $ (4,214)                                                  
Dividends paid on Preferred shares                               $ (2,000) $ (2,000) $ (2,000) $ (2,219) $ (2,219) $ (2,219) (3,739)     $ (3,739) (3,739)           (1,566)     $ (1,566) (1,566)        
Other comprehensive income (loss) (3,196)           (3,196) (3,196)                                                                
BALANCE, at Jun. 30, 2017 1,531,804 12,025 87,339 858,109 $ (16,551) 585,333 (7,509) 1,518,746 13,058                                                              
Treasury stock shares, number of shares at Jun. 30, 2017         2,967,069                                                                      
BALANCE, at Dec. 31, 2017 1,508,138 12,025 87,339 857,998 $ (5,736) 547,937 (5,305) 1,494,258 13,880                                                              
Treasury stock shares, number of shares at Dec. 31, 2017         1,019,069                                                                      
Adoption of new accounting standard (1,311)         (1,311)   (1,311)                                                                
Net income (loss) (22,901)         (21,468)   (21,468) (1,433)                                                              
Issuance of shares                                                                         $ 130,553 $ 5,400 $ 125,153 $ 130,553
Sale of Shares, shares                                                         (1,016,870)                      
Sale of Shares, value                                                     $ 3,571 $ (44) $ 5,660 $ (2,045) $ 3,571                  
Common dividends                   $ (4,379) $ (4,379) $ (4,379) $ (4,337) $ (4,337) $ (4,337)                                                  
Dividends paid on Preferred shares                               $ (2,000) $ (2,000) $ (2,000) $ (2,219) $ (2,219) $ (2,219) $ (3,746)     $ (3,746) $ (3,746)           $ (5,319)     $ (5,319) $ (5,319)        
Other comprehensive income (loss) 786           786 786                                                                
BALANCE, at Jun. 30, 2018 $ 1,596,836 $ 17,425 $ 87,339 $ 983,107 $ (76) $ 501,113 $ (4,519) $ 1,584,389 $ 12,447                                                              
Treasury stock shares, number of shares at Jun. 30, 2018         2,199                                                                      
XML 17 R7.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (UNAUDITED) (Parentheticals) - $ / shares
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY [Abstract]    
Common stock - dividends paid $ 0.05 $ 0.05
Common stock - Dividend declared $ 0.05 $ 0.05
XML 18 R8.htm IDEA: XBRL DOCUMENT v3.10.0.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash Flows from Operating Activities:    
Net (loss) income $ (22,901) $ 21,804
Adjustments to reconcile net (loss) income to net cash provided by operating activities:    
Depreciation 67,940 63,288
Amortization of deferred dry-docking costs 4,492 3,300
Amortization of loan fees 2,074 1,464
Change in fair value of derivative instruments (1,483) 1,209
Loss on sale of vessel 364 0
Payments for dry-docking (11,114) (6,970)
(Increase) Decrease in:    
Accounts receivables (8,666) 7,423
Inventories (1,972) 3,471
Prepaid insurance and other (1,369) 314
Capitalized voyage expenses (525) 0
Increase (Decrease) in:    
Payables 869 3,283
Accrued liabilities 11,095 6,697
Unearned revenue (113) 5,625
Net Cash provided by Operating Activities 38,691 110,908
Cash Flows from Investing Activities:    
Advances for vessels under construction and acquisitions (10,473) (1,979)
Vessel acquisitions and/or improvements (629) (219,242)
Proceeds from sale of vessel 17,520 0
Net Cash provided by (used in) Investing Activities 6,418 (221,221)
Cash Flows from Financing Activities:    
Proceeds from long-term debt 255,050 215,169
Financing costs (3,044) (2,214)
Payments of long-term debt (333,866) (142,224)
Sale of treasury stock, net 3,571 2,676
Proceeds from preferred stock issuance, net 130,553 111,029
Cash dividends (17,621) (13,738)
Net Cash provided by Financing Activities 34,643 170,698
Net increase in cash and cash equivalents and restricted cash 79,752 60,385
Cash and cash equivalents and restricted cash at beginning of period 202,673 197,773
Cash and cash equivalents and restricted cash at end of period 282,425 258,158
Reconciliation of cash, cash equivalents and restricted cash:    
Cash and cash equivalents 272,501 250,408
Restricted cash 9,924 7,750
Cash and cash equivalents and restricted cash at end of period $ 282,425 $ 258,158
XML 19 R9.htm IDEA: XBRL DOCUMENT v3.10.0.1
Basis of Presentation
6 Months Ended
Jun. 30, 2018
Basis of Presentation [Abstract]  
Basis of Presentation

1.Basis of Presentation

The accompanying unaudited consolidated financial statements of Tsakos Energy Navigation Limited (the “Holding Company”) and subsidiaries (collectively, the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 6-K and Article 10 of Regulation S-X of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for fair presentation have been included. Operating results for the six months ended June 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018.

The consolidated balance sheet as of December 31, 2017, has been derived from the audited consolidated financial statements included in the Company’s annual report on Form 20-F filed with the Securities and Exchange Commission on April 27, 2018 (“Annual Report”), but does not include all of the footnotes required by U.S. GAAP for complete financial statements.

A discussion of the Company’s significant accounting policies can be found in Note 1 of the Company’s consolidated financial statements included in the Annual Report. There have been no material changes to these policies in the six-month period ended June 30, 2018, except as discussed below:

 

Statement of Cash Flows: In November 2016, the FASB issued ASU No. 2016-18—Statement of Cash Flows (Topic 230) - Restricted Cash, which addresses the requirement that a statement of cash flows explain the change during the period in the total of cash and cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 is effective for fiscal years beginning after December 15, 2017 including interim periods within that reporting period. On January 1, 2018, the Company adopted the aforementioned ASU. The only effect the adoption of ASU No. 2016-18 had is the presentation of the restricted cash on the statement of cash flows. More precisely, the line item “Increase in restricted cash” was removed from the financing activities section of the statement of cash flows and the beginning period and ending period cash balances now include restricted cash. Comparative period of the statement of cash flow has been retrospectively adjusted to reflect the adoption of ASU No. 2016-18. In August 2016, the FASB issued ASU No. 2016-15- Statement of Cash Flows (Topic 230) – Classification of Certain Cash Receipts and Cash Payments which addresses certain cash flow issues with the objective of reducing the existing diversity in practice: ASU 2016-15 is effective for fiscal years beginning after December 15, 2017 including interim periods within that reporting period. The Company adopted the aforementioned ASU with no impact on its condensed consolidated financial statements and notes disclosures.

Treasury stock: Treasury stock is stock that is repurchased by the issuing entity, reducing the amount of outstanding shares in the open market. When shares are repurchased, they may either be cancelled or held for reissue. If not cancelled, such shares are referred to as treasury stock. Treasury stock is essentially the same as unissued capital and reduce ordinary share capital. The cost of the acquired shares should generally be shown as a deduction from stockholders’ equity. Dividends on such shares held in the entity’s treasury should not be reflected as income and not shown as a reduction in equity. Gains and losses on sales of treasury stock should be accounted for as adjustments to stockholders’ equity and not as part of income. Depending on whether the shares are acquired for reissuance or retirement, treasury stock is accounted for under the cost method or the constructive retirement method. The cost method is also used, when reporting entity management has not made decisions as to whether the reacquired shares will be retired, held indefinitely or reissued. The Company elected for the repurchase of its common shares to be accounted for under the cost method. Under this method, the treasury stock account is charged for the aggregate cost of shares reacquired.

Revenue from Contracts with Customers: In May 2016, the FASB issued their final standard on revenue from contracts with customers. The standard, which was issued as ASU 2014-09 (Topic 606) by the FASB, and as amended, outlines a single comprehensive model for entities to use in accounting for revenue from contracts with customers and supersedes most legacy revenue recognition guidance. The core principle of the guidance in Topic 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services by applying the following steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in each contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in each contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The standard is effective for public business entities from annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. The new revenue standard may be applied using either of the following transition methods: (1) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (2) a modified retrospective approach with the cumulative effect of initially adopting the standard recognized at the date of adoption (which includes additional footnote disclosures).

 

Regarding the incremental costs of obtaining a contract with a customer and contract’s fulfilling costs, they should be capitalized and been amortized over the voyage duration, if certain criteria are met – for incremental costs if only they are chargeable to the customer and for contract’s fulfilling costs if each of the following criteria is met: (i) they relate directly to the contract, (ii) they generate or enhance entity’s resources that shall be used in performance obligation satisfaction and (iii) are expected to be recovered. Further, in case of incremental costs, entities may elect, in accordance with the practical expedient of ASC 340 “Other assets and deferred costs”, not to capitalize them in cases of amortization period (voyage period) is less than one year.

On January 1, 2018, the Company adopted the aforementioned ASU using the modified retrospective method. Its adoption mainly changed the method of recognizing revenue over time for voyage charters from the discharge-to-discharge method to the loading-to-discharge method. Under the loading-to-discharge method the commencement date of each voyage charter shall be deemed to be upon the loading of the current cargo, decreasing the period of time for recognizing revenue for voyages. With respect to the recognition of voyage charters related costs, taking into consideration the aforementioned practical expedient, the related costs (i.e. commissions) continue to be expensed as incurred, on the basis that the Company’s voyage charters do not exceed one year. Additionally, the Company has identified that the fuel consumption that is incurred by the Company from the latter of the end of the previous vessel employment and the contract date until the arrival at the loading port, during this period meet the capitalization criteria and are deferred and amortized ratably over the total transit time of the voyage from arrival at the loading port until the vessel departs from the discharge port and expensed as part of Voyage Expenses. Capitalized voyage costs are included in the consolidated balance sheet under Current Assets. Regarding time charter and profit sharing contracts, no material changes related to Company’s accounting policies were identified. : profit sharing contracts are accounted for as variable consideration, and included in the transaction price if some or all of an amount of variable consideration can be estimated in accordance with paragraph 606-10-32-8 and only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The Company adopted ASU 2014-09 during the first quarter of 2018 using the modified retrospective transition method applied to those spot market voyage charter contracts which were not completed as of January 1, 2018. Upon adoption, the Company recognized the cumulative effect of adopting this guidance as an adjustment to its opening balance of retained earnings as of January 1, 2018. Prior periods were not adjusted retrospectively.

The following table illustrates the impact of the adoption of the new revenue recognition guidance on the Consolidated Statement of Comprehensive Loss:

 

For the Three Months period ended June 30, 2018

 


As reported
$

Balance without adoption of New Revenue Standard
$

Effect of

Change
$

Voyage revenues

123,927

123,840

87

Voyage expenses

29,407

29,456

(49)

Net loss

(16,266)

(16,402)

136

Net loss per share, basic and diluted

(0.19)

(0.19)

0.00

 

 

For the Six Months period ended June 30, 2018

 


As reported
$

Balance without adoption of New Revenue Standard
$

Effect of

Change
$

Voyage revenues

249,651

248,972

679

Voyage expenses

56,683

56,627

56

Net loss

(34,823)

(35,446)

623

Net loss per share, basic and diluted

(0.40)

(0.41)

0.01

 

The following table illustrates the impact of the adoption of the new revenue recognition guidance on the Consolidated Statement of Cash Flow:

 

 

For the Six Months period ended June 30, 2018

 


As reported
$

Balance without adoption of New Revenue Standard
$

Effect of

Change
$

Cash Flows from Operating Activities:

38,691

38,068

623

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

Increase in Receivables, net

(8,666)

(7,987)

(679)

Increase in Capitalized voyage expenses

(525)

0

(525)

 

 

 

The following table illustrates the cumulative effect of the adoption of the new revenue recognition guidance on the opening Consolidated Balance Sheet:

 

Balance as at December 31, 2017
$

New Revenue Standard Adjustment
$

Balance as at January 1,
2018
$

Assets:

 

 

 

Current Assets:

 

 

 

Accounts receivable, net

27,364

(1,949)

25,415

Capitalized voyage expenses

-

638

638

 

 

 

 

Liabilities and Stockholders’ Equity:

 

 

 

Current Liabilities:

-

-

-

Stockholders’ Equity:

 

 

 

Retained earnings

547,937

(1,311)

546,626

Business combinations – Definition of a business: In January 2017, the FASB issued ASU No. 2017-01 – Business Combinations (Topic 805) – Clarifying the Definition of a Business which addresses business combination issues with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. ASU 2017-01 is effective for fiscal years beginning after December 15, 2017 including interim periods within that reporting period. The Company adopted the aforementioned ASU with no impact on its condensed consolidated financial statements and notes disclosures.

Leases: In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC 842), and as amended, which requires lessees to recognize most leases on the balance sheet. This is expected to increase both reported assets and liabilities. The new lease standard does not substantially change lessor accounting. For public companies, the standard will be effective for the first interim reporting period within annual periods beginning after December 15, 2018, although early adoption is permitted. Lessees and lessors will be required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they first apply the new guidance, using a modified retrospective transition method. In July 2018, the FASB issued ASU No. 2018-11, Leases (ASC 842) – Targeted Improvements. The amendments in this Update: (i) provide entities with an additional (and optional) transition method to adopt the new leases standard, under which an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption consistent with preparers' requests and (ii) provide lessors with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component and, instead, to account for those components as a single component if the non-lease components otherwise would be accounted for under the new revenue guidance (Topic 606) and both of the following are met: (a) The timing and pattern of transfer of the non-lease component(s) and associated lease component are the same and (b) The lease component, if accounted for separately, would be classified as an operating lease. If the non-lease component or components associated with the lease component are the predominant component of the combined component, an entity is required to account for the combined component in accordance with Topic 606. The Company is currently analyzing the impact of the adoption of this new standard.

 

XML 20 R10.htm IDEA: XBRL DOCUMENT v3.10.0.1
Transactions with Related Parties
6 Months Ended
Jun. 30, 2018
Transactions with Related Parties [Abstract]  
Transactions with Related Parties

2.Transactions with Related Parties

The following amounts were charged by related parties for services rendered:

 

 

 

 

 

 

 

Three months ended
June 30,

 

Six months ended
June 30,

 

 

2018

 

2017

 

2018

 

2017

 

Tsakos Shipping and Trading S.A. (commissions)

1,549 

1,621 

3,092 

3,350 

Tsakos Energy Management Limited (management fees)

5,055 

4,826 

10,119 

9,462 

Tsakos Columbia Shipmanagement S.A. (special charges)

571 

538 

1,010 

999 

Argosy Insurance Company Limited (insurance premiums)

2,350 

2,591 

4,934 

4,969 

AirMania Travel S.A. (travel services)

1,235 

1,487 

2,815 

2,710 

 

 

 

 

 

Total expenses with related parties

10,760 

11,063 

21,970 

21,490 

 

 

 

 

 

 

Balances due from and due to related parties are as follows:

 

 

 

 

 

June 30,
2018

 

December 31,
2017

 

Due from related parties

 

 

Tsakos Columbia Shipmanagement S.A.

16,534 

   14,210 

 

 

 

Total due from related parties

16,534 

   14,210 

 

 

 

Due to related parties

 

 

Tsakos Energy Management Limited

594 

728 

Tsakos Shipping and Trading S.A.

357 

313 

Argosy Insurance Company Limited

8,655 

   5,947 

AirMania Travel S.A.

441 

454 

 

 

 

Total due to related parties

10,047 

     7,442 

 

 

 

 

At June 30, 2018, an amount of $161 ($125 at December 31, 2017) due to Tsakos Shipping and Trading S.A. and an amount of $72 ($68 at December 31, 2017) due to Argosy Insurance Limited, is included in accrued liabilities which relates to services rendered by these related parties not yet invoiced.

Tsakos Energy Management Limited (the “Management Company”): The Holding Company has a Management Agreement (“Management Agreement”) with the Management Company, a Liberian corporation, to provide overall executive and commercial management of its affairs for a monthly fee, which may be adjusted per the Management Agreement of March 8, 2007, effective from January 1, 2008, at the beginning of each year, in accordance with the terms of the Management Agreement, if both parties agree. Fees are also payable to a third-party manager for the LNG carriers Maria Energy, Neo Energy, the VLCCs Ulysses, Hercules I, the aframax tankers Sapporo Princess and Maria Princess and the suezmax tanker Eurochampion 2004.

In addition to the management fee, the Management Agreement provides for an incentive award to the Management Company, which is at the absolute discretion of the Holding Company’s Board of Directors. No such award was granted in the first six months of 2018.

The Holding Company and the Management Company have certain officers and directors in common. The President, who is also the Chief Executive Officer and a Director of the Holding Company, is also the sole stockholder of the Management Company. The Management Company may unilaterally terminate its Management Agreement with the Holding Company at any time upon one year’s notice. In addition, if even a director is elected to the Holding Company without the recommendation of the existing Board of Directors, the Holding Company would be obligated to pay the Management Company an amount calculated in accordance with the terms of the Management Agreement. Under the terms of the Management Agreement between the Holding Company and the Management Company, the Holding Company may terminate the Management Agreement only under specific circumstances, without the prior approval of the Holding Company’s Board of Directors. Estimated future management fees payable over the next ten years under the Management Agreement, exclusive of any incentive awards and based on existing vessels and known vessels scheduled for future delivery, as at June 30, 2018, are:

 

 

 

Period/Year

 

Amount

 

July to December 2018

10,295 

2019

20,589 

2020

20,760 

2021

20,760 

2022

20,760 

2023 to 2028

111,506 

 

 

 

204,670 

 

 

 

Management fees for vessels are included in General and Administrative expenses in the accompanying Consolidated Statements of Comprehensive (Loss) Income. Also, under the terms of the Management Agreement, the Management Company provides supervisory services for the construction of new vessels for a monthly fee of $20.4. There were no such fees during the six months ended June 30, 2018, while fees amounting to $500 were charged during the six months ended June 30, 2017 and accounted for as part of construction costs for delivered vessels or included in Advances for vessels under construction.

 

 

 

(b)Tsakos Columbia Shipmanagement S.A. (“TCM”): The Management Company appointed TCM to provide technical management to the Company’s vessels from July 1, 2010. TCM is owned jointly and in equal part by related party interests and by a private German group. TCM, at the consent of the Holding Company, may subcontract all or part of the technical management of any vessel to an alternative unrelated technical manager.

Effective July 1, 2010, the Management Company, at its own expense, pays technical management fees to TCM and the Company bears and pays directly to TCM most of its operating expenses, including repairs and maintenance, provisioning and crewing of the Company’s vessels, as well as certain charges which are capitalized or deferred, including reimbursement of the costs of TCM personnel sent overseas to supervise repairs and perform inspections on Company vessels.

TCM has a 25% share in a manning agency, located in the Philippines, named TCM Tsakos Maritime Philippines, which provides crew to certain of the Company’s vessels. The Company has no control or ownership directly in TCM Tsakos Maritime Philippines, nor had any direct transactions to date with the agency. 

(c)Tsakos Shipping and Trading S.A. (“Tsakos Shipping”): Tsakos Shipping provides chartering services for the Company’s vessels by communicating with third party brokers to solicit research and propose charters. For this service, the Company pays to Tsakos Shipping a chartering commission of approximately 1.25% on all freights, hires and demurrages. Such commissions are included in Voyage expenses in the accompanying Consolidated Statements of Comprehensive Income. Tsakos Shipping also provides sale and purchase of vessels brokerage service. For this service, Tsakos Shipping may charge brokerage commissions. In the first half of 2018 and 2017, there were no such charges. Tsakos Shipping may also charge a fee of $200 (or such other sum as may be agreed) on delivery of each new-building vessel in payment for the cost of design and supervision of the new-building by Tsakos Shipping. In the first half of 2017, $2,750 has been charged for thirteen vessels delivered between May 2016 and May 2017. In the first half of 2018, no such fee was charged.

Certain members of the Tsakos family are involved in the decision-making processes of Tsakos Shipping and of the Management Company and are also shareholders and directors of the Holding Company.

(d)Argosy Insurance Company Limited (“Argosy”): The Company places its hull and machinery insurance, increased value insurance and war risk and certain other insurance through Argosy, a captive insurance company affiliated with Tsakos Shipping.

(e)AirMania Travel S.A. (“AirMania”): Apart from third-party agents, the Company also uses an affiliated company, AirMania, for travel services.

XML 21 R11.htm IDEA: XBRL DOCUMENT v3.10.0.1
Vessels
6 Months Ended
Jun. 30, 2018
Vessels [Abstract]  
Vessels

3. Vessels

Acquisitions

During the first six months of 2018 there were no vessel acquisitions. During the first six months of 2017, the Company took delivery of its newbuild VLCC tanker Hercules I, the newbuild aframaxes Marathon TS, Sola TS and Oslo TS and the newbuild shuttle tanker Lisboa for $383,125 in total.

Held for sale

At December 31, 2017, the VLCC Millennium was classified as held for sale.

Sales

On April 11, 2018, the Company sold the VLCC Millennium, for net proceeds of $17,520, realizing a net loss of $364.

Sale and Leaseback

On December 21, 2017, the Company entered into a five-year sale and leaseback agreement for each of the two suezmaxes, Eurochampion 2004 and Euronike. Under these leaseback agreements, there was a seller’s credit of $6,500 each on the sales price that becomes immediately payable to the Company by the owners at the end of the five-year charter or upon sale of the vessels during the charter period. The Company analyzed the classification of the leaseback agreements based on the primary lease classification criteria and the supplemental indicators in ASC 840, and determined that these agreements qualified as operating leases.

Charter hire expense

As at June 30, 2018, minimum commitments to be incurred by the Company under vessel operating leases by which the Company charters-in vessels were approximately $48,478, comprised of $5,456 (2018), $10,822 (2019), $10,852 (2020), $10,822 (2021), and $10,526 (2022). The Company recognizes the expense from these charters, which is included in time-charter hire expense in the accompanying Consolidated Statements of Comprehensive Income/(Loss), on a straight-line basis over the term of the charters.

XML 22 R12.htm IDEA: XBRL DOCUMENT v3.10.0.1
Deferred Charges
6 Months Ended
Jun. 30, 2018
Deferred Charges [Abstract]  
Deferred Charges

4.Deferred Charges

Deferred charges consisting of dry-docking and special survey costs, net of accumulated amortization, amounted to $30,381 and $23,759, at June 30, 2018 and December 31, 2017, respectively. Amortization of deferred dry-docking costs was $4,492 during the first six months of 2018 and $3,300 during the first six months of 2017 and is included in depreciation and amortization of deferred dry-docking costs in the accompanying Consolidated Statements of Comprehensive (Loss) Income.

XML 23 R13.htm IDEA: XBRL DOCUMENT v3.10.0.1
Long-Term Debt
6 Months Ended
Jun. 30, 2018
Long-Term Debt [Abstract]  
Long-Term Debt

5.Long-Term Debt

 

 

 

 

Facility

 

June 30,
2018

 

December 31,
2017

 

(a) Credit Facilities

65,000 

250,104 

(b) Term Bank Loans

1,619,266 

1,512,978 

 

 

 

Total

1,684,266 

1,763,082 

Less deferred finance costs, net

(12,181)

(11,213)

Total long-term debt

1,672,085 

1,751,869 

Less current portion of debt

(260,619)

(228,967)

Add deferred finance costs, current portion

3,370 

3,084 

 

 

 

Total long-term portion, net of current portion and deferred finance costs

1,414,836 

1,525,986 

 

 

 

(a)Credit facilities

As at June 30, 2018, the Company had one open reducing revolving credit facility, which is reduced in semi-annual installments with balloon payment due at maturity February 2019. Interest is payable at a rate based on LIBOR plus a spread. At June 30, 2018, the interest rate on the above facility was 3.08%.

(b)Term bank loans

Term loan balances outstanding at June 30, 2018, amounted to $1,619,266. These bank loans are payable in U.S. Dollars in quarterly or semi-annual installments, with balloon payments due at maturity between October 2018 and January 2027. Interest rates on the outstanding loans as at June 30, 2018 are based on LIBOR plus a spread.

On February 15, 2018, the Company signed a new five-year loan for the refinancing of loans maturing between October 2018 and April 2019, relating to eleven vessels. The total new loan amounted to $162,575 and was drawn on April 3, 2018. The new loan is repayable in ten semi-annual installments of $11,561, commencing six months after the drawdown date, plus a balloon of $46,965 payable together with the last installment. On April 4, 2018, the Company prepaid $181,168 relating to the outstanding debt on the above eleven vessels.

On April 27, 2018, the Company signed a supplemental agreement on the loan agreement dated January 31, 2012 for a $12,475 top-up tranche to the existing loan for the early refinancing of the shuttle tanker Rio 2016.The top-up was drawn down on April 30, 2018 and is repayable in twelve equal semi-annual installments of $3,203, plus a balloon payment of $38,438 payable together with the last installment.

On June 7, 2018, the Company signed a new six-year loan agreement for $80,000 relating to the early refinancing of the shuttle tanker Brasil 2014. The Company repaid the amount of $66,658, which was outstanding at the refinancing date and drew down $80,000 on the same date. The new loan is repayable in twelve semi-annual installments of $3,745 for the first six installments and $3,412.5 for the following six installments, commencing six months after the drawdown date, plus a balloon of $37,055 payable together with the last installment.

On June 28, 2018, the Company signed a new term bank loan for $48,650 relating to the refinancing of three aframax tankers, Maria Princess, Nippon Princess and Ise Princess, which were approaching maturity. The loan is repayable in ten semi-annual installments of $3,041, plus a balloon payment of $18,240 payable together with the last installment.

 

At June 30, 2018, interest rates on these term bank loans ranged from 3.54% to 5.33%.

The weighted-average interest rates on the above executed loans for the applicable periods were:

 

 

 

Three months ended June 30, 2018

4.25% 

Three months ended June 30, 2017

3.42% 

 

 

Six months ended June 30, 2018

      4.00% 

Six months ended June 30, 2017

3.32% 

The above revolving credit facilities and term bank loans are secured by first priority mortgages on all vessels, by assignments of earnings and insurances of the respectively mortgaged vessels, and by corporate guarantees of the relevant vessel-owning subsidiaries.

The loan agreements include, among other covenants, covenants requiring the Company to obtain the lenders’ prior consent in order to incur or issue any financial indebtedness, additional borrowings, pay dividends in an amount more than 50% of cumulative net income (as defined in the related agreements), sell vessels and assets and change the beneficial ownership or management of the vessels. Also, the covenants require the Company to maintain a minimum liquidity, not legally restricted, of $107,435 at June 30, 2018 and $113,427 at December 31, 2017, a minimum hull value in connection with the vessels’ outstanding loans and insurance coverage of the vessels against all customary risks. Three loan agreements require the Company to maintain throughout the security period, an aggregate credit balance in a deposit account of $3,250 and two other loan agreements require a monthly pro rata transfer to a retention account of any principal due but unpaid.

 

As at June 30, 2018, the Company and its wholly and majority owned subsidiaries had thirty loan agreements, totaling $1,684,266. The Company fulfilled its requirements in respect of the financial covenants of all the agreements in relation to the leverage ratio and all other terms and covenants, apart from the value-to-loan requirement in certain of its loan agreements in respect of which an amount of $6,833 has been reclassified within current liabilities at June 30, 2018.

 

The Company’s liquidity requirements relate primarily to servicing its debt, funding the equity portion of investments in vessels and funding expected capital expenditure on dry-dockings and working capital. As of June 30, 2018, and December 31, 2017, the Company’s working capital (non-restricted net current assets), amounted to $20.0 million and $50.5 million deficit, respectively.

The annual principal payments required to be made after June 30, 2018, are as follows:

 

 

 

Period/Year

 

Amount

 

 

 

July to December 2018

87,381 

2019

248,037 

2020

264,759 

2021

282,319 

2022

221,151 

2023 and thereafter

580,619 

 

 

 

1,684,266 

 

 

 

XML 24 R14.htm IDEA: XBRL DOCUMENT v3.10.0.1
Interest and Finance Costs, net
6 Months Ended
Jun. 30, 2018
Interest and Finance Costs, net [Abstract]  
Interest and Finance Costs, net

6.Interest and Finance Costs, net

 

 

 

 

 

 

 

Three months ended
June 30,

 

Six months ended
June 30,

 

 

2018

 

2017

 

2018

 

2017

 

Interest expense

18,295 

15,368 

35,016 

29,472 

Less: Interest capitalized

(21)

(120)

(21)

(384)

 

 

 

 

 

Interest expense, net

18,274 

15,248 

34,995 

29,088 

Swaps termination cash settlements

 

 

 

(3,685)

Bunkers swap cash settlements

(2,149)

(327)

(3,560)

(688)

Amortization of loan fees

1,262 

754 

2,074 

1,464 

Bank charges

377 

114 

379 

140 

Change in fair value of non-hedging financial instruments

(2,981)

84 

(1,160)

1,419 

 

 

 

 

 

Net total

14,783 

15,873 

32,728 

27,738 

 

 

 

 

 

At June 30, 2018, the Company was committed to six floating-to-fixed interest rate swaps with major financial institutions covering notional amounts aggregating to $337,787, maturing from July 2020 through October 2027, on which it pays fixed rates averaging 2.94% and receives floating rates based on the six-month London interbank offered rate (“LIBOR”) (Note 11).

At June 30, 2018 and December 31, 2017, all interest rate swap agreements were designated and qualified as cash flow hedges, in order to hedge the Company’s exposure to interest rate fluctuations. The fair value of such financial instruments as of June 30, 2018 and December 31, 2017, in aggregate amounted to $951 (negative) and $1,967 (negative), respectively. The net amount of cash flow hedge losses at June 30, 2018, that is estimated to be reclassified into earnings within the next twelve months to June 30, 2019 is $115.

During the first half of 2017, the Company entered into an early termination of four of its hedging interest rate swap agreements. Total cash received from those terminations amounted to $3,685.

At June 30, 2018 and December 31, 2017, the Company held one call option agreement to hedge its exposure to bunker price fluctuations associated with the consumption of bunkers by its vessels. The value of the call option at June 30, 2018 and December 31, 2017, was $224 (positive) and $118 (positive), respectively. 

The change in fair values during the first half of 2018 and 2017 amounting to $106 (positive) and $866 (negative), respectively, have been included in Change in fair value of non-hedging financial instruments in the table above.

In the first half of 2017, the Company entered into a call option agreement, and paid a premium of $118.

At June 30, 2018 and December 31, 2017, the Company held thirteen and seven, respectively, bunker swap agreements to hedge its exposure to bunker price fluctuations associated with the consumptions of bunkers by its vessels. The fair value of bunker swap agreements at June 30, 2018 and December 31, 2017, was $4,121 (positive) and $3,763 (positive), respectively. The change in the fair value in the first half of 2018 and 2017 was $358 (positive) and $529 (positive), respectively, have been included in Change in fair value of non-hedging financial instruments in the table above.

During 2016, the Company entered into three bunker swap agreements in order to hedge its exposure to bunker price fluctuations associated with the consumption of bunkers by the vessel Ulysses. The fair values of these financial instruments as of June 30, 2018 and December 31, 2017, were $3,960 (positive) and $3,264 (positive). The change in the fair value in the first half of 2018 and 2017 was $696 (positive) and $1,083 (negative), respectively and have been included in Change in fair value of non-hedging financial instruments in the table above.

 

 

 

XML 25 R15.htm IDEA: XBRL DOCUMENT v3.10.0.1
Stockholders' Equity
6 Months Ended
Jun. 30, 2018
Stockholders' Equity [Abstract]  
Stockholders' Equity

7.Stockholders’ Equity

During the first half of 2018, the Company sold 1,016,870 common shares from its treasury stock for net proceeds of $3,571. During the first half of 2017, the Company sold 650,717 common shares from its treasury stock for net proceeds of $2,676 and 24,803 of its Series D Preferred Shares for net proceeds of $533.

On January 30, 2018 and April 30, 2018, the Company paid dividends of $0.50 per share, $2,000 in total, for its 8.00% Series B Preferred Shares and $0.55469 per share, $2,219 in total, on its 8.875% Series C Preferred Shares. On January 30, 2017 and May 1, 2017, the Company paid dividends of $0.50 per share, $2,000 in total, for its 8.00% Series B Preferred Shares and $0.55469 per share, $2,219 in total, on its 8.875% Series C Preferred Shares.

On February 28, 2018, and May 29, 2018, the Company paid dividends of $0.54687 per share for its 8.75% Series D Preferred Shares, $3,746 in total. On February 28, 2017 and May 30, 2017, the Company paid dividends of $0.546875 per share, $3,739 in total, for its Series D Preferred Shares.

On April 5, 2017, the Company completed an offering of 4,600,000 of its Series E Cumulative Perpetual Preferred Shares, par value $1.00 per share, liquidation preference $25.00 per share, raising $110,496, net of underwriter’s discount and other expenses. Dividends on the Series E Preferred Shares are cumulative from the date of original issue and will be payable quarterly in arrears on the 28th day of February, May, August and November of each year, commencing May 28, 2017, when, as and if declared by our board of directors. Dividends will be payable from cash available for dividends at a rate equal to 9.25% per annum of the stated liquidation preference prior to May 28, 2027 and from and including May 28, 2027, at a floating rate equal to three-month LIBOR plus a spread of 6.881% per annum of the stated liquidation preference. On May 30, 2017, the Company paid dividends of $0.34045 per share each or $1,566 in total, on its Series E Preferred Shares. On February 28, 2018 and May 29, 2018, the Company paid dividends of $0.57812 per share or $5,319 in total, for its 9.25% Series E Preferred Shares.

On June 28, 2018, the Company completed an offering of 5,400,000 of its Series F Cumulative Perpetual Preferred Shares, par value $1.00 per share, liquidation preference $25.00 per share, raising $130,553, net of underwriter’s discount and other expenses. Dividends on the Series F Preferred Shares are cumulative from the date of original issue and will be payable quarterly in arrears on the 30th day of January, April, July and October of each year, commencing October 30, 2018, when, as and if declared by our board of directors. Dividends will be payable from cash available for dividends at a rate equal to 9.50% per annum of the stated liquidation preference prior to July 30, 2028 and from and including July 30, 2028, at a floating rate equal to three-month LIBOR plus spread of 6.54% per annum of the stated liquidation preference.

On May 10, 2018, the Company paid dividend of $0.05 per common share outstanding which was declared on March 12, 2018. On June 15, 2018, the Company declared a dividend of $0.05 per common share payable on August 8, 2018 to stockholders of record as of August 2, 2018. On April 28, 2017 and July 14, 2017, the Company paid dividend of $0.05 per common share outstanding, which was declared on March 17, 2017 and May 12, 2017, respectively.

 

 

XML 26 R16.htm IDEA: XBRL DOCUMENT v3.10.0.1
Accumulated other comprehensive income (loss)
6 Months Ended
Jun. 30, 2018
Accumulated other comprehensive income (loss) [Abstract]  
Accumulated other comprehensive income (loss)

8.Accumulated other comprehensive income (loss)

In the first half of 2018, Accumulated other comprehensive loss decreased with unrealized gains of $786 which resulted from changes in fair value of financial instruments.

In the first half of 2017, Accumulated other comprehensive loss increased with unrealized losses of $3,196, which resulted from changes in fair value of financial instruments.


XML 27 R17.htm IDEA: XBRL DOCUMENT v3.10.0.1
(Loss) Earnings per Common Share
6 Months Ended
Jun. 30, 2018
(Loss) Earnings per Common Share [Abstract]  
(Loss) Earnings per Common Share

9.(Loss) Earnings per Common Share

The computation of basic (loss) earnings per share is based on the weighted average number of common shares outstanding during the period.

 

 

 

 

 

 

 

Three months ended
June 30,

 

Six months ended
June 30,

 

 

2018

 

2017

 

2018

 

2017

 

Numerator

 

 

 

 

Net (loss) income attributable to Tsakos Energy Navigation Limited

(9,553)

3,575 

(21,468)

21,053   

Preferred share dividends Series B

(1,000)

(1,000)

             (2,000)

             (2,000)

Preferred share dividends Series C

   (1,109)

   (1,109)

              (2,219)

              (2,219)

Preferred share dividends Series D

(1,874)

(1,874)

(3,746)

(3,732)

Preferred share dividends Series E

(2,659)

(2,541)

(5,319)

(2,541)

Preferred share dividends Series F

(71)

 

(71)

 

 

 

 

 

 

Net (loss) income attributable to common stockholders

(16,266)

$ (2,949)

(34,823)

          $10,561     

 

 

 

 

 

Denominator

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

86,942,159 

84,284,281 

86,634,907 

         84,126,285 

Basic and diluted (loss) income per common share

 

     $(0.19)  

 

 $(0.03)  

$(0.40)               

              $ 0.13   

 

 

 

 

 

 

XML 28 R18.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitments and Contingencies
6 Months Ended
Jun. 30, 2018
Commitments and Contingencies [Abstract]  
Commitments and Contingencies

10.Commitments and Contingencies

On May 2, 2018, the Company signed two new building contracts for the construction of two aframax tankers for $51,720 each. The total contracted amount remaining to be paid for the two vessels under construction as at June 30, 2018 was $93,096 from November 2018 to January 2020.

At June 30, 2018, there is a prepaid amount of $1,650 under an old shipbuilding contract which was terminated in 2014, which will be used against the contract price of future new buildings currently being discussed between the Company and the shipyard.

In the ordinary course of the shipping business, various claims and losses may arise from disputes with charterers, agents and other suppliers relating to the operations of the Company’s vessels. Management believes that all such matters are either adequately covered by insurance or are not expected to have a material adverse effect on the Company’s results from operations or financial condition.

Charters-out

The future minimum revenues of vessels in operation at June 30, 2018, before reduction for brokerage commissions, expected to be recognized on non-cancelable time charters are as follows:

 

 

 

Period/Year

 

Amount

 

July to December 2018

149,712 

2019

232,196 

2020

201,453 

2021

163,775 

2022 to 2029

385,192 

 

 

Minimum charter payments

1,132,328 

 

 

These amounts do not assume any off-hire.

 

XML 29 R19.htm IDEA: XBRL DOCUMENT v3.10.0.1
Financial Instruments
6 Months Ended
Jun. 30, 2018
Financial Instruments [Abstract]  
Financial Instruments

11.Financial Instruments

(a)Interest rate risk: The Company is subject to interest rate risk associated with changing interest rates with respect to its variable interest rate term loans and credit facilities as described in Notes 5 and 6.

(b)Concentration of credit risk: Financial instruments that are subject to credit risks consist principally of cash, trade accounts receivable, investments, and derivatives. The Company places its temporary cash investments, consisting mostly of deposits, primarily with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the Company’s investment strategy. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally does not require collateral for its accounts receivable and does not have any agreements to mitigate credit risk. The Company limits the exposure of non-performance by counterparties to derivative instruments by diversifying among counterparties with high credit ratings and performing periodic evaluations of the relative credit standing of the counterparties.

(c)Fair value: The carrying amounts reflected in the accompanying Consolidated Balance Sheet of cash and cash equivalents, restricted cash, trade receivables and accounts payable approximate their respective fair values due to the short maturity of these instruments, as at June 30, 2018 and December 31, 2017. The fair value of long-term bank loans with variable interest rates approximate the recorded values, generally due to their variable interest rates. The Company performs relevant enquiries on a periodic basis to assess the recoverability of the long-term investment and estimates that the amount presented on the accompanying Consolidated Balance Sheet approximates the amount that is expected to be received by the Company in the event of sale of that investment.

 

The fair values of the interest rate swap agreements, the bunker swap agreements, the put option agreements and the call option agreements as at June 30, 2018 and the fair value of the one long-term bank loan with a fixed interest rate as at December 31,2017, are determined through Level 2 of the fair value hierarchy as defined in FASB guidance for Fair Value Measurements and are derived principally from or corroborated by observable market data, interest rates, yield curves and other items that allow value to be determined.


The estimated fair values of the Company’s financial instruments, other than derivatives at June 30, 2018 and December 31, 2017, are as follows:

 

 

 

 

 

 

 

Carrying
Amount
June 30,
2018

 

Fair Value
June 30,
2018

 

Carrying
Amount
December 31,
2017

 

Fair Value
December 31,
2017

 

Financial assets (liabilities)

 

 

 

 

Cash and cash equivalents

272,501 

272,501 

189,763 

189,763 

Restricted cash

9,924 

9,924 

12,910 

12,910 

Investments

1,000 

1,000 

1,000 

1,000 

Debt

(1,684,266)

(1,684,266)

(1,763,082)

(1,762,938)

Tabular Disclosure of Derivatives Location

Derivatives are recorded in the consolidated balance sheet on a net basis by counterparty when a legal right of set-off exists. The following tables present information with respect to the fair values of derivatives reflected in the consolidated balance sheet on a gross basis by transaction. The tables also present information with respect to gains and losses on derivative positions reflected in the consolidated statement of comprehensive income (loss) or in the consolidated balance sheet, as a component of Accumulated other comprehensive income (loss).

Fair Value of Derivative Instruments

 

 

 

 

 

 

 

 

 

Asset Derivatives

 

Liability Derivatives

 

 

 

June 30,
2018

December 31,
2017

June 30,
2018

December 31,
2017

Derivative

 

Balance Sheet Location

 

Fair Value

 

Fair Value

 

Fair Value

 

Fair Value

 

Derivatives designated as hedging instruments

 

 

 

 

 

Interest rate swaps

Current portion of financial instruments - Fair value

 

 

336 

1,378 

 

Financial instruments – Fair value, net of current portion

588 

 

1,203 

589 

 

 

 

 

 

 

 

Subtotal

588 

 

1,539 

1,967 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Derivatives

 

Liability Derivatives

 

 

 

June 30,
2018

December 31,
2017

June 30,
2018

December 31,
2017

Derivative

 

Balance Sheet Location

 

Fair Value

 

Fair Value

 

Fair Value

 

Fair Value

 

Derivatives not designated as hedging instruments

 

 

 

 

 

Bunker swaps

Current portion of financial instruments - Fair value

7,045 

5,715 

 

 

 

Financial instruments –Fair value, net of current portion

1,036 

1,312 

 

 

Bunker call options

Financial instruments- Fair value, net of current portion

224 

118 

 

 

 

 

 

 

 

 

 

Subtotal

8,305 

7,145 

 

 

 

 

 

 

 

 

Total derivatives

8,893 

7,145 

1,539 

1,967 

 

 

 

 

 

 

 

 

 

 

 

 


Derivatives designated as Hedging Instruments-Net effect on the Statement of Comprehensive Income (Loss)

 

 

 

 

 

 

 

Gain (Loss) Recognized in Accumulated
OCI on Derivative (Effective Portion)

 

Derivative

 

Amount
Three months ended
June 30,

 

Amount
Six months ended
June 30,

 

 

2018

 

2017

 

2018

 

2017

 

Interest rate swaps

1,604 

(816)

83 

(4,611)

 

 

 

 

 

Total

1,604 

(816)

83 

(4,611)

 

 

 

 

 

 

 

 

 

 

 

 

 

Gain (Loss) Reclassified from

Accumulated OCI into Income (Effective Portion)

 

Derivative

 

Location

 

Amount
Three months ended
June 30,

 

Amount
Six months ended
June 30,

 

 

 

2018

 

2017

 

2018

 

2017

 

Interest rate swaps

Depreciation expense

(47)

(51)

(94)

(76)

Interest rate swaps

Interest and finance costs, net

(157)

(640)

(609)

(1,339)

 

 

 

 

 

 

Total

 

(204)

(691)

(703)

(1,415)

 

 

 

 

 

 

Derivatives not designated as Hedging Instruments–Net effect on the Statement of Comprehensive Income (Loss)

 

 

 

 

 

 

 

 

Gain (Loss) Recognized on Derivative

 

Derivative

 

Location

 

Amount
Three months ended
June 30,

 

Amount
Six months ended
June 30,

 

 

 

2018

 

2017

 

2018

 

2017

 

Bunker swaps

Interest and finance costs, net

5,056 

368 

4,614 

(174)

Bunker call options

Interest and finance costs, net

75 

(124)

106 

(557)

 

 

 

 

 

 

Total

 

5,131 

244 

4,720 

(731)

 

 

 

 

 

 

The accumulated loss from Derivatives designated as Hedging instruments recognized in Accumulated Other Comprehensive Loss as of June 30, 2018 and December 31, 2017 was $4,519 and $5,305 respectively.

The following tables summarize the fair values for assets and liabilities measured on a recurring basis as of June 30, 2018 and December 31, 2017 using level 2 inputs (significant other observable inputs):

 

 

 

 

Recurring measurements:

 

June 30,
2018

 

December 31,
2017

 

Interest rate swaps

(951)

(1,967)

Bunker swaps

8,081 

7,027 

Bunker call options

224 

118 

 

 

 

 

7,354 

5,178 

 

 

 

 

 

 

 

XML 30 R20.htm IDEA: XBRL DOCUMENT v3.10.0.1
Subsequent Events
6 Months Ended
Jun. 30, 2018
Subsequent Events [Abstract]  
Subsequent Events

12.Subsequent Events

 

(a) On July 10, 2018, the Company received the net amount of $14,575 from the exercise of the green shoe on its Series F Preferred Shares with the sale of 600,000 additional units.

(b) On July 30, 2018, the Company paid dividends of $0.50 and $0.55469 per share on its 8.00% Series B and its 8.875% Series C Preferred Shares, respectively. 

(c) On August 8, 2018, the Company paid a dividend of $0.05 per common share outstanding, which was declared on June 15, 2018.

(d) On August 28, 2018, the Company paid dividends of $0.546875 per share on its 8.75% Series D Preferred Shares and $0.578125 per share payable on its 9.25% Series E Preferred Shares, respectively.

(e) On September 7, 2018, the Company declared a dividend of $0.05 per common share payable on December 6, 2018 to shareholders of record as of November 30, 2018.

 

 

XML 31 R21.htm IDEA: XBRL DOCUMENT v3.10.0.1
Basis of Presentation (Policies)
6 Months Ended
Jun. 30, 2018
Significant Accounting Policies [Abstract]  
Statement of Cash Flows:

Statement of Cash Flows: In November 2016, the FASB issued ASU No. 2016-18—Statement of Cash Flows (Topic 230) - Restricted Cash, which addresses the requirement that a statement of cash flows explain the change during the period in the total of cash and cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 is effective for fiscal years beginning after December 15, 2017 including interim periods within that reporting period. On January 1, 2018, the Company adopted the aforementioned ASU. The only effect the adoption of ASU No. 2016-18 had is the presentation of the restricted cash on the statement of cash flows. More precisely, the line item “Increase in restricted cash” was removed from the financing activities section of the statement of cash flows and the beginning period and ending period cash balances now include restricted cash. Comparative period of the statement of cash flow has been retrospectively adjusted to reflect the adoption of ASU No. 2016-18. In August 2016, the FASB issued ASU No. 2016-15- Statement of Cash Flows (Topic 230) – Classification of Certain Cash Receipts and Cash Payments which addresses certain cash flow issues with the objective of reducing the existing diversity in practice: ASU 2016-15 is effective for fiscal years beginning after December 15, 2017 including interim periods within that reporting period. The Company adopted the aforementioned ASU with no impact on its condensed consolidated financial statements and notes disclosures.

Treasury stock:

Treasury stock: Treasury stock is stock that is repurchased by the issuing entity, reducing the amount of outstanding shares in the open market. When shares are repurchased, they may either be cancelled or held for reissue. If not cancelled, such shares are referred to as treasury stock. Treasury stock is essentially the same as unissued capital and reduce ordinary share capital. The cost of the acquired shares should generally be shown as a deduction from stockholders’ equity. Dividends on such shares held in the entity’s treasury should not be reflected as income and not shown as a reduction in equity. Gains and losses on sales of treasury stock should be accounted for as adjustments to stockholders’ equity and not as part of income. Depending on whether the shares are acquired for reissuance or retirement, treasury stock is accounted for under the cost method or the constructive retirement method. The cost method is also used, when reporting entity management has not made decisions as to whether the reacquired shares will be retired, held indefinitely or reissued. The Company elected for the repurchase of its common shares to be accounted for under the cost method. Under this method, the treasury stock account is charged for the aggregate cost of shares reacquired.

 

Revenue from Contracts with Customers:

Revenue from Contracts with Customers: In May 2016, the FASB issued their final standard on revenue from contracts with customers. The standard, which was issued as ASU 2014-09 (Topic 606) by the FASB, and as amended, outlines a single comprehensive model for entities to use in accounting for revenue from contracts with customers and supersedes most legacy revenue recognition guidance. The core principle of the guidance in Topic 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services by applying the following steps: (1) identify the contract(s) with a customer; (2) identify the performance obligations in each contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in each contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The standard is effective for public business entities from annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. The new revenue standard may be applied using either of the following transition methods: (1) a full retrospective approach reflecting the application of the standard in each prior reporting period with the option to elect certain practical expedients, or (2) a modified retrospective approach with the cumulative effect of initially adopting the standard recognized at the date of adoption (which includes additional footnote disclosures).

 

Regarding the incremental costs of obtaining a contract with a customer and contract’s fulfilling costs, they should be capitalized and been amortized over the voyage duration, if certain criteria are met – for incremental costs if only they are chargeable to the customer and for contract’s fulfilling costs if each of the following criteria is met: (i) they relate directly to the contract, (ii) they generate or enhance entity’s resources that shall be used in performance obligation satisfaction and (iii) are expected to be recovered. Further, in case of incremental costs, entities may elect, in accordance with the practical expedient of ASC 340 “Other assets and deferred costs”, not to capitalize them in cases of amortization period (voyage period) is less than one year.

On January 1, 2018, the Company adopted the aforementioned ASU using the modified retrospective method. Its adoption mainly changed the method of recognizing revenue over time for voyage charters from the discharge-to-discharge method to the loading-to-discharge method. Under the loading-to-discharge method the commencement date of each voyage charter shall be deemed to be upon the loading of the current cargo, decreasing the period of time for recognizing revenue for voyages. With respect to the recognition of voyage charters related costs, taking into consideration the aforementioned practical expedient, the related costs (i.e. commissions) continue to be expensed as incurred, on the basis that the Company’s voyage charters do not exceed one year. Additionally, the Company has identified that the fuel consumption that is incurred by the Company from the latter of the end of the previous vessel employment and the contract date until the arrival at the loading port, during this period meet the capitalization criteria and are deferred and amortized ratably over the total transit time of the voyage from arrival at the loading port until the vessel departs from the discharge port and expensed as part of Voyage Expenses. Capitalized voyage costs are included in the consolidated balance sheet under Current Assets. Regarding time charter and profit sharing contracts, no material changes related to Company’s accounting policies were identified. : profit sharing contracts are accounted for as variable consideration, and included in the transaction price if some or all of an amount of variable consideration can be estimated in accordance with paragraph 606-10-32-8 and only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The Company adopted ASU 2014-09 during the first quarter of 2018 using the modified retrospective transition method applied to those spot market voyage charter contracts which were not completed as of January 1, 2018. Upon adoption, the Company recognized the cumulative effect of adopting this guidance as an adjustment to its opening balance of retained earnings as of January 1, 2018. Prior periods were not adjusted retrospectively.

The following table illustrates the impact of the adoption of the new revenue recognition guidance on the Consolidated Statement of Comprehensive Loss:

 

For the Three Months period ended June 30, 2018

 


As reported
$

Balance without adoption of New Revenue Standard
$

Effect of

Change
$

Voyage revenues

123,927

123,840

87

Voyage expenses

29,407

29,456

(49)

Net loss

(16,266)

(16,402)

136

Net loss per share, basic and diluted

(0.19)

(0.19)

0.00

 

 

For the Six Months period ended June 30, 2018

 


As reported
$

Balance without adoption of New Revenue Standard
$

Effect of

Change
$

Voyage revenues

249,651

248,972

679

Voyage expenses

56,683

56,627

56

Net loss

(34,823)

(35,446)

623

Net loss per share, basic and diluted

(0.40)

(0.41)

0.01

 

The following table illustrates the impact of the adoption of the new revenue recognition guidance on the Consolidated Statement of Cash Flow:

 

 

For the Six Months period ended June 30, 2018

 


As reported
$

Balance without adoption of New Revenue Standard
$

Effect of

Change
$

Cash Flows from Operating Activities:

38,691

38,068

623

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

Increase in Receivables, net

(8,666)

(7,987)

(679)

Increase in Capitalized voyage expenses

(525)

0

(525)

 

 

 

The following table illustrates the cumulative effect of the adoption of the new revenue recognition guidance on the opening Consolidated Balance Sheet:

 

Balance as at December 31, 2017
$

New Revenue Standard Adjustment
$

Balance as at January 1,
2018
$

Assets:

 

 

 

Current Assets:

 

 

 

Accounts receivable, net

27,364

(1,949)

25,415

Capitalized voyage expenses

-

638

638

 

 

 

 

Liabilities and Stockholders’ Equity:

 

 

 

Current Liabilities:

-

-

-

Stockholders’ Equity:

 

 

 

Retained earnings

547,937

(1,311)

546,626

 

Business combinations - Definition of a business:

Business combinations – Definition of a business: In January 2017, the FASB issued ASU No. 2017-01 – Business Combinations (Topic 805) – Clarifying the Definition of a Business which addresses business combination issues with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The definition of a business affects many areas of accounting including acquisitions, disposals, goodwill, and consolidation. ASU 2017-01 is effective for fiscal years beginning after December 15, 2017 including interim periods within that reporting period. The Company adopted the aforementioned ASU with no impact on its condensed consolidated financial statements and notes disclosures.

Leases:

Leases: In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC 842), and as amended, which requires lessees to recognize most leases on the balance sheet. This is expected to increase both reported assets and liabilities. The new lease standard does not substantially change lessor accounting. For public companies, the standard will be effective for the first interim reporting period within annual periods beginning after December 15, 2018, although early adoption is permitted. Lessees and lessors will be required to apply the new standard at the beginning of the earliest period presented in the financial statements in which they first apply the new guidance, using a modified retrospective transition method. In July 2018, the FASB issued ASU No. 2018-11, Leases (ASC 842) – Targeted Improvements. The amendments in this Update: (i) provide entities with an additional (and optional) transition method to adopt the new leases standard, under which an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption consistent with preparers' requests and (ii) provide lessors with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component and, instead, to account for those components as a single component if the non-lease components otherwise would be accounted for under the new revenue guidance (Topic 606) and both of the following are met: (a) The timing and pattern of transfer of the non-lease component(s) and associated lease component are the same and (b) The lease component, if accounted for separately, would be classified as an operating lease. If the non-lease component or components associated with the lease component are the predominant component of the combined component, an entity is required to account for the combined component in accordance with Topic 606. The Company is currently analyzing the impact of the adoption of this new standard.

XML 32 R22.htm IDEA: XBRL DOCUMENT v3.10.0.1
Basis of Presentation (Tables)
6 Months Ended
Jun. 30, 2018
Impact of the adoption of ASU 2014-09

 

For the Three Months period ended June 30, 2018

 


As reported
$

Balance without adoption of New Revenue Standard
$

Effect of

Change
$

Voyage revenues

123,927

123,840

87

Voyage expenses

29,407

29,456

(49)

Net loss

(16,266)

(16,402)

136

Net loss per share, basic and diluted

(0.19)

(0.19)

0.00

 

 

For the Six Months period ended June 30, 2018

 


As reported
$

Balance without adoption of New Revenue Standard
$

Effect of

Change
$

Voyage revenues

249,651

248,972

679

Voyage expenses

56,683

56,627

56

Net loss

(34,823)

(35,446)

623

Net loss per share, basic and diluted

(0.40)

(0.41)

0.01

 

 

 

 

 

For the Six Months period ended June 30, 2018

 


As reported
$

Balance without adoption of New Revenue Standard
$

Effect of

Change
$

Cash Flows from Operating Activities:

38,691

38,068

623

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

Increase in Receivables, net

(8,666)

(7,987)

(679)

Increase in Capitalized voyage expenses

(525)

0

(525)

 

 

 

 

 

 

Balance as at December 31, 2017
$

New Revenue Standard Adjustment
$

Balance as at January 1,
2018
$

Assets:

 

 

 

Current Assets:

 

 

 

Accounts receivable, net

27,364

(1,949)

25,415

Capitalized voyage expenses

-

638

638

 

 

 

 

Liabilities and Stockholders’ Equity:

 

 

 

Current Liabilities:

-

-

-

Stockholders’ Equity:

 

 

 

Retained earnings

547,937

(1,311)

546,626

 

XML 33 R23.htm IDEA: XBRL DOCUMENT v3.10.0.1
Transactions with Related Parties (Tables)
6 Months Ended
Jun. 30, 2018
Transactions with Related Parties [Abstract]  
Related Party Transactions Disclosure

 

 

 

 

 

 

Three months ended
June 30,

 

Six months ended
June 30,

 

 

2018

 

2017

 

2018

 

2017

 

Tsakos Shipping and Trading S.A. (commissions)

1,549 

1,621 

3,092 

3,350 

Tsakos Energy Management Limited (management fees)

5,055 

4,826 

10,119 

9,462 

Tsakos Columbia Shipmanagement S.A. (special charges)

571 

538 

1,010 

999 

Argosy Insurance Company Limited (insurance premiums)

2,350 

2,591 

4,934 

4,969 

AirMania Travel S.A. (travel services)

1,235 

1,487 

2,815 

2,710 

 

 

 

 

 

Total expenses with related parties

10,760 

11,063 

21,970 

21,490 

 

 

 

 

 

 

Related Party Transactions Balances

 

 

 

 

June 30,
2018

 

December 31,
2017

 

Due from related parties

 

 

Tsakos Columbia Shipmanagement S.A.

16,534 

   14,210 

 

 

 

Total due from related parties

16,534 

   14,210 

 

 

 

Due to related parties

 

 

Tsakos Energy Management Limited

594 

728 

Tsakos Shipping and Trading S.A.

357 

313 

Argosy Insurance Company Limited

8,655 

   5,947 

AirMania Travel S.A.

441 

454 

 

 

 

Total due to related parties

10,047 

     7,442 

 

 

 

 

Related Party - Future Management Fees

 

 

Period/Year

 

Amount

 

July to December 2018

10,295 

2019

20,589 

2020

20,760 

2021

20,760 

2022

20,760 

2023 to 2028

111,506 

 

 

 

204,670 

 

 

 

XML 34 R24.htm IDEA: XBRL DOCUMENT v3.10.0.1
Long-Term Debt (Tables)
6 Months Ended
Jun. 30, 2018
Long-Term Debt [Abstract]  
Debt Disclosure

 

 

 

Facility

 

June 30,
2018

 

December 31,
2017

 

(a) Credit Facilities

65,000 

250,104 

(b) Term Bank Loans

1,619,266 

1,512,978 

 

 

 

Total

1,684,266 

1,763,082 

Less deferred finance costs, net

(12,181)

(11,213)

Total long-term debt

1,672,085 

1,751,869 

Less current portion of debt

(260,619)

(228,967)

Add deferred finance costs, current portion

3,370 

3,084 

 

 

 

Total long-term portion, net of current portion and deferred finance costs

1,414,836 

1,525,986 

 

 

 

 

Schedule of Weighted-Average Interest Rate

 

 

Three months ended June 30, 2018

4.25% 

Three months ended June 30, 2017

3.42% 

 

 

Six months ended June 30, 2018

      4.00% 

Six months ended June 30, 2017

3.32% 

 

Debt Principal Payments

 

 

Period/Year

 

Amount

 

 

 

July to December 2018

87,381 

2019

248,037 

2020

264,759 

2021

282,319 

2022

221,151 

2023 and thereafter

580,619 

 

 

 

1,684,266 

 

 

 

XML 35 R25.htm IDEA: XBRL DOCUMENT v3.10.0.1
Interest and Finance Costs, net (Tables)
6 Months Ended
Jun. 30, 2018
Interest and Finance Costs, net [Abstract]  
Interest and Finance Costs, net

 

 

 

 

 

 

Three months ended
June 30,

 

Six months ended
June 30,

 

 

2018

 

2017

 

2018

 

2017

 

Interest expense

18,295 

15,368 

35,016 

29,472 

Less: Interest capitalized

(21)

(120)

(21)

(384)

 

 

 

 

 

Interest expense, net

18,274 

15,248 

34,995 

29,088 

Swaps termination cash settlements

 

 

 

(3,685)

Bunkers swap cash settlements

(2,149)

(327)

(3,560)

(688)

Amortization of loan fees

1,262 

754 

2,074 

1,464 

Bank charges

377 

114 

379 

140 

Change in fair value of non-hedging financial instruments

(2,981)

84 

(1,160)

1,419 

 

 

 

 

 

Net total

14,783 

15,873 

32,728 

27,738 

 

 

 

 

 

 

XML 36 R26.htm IDEA: XBRL DOCUMENT v3.10.0.1
(Loss) Earnings per Common Share (Tables)
6 Months Ended
Jun. 30, 2018
(Loss) Earnings per Common Share [Abstract]  
(Loss) Earnings per Common Share

 

 

 

 

 

 

Three months ended
June 30,

 

Six months ended
June 30,

 

 

2018

 

2017

 

2018

 

2017

 

Numerator

 

 

 

 

Net (loss) income attributable to Tsakos Energy Navigation Limited

(9,553)

3,575 

(21,468)

21,053   

Preferred share dividends Series B

(1,000)

(1,000)

             (2,000)

             (2,000)

Preferred share dividends Series C

   (1,109)

   (1,109)

              (2,219)

              (2,219)

Preferred share dividends Series D

(1,874)

(1,874)

(3,746)

(3,732)

Preferred share dividends Series E

(2,659)

(2,541)

(5,319)

(2,541)

Preferred share dividends Series F

(71)

 

(71)

 

 

 

 

 

 

Net (loss) income attributable to common stockholders

(16,266)

$ (2,949)

(34,823)

          $10,561     

 

 

 

 

 

Denominator

 

 

 

 

 

 

 

 

 

Weighted average common shares outstanding

86,942,159 

84,284,281 

86,634,907 

         84,126,285 

Basic and diluted (loss) income per common share

 

     $(0.19)  

 

 $(0.03)  

$(0.40)               

              $ 0.13   

 

 

 

 

 

 

XML 37 R27.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitments and Contingencies (Tables)
6 Months Ended
Jun. 30, 2018
Charters-out [Abstract]  
Minimum Future Charter Revenue

 

 

Period/Year

 

Amount

 

July to December 2018

149,712 

2019

232,196 

2020

201,453 

2021

163,775 

2022 to 2029

385,192 

 

 

Minimum charter payments

1,132,328 

 

 

 

XML 38 R28.htm IDEA: XBRL DOCUMENT v3.10.0.1
Financial Instruments (Tables)
6 Months Ended
Jun. 30, 2018
Financial Instruments [Abstract]  
Schedule of Carrying Values and Estimated Fair Values of Financial Instruments

 

 

 

 

 

 

Carrying
Amount
June 30,
2018

 

Fair Value
June 30,
2018

 

Carrying
Amount
December 31,
2017

 

Fair Value
December 31,
2017

 

Financial assets (liabilities)

 

 

 

 

Cash and cash equivalents

272,501 

272,501 

189,763 

189,763 

Restricted cash

9,924 

9,924 

12,910 

12,910 

Investments

1,000 

1,000 

1,000 

1,000 

Debt

(1,684,266)

(1,684,266)

(1,763,082)

(1,762,938)

 

Schedule of Derivative Instruments - Statements of Financial Position Location

 

 

 

 

 

 

 

 

Asset Derivatives

 

Liability Derivatives

 

 

 

June 30,
2018

December 31,
2017

June 30,
2018

December 31,
2017

Derivative

 

Balance Sheet Location

 

Fair Value

 

Fair Value

 

Fair Value

 

Fair Value

 

Derivatives designated as hedging instruments

 

 

 

 

 

Interest rate swaps

Current portion of financial instruments - Fair value

 

 

336 

1,378 

 

Financial instruments – Fair value, net of current portion

588 

 

1,203 

589 

 

 

 

 

 

 

 

Subtotal

588 

 

1,539 

1,967 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Derivatives

 

Liability Derivatives

 

 

 

June 30,
2018

December 31,
2017

June 30,
2018

December 31,
2017

Derivative

 

Balance Sheet Location

 

Fair Value

 

Fair Value

 

Fair Value

 

Fair Value

 

Derivatives not designated as hedging instruments

 

 

 

 

 

Bunker swaps

Current portion of financial instruments - Fair value

7,045 

5,715 

 

 

 

Financial instruments –Fair value, net of current portion

1,036 

1,312 

 

 

Bunker call options

Financial instruments- Fair value, net of current portion

224 

118 

 

 

 

 

 

 

 

 

 

Subtotal

8,305 

7,145 

 

 

 

 

 

 

 

 

Total derivatives

8,893 

7,145 

1,539 

1,967 

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule of Cash Flow Hedges - Gain (Loss) Recognized In Accumulated Other Comprehensive Loss on Derivative (Effective Portion)

 

 

 

 

 

 

Gain (Loss) Recognized in Accumulated
OCI on Derivative (Effective Portion)

 

Derivative

 

Amount
Three months ended
June 30,

 

Amount
Six months ended
June 30,

 

 

2018

 

2017

 

2018

 

2017

 

Interest rate swaps

1,604 

(816)

83 

(4,611)

 

 

 

 

 

Total

1,604 

(816)

83 

(4,611)

 

 

 

 

 

 

Schedule of Cash Flow Hedges - Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion)

 

 

 

 

 

 

 

Gain (Loss) Reclassified from

Accumulated OCI into Income (Effective Portion)

 

Derivative

 

Location

 

Amount
Three months ended
June 30,

 

Amount
Six months ended
June 30,

 

 

 

2018

 

2017

 

2018

 

2017

 

Interest rate swaps

Depreciation expense

(47)

(51)

(94)

(76)

Interest rate swaps

Interest and finance costs, net

(157)

(640)

(609)

(1,339)

 

 

 

 

 

 

Total

 

(204)

(691)

(703)

(1,415)

 

 

 

 

 

 

 

Schedule of Derivatives Not Designated As Hedging Instruments - Net effect on the Statement Of Comprehensive Income

 

 

 

 

 

 

 

Gain (Loss) Recognized on Derivative

 

Derivative

 

Location

 

Amount
Three months ended
June 30,

 

Amount
Six months ended
June 30,

 

 

 

2018

 

2017

 

2018

 

2017

 

Bunker swaps

Interest and finance costs, net

5,056 

368 

4,614 

(174)

Bunker call options

Interest and finance costs, net

75 

(124)

106 

(557)

 

 

 

 

 

 

Total

 

5,131 

244 

4,720 

(731)

 

 

 

 

 

 

 

Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis

 

 

 

Recurring measurements:

 

June 30,
2018

 

December 31,
2017

 

Interest rate swaps

(951)

(1,967)

Bunker swaps

8,081 

7,027 

Bunker call options

224 

118 

 

 

 

 

7,354 

5,178 

 

 

 

 

 

 

 

XML 39 R29.htm IDEA: XBRL DOCUMENT v3.10.0.1
Basis of Presentation - Impact of the adoption of the new revenue recognition guidance on the Consolidated Statement of Comprehensive Loss (Table) (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Voyage revenues $ 123,927 $ 132,180 $ 249,651 $ 270,421
Voyage expenses 29,407 28,121 56,683 58,204
Net loss $ (16,266) $ (2,949) $ (34,823) $ 10,561
Net loss per share, basic and diluted $ (0.19) $ (0.03) $ (0.40) $ 0.13
Balance without adoption of New Revenue Standard        
Voyage revenues $ 123,840   $ 248,972  
Voyage expenses 29,456   56,627  
Net loss $ (16,402)   $ (35,446)  
Net loss per share, basic and diluted $ (0.19)   $ (0.41)  
Effect of Change        
Voyage revenues $ 87   $ 679  
Voyage expenses (49)   56  
Net loss $ 136   $ 623  
Net loss per share, basic and diluted $ 0.00   $ 0.01  
XML 40 R30.htm IDEA: XBRL DOCUMENT v3.10.0.1
Basis of Presentation - Impact of the adoption of the new revenue recognition guidance on the Consolidated Statement of Cash Flow (Table) (Details) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Cash Flows from Operating Activities: $ 38,691 $ 110,908
Adjustments to reconcile net loss to net cash provided by operating activities:    
Increase in Receivables, net (8,666) 7,423
Decrease/ (Increase) in Capitalized voyage expenses (525) $ 0
Balance without adoption of New Revenue Standard    
Cash Flows from Operating Activities: 38,068  
Adjustments to reconcile net loss to net cash provided by operating activities:    
Increase in Receivables, net (7,987)  
Decrease/ (Increase) in Capitalized voyage expenses 0  
Effect of Change    
Cash Flows from Operating Activities: 623  
Adjustments to reconcile net loss to net cash provided by operating activities:    
Increase in Receivables, net (679)  
Decrease/ (Increase) in Capitalized voyage expenses (525)  
As reported    
Cash Flows from Operating Activities: 38,691  
Adjustments to reconcile net loss to net cash provided by operating activities:    
Increase in Receivables, net (8,666)  
Decrease/ (Increase) in Capitalized voyage expenses $ (525)  
XML 41 R31.htm IDEA: XBRL DOCUMENT v3.10.0.1
Basis of Presentation - Cumulative effect of the adoption of the new revenue recognition guidance on the opening Consolidated Balance Sheet (Table) (Details) - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
Assets:    
Accounts receivable, net $ 23,436 $ 27,364
Capitalized voyage expenses 525 0
Liabilities and Stockholders' Equity:    
Retained earnings $ 501,113 547,937
Update Balance as at January 1, 2018    
Assets:    
Accounts receivable, net   25,415
Capitalized voyage expenses   638
Liabilities and Stockholders' Equity:    
Retained earnings   546,626
New Revenue Standard Adjustment    
Assets:    
Accounts receivable, net   (1,949)
Capitalized voyage expenses   638
Liabilities and Stockholders' Equity:    
Retained earnings   $ (1,311)
XML 42 R32.htm IDEA: XBRL DOCUMENT v3.10.0.1
Transactions with Related Parties - Statement of Income (Table) (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Related Party Transaction [Line Items]        
Total expenses with related parties $ 10,760 $ 11,063 $ 21,970 $ 21,490
Tsakos Shipping and Trading S.A.        
Related Party Transaction [Line Items]        
Commissions 1,549 1,621 3,092 3,350
Tsakos Energy Management Limited        
Related Party Transaction [Line Items]        
Management fees 5,055 4,826 10,119 9,462
Tsakos Columbia Shipmanagement S.A.        
Related Party Transaction [Line Items]        
Special charges 571 538 1,010 999
Argosy Insurance Company Limited        
Related Party Transaction [Line Items]        
Insurance premiums 2,350 2,591 4,934 4,969
AirMania Travel S.A.        
Related Party Transaction [Line Items]        
Travel services $ 1,235 $ 1,487 $ 2,815 $ 2,710
XML 43 R33.htm IDEA: XBRL DOCUMENT v3.10.0.1
Transactions with Related Parties - Balance Sheet (Table) (Details) - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
Related Party Transaction [Line Items]    
Due from related parties $ 16,534 $ 14,210
Due to related parties 10,047 7,442
Tsakos Columbia Shipmanagement S.A.    
Related Party Transaction [Line Items]    
Due from related parties 16,534 14,210
Tsakos Energy Management Limited    
Related Party Transaction [Line Items]    
Due to related parties 594 728
Tsakos Shipping and Trading S.A.    
Related Party Transaction [Line Items]    
Due to related parties 357 313
Argosy Insurance Company Limited    
Related Party Transaction [Line Items]    
Due to related parties 8,655 5,947
AirMania Travel S.A.    
Related Party Transaction [Line Items]    
Due to related parties $ 441 $ 454
XML 44 R34.htm IDEA: XBRL DOCUMENT v3.10.0.1
Transactions with Related Parties - Management Fees (Table) (Details) - Tsakos Energy Management Limited
$ in Thousands
Jun. 30, 2018
USD ($)
Related Party Transaction [Line Items]  
July to December 2018 $ 10,295
2019 20,589
2020 20,760
2021 20,760
2022 20,760
2023 to 2028 111,506
Total $ 204,670
XML 45 R35.htm IDEA: XBRL DOCUMENT v3.10.0.1
Transactions with Related Parties - Accrued Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
Tsakos Shipping and Trading S.A.    
Related Party Transaction [Line Items]    
Accrued liabilities $ 161 $ 125
Argosy Insurance Limited    
Related Party Transaction [Line Items]    
Accrued liabilities $ 72 $ 68
XML 46 R36.htm IDEA: XBRL DOCUMENT v3.10.0.1
Transactions with Related Parties - Tsakos Energy Management Limited (Details) - Tsakos Energy Management Limited - USD ($)
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Related Party Transaction [Line Items]    
Monthly fee for supervisory services, per vessel $ 20,400  
Supervisory services expenses $ 0 $ 500,000
XML 47 R37.htm IDEA: XBRL DOCUMENT v3.10.0.1
Transactions with Related Parties - Tsakos Columbia Shipmanagement S.A. (Details)
Jun. 30, 2018
Tsakos Columbia Shipmanagement S.A. (TCM) | TCM Tsakos Maritime Philippines  
Related Party Transaction [Line Items]  
Ownership percentage 25.00%
XML 48 R38.htm IDEA: XBRL DOCUMENT v3.10.0.1
Transactions with Related Parties - Tsakos Shipping and Trading S.A. (Details) - Tsakos Shipping and Trading S.A. - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Related Party Transaction [Line Items]    
Chartering commission 1.25%  
Brokerage commission revenue $ 0 $ 0
Potential charge    
Related Party Transaction [Line Items]    
Payment for the cost of design and supervision services for each newbuilding vessel 200  
13 vessels    
Related Party Transaction [Line Items]    
Payment for the cost of design and supervision services for newbuildings $ 0 $ 2,750
XML 49 R39.htm IDEA: XBRL DOCUMENT v3.10.0.1
Vessels - Acquisitions and Sales (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Apr. 11, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Property Plant And Equipment [Line Items]          
Net proceeds from sale of vessels       $ 17,520 $ 0
Gain/(loss) on sale of vessels $ (364)   $ 0 $ (364) 0
VLCC tanker Hercules I, aframaxes Marathon TS, Sola TS and Oslo TS and shuttle tanker Lisboa          
Property Plant And Equipment [Line Items]          
Acquisition of newly constructed vessels     $ 383,125   $ 383,125
VLCC Millennium          
Property Plant And Equipment [Line Items]          
Net proceeds from sale of vessels   $ 17,520      
Gain/(loss) on sale of vessels   $ (364)      
XML 50 R40.htm IDEA: XBRL DOCUMENT v3.10.0.1
Vessels - Sale and Leaseback (Details) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2018
Dec. 31, 2017
Property Plant And Equipment [Line Items]    
Long-term lease receivable $ 13,000 $ 13,000
Eurochampion 2004 and Euronike    
Property Plant And Equipment [Line Items]    
Sale Leaseback Transaction, Date Dec. 21, 2017  
Sale and leaseback terms 5 years  
Eurochampion 2004    
Property Plant And Equipment [Line Items]    
Long-term lease receivable $ 6,500  
Euronike    
Property Plant And Equipment [Line Items]    
Long-term lease receivable $ 6,500  
XML 51 R41.htm IDEA: XBRL DOCUMENT v3.10.0.1
Vessels - Charter hire expense (Details)
$ in Thousands
Jun. 30, 2018
USD ($)
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]  
2018 $ 5,456
2019 10,822
2020 10,852
2021 10,822
2022 10,526
Total minimum commitments $ 48,478
XML 52 R42.htm IDEA: XBRL DOCUMENT v3.10.0.1
Deferred Charges (Details) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Dec. 31, 2017
Deferred Charges [Abstract]      
Deferred charges consisted of dry-docking and special survey costs $ 30,381   $ 23,759
Amortization of deferred dry-docking costs $ 4,492 $ 3,300  
XML 53 R43.htm IDEA: XBRL DOCUMENT v3.10.0.1
Long-Term Debt (Table) (Details) - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
Debt Disclosure [Abstract]    
(a) Credit Facilities $ 65,000 $ 250,104
(b) Term Bank Loans 1,619,266 1,512,978
Total 1,684,266 1,763,082
Less deferred finance costs, net (12,181) (11,213)
Total long-term debt 1,672,085 1,751,869
Less current portion of debt (260,619) (228,967)
Add deferred finance costs, current portion 3,370 3,084
Total long-term portion, net of current portion and deferred finance costs $ 1,414,836 $ 1,525,986
XML 54 R44.htm IDEA: XBRL DOCUMENT v3.10.0.1
Long-Term Debt - Weighted-Average Interest Rates (Table) (Details)
Jun. 30, 2018
Jun. 30, 2017
Three months ended    
Debt Instrument [Line Items]    
Weighted-average interest rates on the executed loans 4.25% 3.42%
Six months ended    
Debt Instrument [Line Items]    
Weighted-average interest rates on the executed loans 4.00% 3.32%
XML 55 R45.htm IDEA: XBRL DOCUMENT v3.10.0.1
Long-Term Debt - Principal Payments (Table) (Details) - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
Principal Payments [Abstract]    
July to December 2018 $ 87,381  
2019 248,037  
2020 264,759  
2021 282,319  
2022 221,151  
2023 and thereafter 580,619  
Total $ 1,684,266 $ 1,763,082
XML 56 R46.htm IDEA: XBRL DOCUMENT v3.10.0.1
Long-Term Debt - Credit Facilities (Details) - Revolving Credit Facility
6 Months Ended
Jun. 30, 2018
Line Of Credit Facility [Line Items]  
Number of open reducing credit facilities 1
Reducing revolving credit facilities periodic payment semi-annual
Line Of Credit Facility Interest Rate Description LIBOR
Maturity date Feb. 28, 2019
Debt Instrument, Interest Rate, Stated Percentage 3.08%
XML 57 R47.htm IDEA: XBRL DOCUMENT v3.10.0.1
Long-Term Debt - Term Bank Loans (Details)
2 Months Ended 3 Months Ended 4 Months Ended 5 Months Ended 6 Months Ended
Feb. 15, 2018
USD ($)
Apr. 04, 2018
USD ($)
Apr. 03, 2018
USD ($)
Apr. 30, 2018
USD ($)
Apr. 27, 2018
USD ($)
Jun. 07, 2018
USD ($)
Jun. 30, 2018
USD ($)
Jun. 28, 2018
USD ($)
Dec. 31, 2017
USD ($)
Debt Instrument [Line Items]                  
Term loan balances outstanding             $ 1,619,266,000   $ 1,512,978,000
Eleven vessels                  
Debt Instrument [Line Items]                  
Debt Instrument Face Amount $ 162,575,000                
Duration of term bank loan 5 years                
Amount drawn down     $ 162,575,000            
Number of repayment installments 10                
Debt periodic payment             semi-annual    
Debt periodic payment amount $ 11,561,000                
Debt balloon payment $ 46,965,000                
Prepaid amount   $ 181,168,000              
Debt Instrument Maturity Date, Start             Oct. 31, 2018    
Debt Instrument Maturity Date, End             Apr. 30, 2019    
Shuttle tanker Rio 2016                  
Debt Instrument [Line Items]                  
Debt Instrument Face Amount         $ 12,475,000        
Amount drawn down       $ 12,475,000          
Number of repayment installments         12        
Debt periodic payment             semi-annual    
Debt periodic payment amount         $ 3,203,000        
Debt balloon payment         $ 38,438,000        
Shuttle tanker Brazil 2014                  
Debt Instrument [Line Items]                  
Debt Instrument Face Amount           $ 80,000,000      
Duration of term bank loan           6 years      
Amount drawn down           $ 80,000,000      
Number of repayment installments           12      
Debt periodic payment             semi-annual    
Debt balloon payment           $ 37,055,000      
Maria Princess, Nippon Princess and Ise Princess                  
Debt Instrument [Line Items]                  
Debt Instrument Face Amount               $ 48,650,000  
Number of repayment installments               10  
Debt periodic payment             semi-annual    
Debt periodic payment amount               $ 3,041,000  
Debt balloon payment               $ 18,240,000  
All Company's term bank loans                  
Debt Instrument [Line Items]                  
Debt periodic payment             quarterly or semi-annual    
Variable rate basis             LIBOR    
Debt Instrument Maturity Date, Start             Oct. 31, 2018    
Debt Instrument Maturity Date, End             Jan. 31, 2027    
All Company's term bank loans | Minimum                  
Debt Instrument [Line Items]                  
Debt Instrument, Interest Rate, Stated Percentage             3.54%    
All Company's term bank loans | Maximum                  
Debt Instrument [Line Items]                  
Debt Instrument, Interest Rate, Stated Percentage             5.33%    
First six installments | Shuttle tanker Brazil 2014                  
Debt Instrument [Line Items]                  
Debt periodic payment amount           3,745,000      
Second six installments | Shuttle tanker Brazil 2014                  
Debt Instrument [Line Items]                  
Debt periodic payment amount           3,412,500      
8-year term loan                  
Debt Instrument [Line Items]                  
Repayment of debt           $ 66,658,000      
XML 58 R48.htm IDEA: XBRL DOCUMENT v3.10.0.1
Long-Term Debt - Covenants (Details) - USD ($)
$ in Thousands
6 Months Ended
Jun. 30, 2018
Dec. 31, 2017
Jun. 30, 2017
Debt Instrument [Line Items]      
Debt Instrument Covenant Description The loan agreements include, among other covenants, covenants requiring the Company to obtain the lenders’ prior consent in order to incur or issue any financial indebtedness, additional borrowings, pay dividends in an amount more than 50% of cumulative net income (as defined in the related agreements), sell vessels and assets and change the beneficial ownership or management of the vessels. Also, the covenants require the Company to maintain a minimum liquidity, not legally restricted, of $107,435 at June 30, 2018 and $113,427 at December 31, 2017, a minimum hull value in connection with the vessels’ outstanding loans and insurance coverage of the vessels against all customary risks. Three loan agreements require the Company to maintain throughout the security period, an aggregate credit balance in a deposit account of $3,250 and two other loan agreements require a monthly pro rata transfer to a retention account of any principal due but unpaid.    
Debt Instrument Covenant Compliance As at June 30, 2018, the Company and its wholly and majority owned subsidiaries had thirty loan agreements, totaling $1,684,266. The Company fulfilled its requirements in respect of the financial covenants of all the agreements in relation to the leverage ratio and all other terms and covenants, apart from the value-to-loan requirement in certain of its loan agreements in respect of which an amount of $6,833 has been reclassified within current liabilities at June 30, 2018.    
Cash and cash equivalents $ 272,501 $ 189,763 $ 250,408
Carrying amount 1,684,266 1,763,082  
Working capital (20,000) (50,500)  
Thirty loan agreements      
Debt Instrument [Line Items]      
Carrying amount 1,684,266    
Minimum liquidity requirement      
Debt Instrument [Line Items]      
Cash and cash equivalents 107,435 $ 113,427  
Three loan agreements      
Debt Instrument [Line Items]      
Held in deposit account 3,250    
Certain of the loan agreements      
Debt Instrument [Line Items]      
Reclassification Of Long Term Debt $ 6,833    
XML 59 R49.htm IDEA: XBRL DOCUMENT v3.10.0.1
Interest and Finance Costs, net (Table) (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Interest and Finance Costs, net [Abstract]        
Interest expense $ 18,295 $ 15,368 $ 35,016 $ 29,472
Less: Interest capitalized (21) (120) (21) (384)
Interest expense, net 18,274 15,248 34,995 29,088
Swaps termination cash settlements 0 0 0 (3,685)
Bunkers swap cash settlements (2,149) (327) (3,560) (688)
Amortization of loan fees 1,262 754 2,074 1,464
Bank charges 377 114 379 140
Change in fair value of non-hedging financial instruments (2,981) 84 (1,160) 1,419
Net total $ 14,783 $ 15,873 $ 32,728 $ 27,738
XML 60 R50.htm IDEA: XBRL DOCUMENT v3.10.0.1
Interest and Finance Costs, net (Details)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
USD ($)
Jun. 30, 2017
USD ($)
Jun. 30, 2018
USD ($)
Jun. 30, 2017
USD ($)
Dec. 31, 2017
USD ($)
Dec. 31, 2016
Derivatives Fair Value [Line Items]            
Change in fair value of non-hedging financial instruments $ 2,981 $ (84) $ 1,160 $ (1,419)    
Cash received from terminations $ 0 $ 0 $ 0 $ 3,685    
Interest Rate Swaps            
Derivatives Fair Value [Line Items]            
Number of floating-to-fixed interest rate swaps 6   6      
Notional amount of floating-to-fixed interest rate swaps $ 337,787   $ 337,787      
Fixed interest rate 2.94%   2.94%      
Floating rate basis     six-month LIBOR      
Interest Rate Swaps | Minimum            
Derivatives Fair Value [Line Items]            
Maturity date     Jul. 30, 2020      
Interest Rate Swaps | Maximum            
Derivatives Fair Value [Line Items]            
Maturity date     Oct. 31, 2027      
Bunker Call Options            
Derivatives Fair Value [Line Items]            
Number of bunker call option agreement entered into       1    
Bunker Call Option Premium       $ 118    
Designated as Hedging Instrument | Interest Rate Swaps            
Derivatives Fair Value [Line Items]            
Fair value of hedging interest rate swaps $ (951)   $ (951)   $ (1,967)  
Net amount of cash flow hedge losses to be reclassified into earnings within 12 months $ 115   $ 115      
Number of interest rate swaps terminated   4   4    
Cash received from terminations       $ 3,685    
Not Designated as Hedging Instrument | Bunker Swaps            
Derivatives Fair Value [Line Items]            
Number of bunker swap agreements held 13   13   7  
Fair value of bunker swap agreement $ 4,121   $ 4,121   $ 3,763  
Change in fair value of non-hedging financial instruments     358 529    
Not Designated as Hedging Instrument | Bunker Swaps | VLCC Ulysses            
Derivatives Fair Value [Line Items]            
Number of bunker swap agreements entered into           3
Fair value of bunker swap agreement $ 3,960   3,960   3,264  
Change in fair value of non-hedging financial instruments     $ 696 (1,083)    
Not Designated as Hedging Instrument | Bunker Call Options            
Derivatives Fair Value [Line Items]            
Number of bunker call option agreements held 1   1      
Fair value of bunker call option agreements $ 224   $ 224   $ 118  
Change in fair value of non-hedging financial instruments     $ 106 $ (866)    
XML 61 R51.htm IDEA: XBRL DOCUMENT v3.10.0.1
Stockholders' Equity (Details) - USD ($)
$ / shares in Units, $ in Thousands
1 Months Ended 2 Months Ended 3 Months Ended 4 Months Ended 5 Months Ended 6 Months Ended
Jan. 30, 2018
Jan. 30, 2017
Feb. 28, 2018
Feb. 28, 2017
Apr. 05, 2017
May 10, 2018
Apr. 30, 2018
May 01, 2017
Apr. 28, 2017
May 29, 2018
May 30, 2017
Jun. 30, 2018
Jun. 28, 2018
Jun. 15, 2018
Jul. 14, 2017
Jun. 30, 2017
Dec. 31, 2017
Net proceeds from sale of treasuy stock                       $ 3,571       $ 2,676  
Preferred Shares - par value                       $ 1         $ 1
Net proceeds from issuance of preferred shares                       $ 130,553       $ 111,029  
Cash dividends paid, per share           $ 0.05     $ 0.05           $ 0.05    
Date declared           Mar. 12, 2018     Mar. 17, 2017           May 12, 2017    
Common stock - Dividend declared                       $ 0.05   $ 0.05   $ 0.05  
Common stock - Dividends per share declared - payment date                           Aug. 08, 2018      
Common stock - Dividends per share declared - record date                           Aug. 02, 2018      
8% Series B Preferred Shares                                  
Preferred Shares - shares issued                       2,000,000         2,000,000
Preferred stock - dividend paid $ 0.5 $ 0.5         $ 0.5 $ 0.5                  
Dividends paid on preferred shares                       $ 2,000       $ 2,000  
8.875% Series C Preferred Shares                                  
Preferred Shares - shares issued                       2,000,000         2,000,000
Preferred stock - dividend paid $ 0.55469 $ 0.55469         $ 0.55469 $ 0.55469                  
Dividends paid on preferred shares                       $ 2,219       2,219  
8.75% Series D Preferred Shares                                  
Preferred Shares - shares issued                       3,424,803         3,424,803
Preferred stock - dividend paid     $ 0.54687 $ 0.546875           $ 0.54687 $ 0.546875            
Dividends paid on preferred shares                       $ 3,746       3,739  
9.25% Series E Preferred Shares                                  
Preferred Shares - shares issued         4,600,000             4,600,000         4,600,000
Preferred Shares - par value         $ 1                        
Liquidation preference, per share         $ 25                        
Net proceeds from issuance of preferred shares         $ 110,496                        
Preferred stock - dividend paid     $ 0.57812             $ 0.57812 $ 0.34045            
Dividends paid on preferred shares                       $ 5,319       $ 1,566  
9.50% Series F Preferred Shares                                  
Preferred Shares - shares issued                       5,400,000 5,400,000       0
Preferred Shares - par value                         $ 1        
Liquidation preference, per share                         $ 25        
Net proceeds from issuance of preferred shares                         $ 130,553        
Treasury stock | Common Shares                                  
Sale of treasury stock                       1,016,870       650,717  
Net proceeds from sale of treasuy stock                       $ 3,571       $ 2,676  
Treasury stock | 8.75% Series D Preferred Shares                                  
Sale of treasury stock                               24,803  
Net proceeds from sale of treasuy stock                               $ 533  
Prior to May 28, 2027 | 9.25% Series E Preferred Shares                                  
Preferred stock dividend rate percentage                       9.25%          
From and including May 28, 2027 and thereafter | 9.25% Series E Preferred Shares                                  
Preferred stock dividend payment rate                       three-month LIBOR plus a spread of 6.881%          
Prior to July 30, 2028 | 9.50% Series F Preferred Shares                                  
Preferred stock dividend rate percentage                       9.50%          
From and including July 30, 2028 | 9.50% Series F Preferred Shares                                  
Preferred stock dividend payment rate                       three-month LIBOR plus a spread of 6.54%          
XML 62 R52.htm IDEA: XBRL DOCUMENT v3.10.0.1
Accumulated other comprehensive loss (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Accumulated other comprehensive income (loss) [Abstract]        
Unrealized gains/(losses) from changes in fair value of financial instruments $ 1,808 $ (125) $ 786 $ (3,196)
XML 63 R53.htm IDEA: XBRL DOCUMENT v3.10.0.1
Earnings per Common Share (Table) (Details) - USD ($)
$ / shares in Units, $ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Numerator        
Net (loss) income attributable to Tsakos Energy Navigation Limited $ (9,553) $ 3,575 $ (21,468) $ 21,053
Preferred share dividends Series B (1,000) (1,000) (2,000) (2,000)
Preferred share dividends Series C (1,109) (1,109) (2,219) (2,219)
Preferred share dividends Series D (1,874) (1,874) (3,746) (3,732)
Preferred share dividends Series E (2,659) (2,541) (5,319) (2,541)
Preferred share dividends Series F (71) 0 (71) 0
Net (loss) income attributable to common stockholders $ (16,266) $ (2,949) $ (34,823) $ 10,561
Denominator        
Weighted average common shares outstanding 86,942,159 84,284,281 86,634,907 84,126,285
Basic and diluted (loss) income per common share $ (0.19) $ (0.03) $ (0.40) $ 0.13
XML 64 R54.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitments and Contingencies (Table) (Details)
$ in Thousands
Jun. 30, 2018
USD ($)
Charters-out [Abstract]  
July to December 2018 $ 149,712
2019 232,196
2020 201,453
2021 163,775
2022 to 2029 385,192
Minimum charter payments $ 1,132,328
XML 65 R55.htm IDEA: XBRL DOCUMENT v3.10.0.1
Commitments and Contingencies (Details)
$ in Thousands
6 Months Ended
Jun. 30, 2018
USD ($)
May 02, 2018
USD ($)
Long-term Purchase Commitment [Line Items]    
Prepaid amount which will be used against the contract price of future newbuildings $ 1,650  
Aframax tanker 1    
Long-term Purchase Commitment [Line Items]    
Contractual obligation   $ 51,720
Aframax tanker 2    
Long-term Purchase Commitment [Line Items]    
Contractual obligation   $ 51,720
Two Aframax Tankers Under Construction    
Long-term Purchase Commitment [Line Items]    
Number of vessels under construction 2  
Purchase obligations    
Contractual purchase obligation from November 2018 to January 2020 $ 93,096  
XML 66 R56.htm IDEA: XBRL DOCUMENT v3.10.0.1
Financial Instruments - Fair Values (Table) (Details) - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
Jun. 30, 2017
Financial Instruments [Abstract]      
Cash and cash equivalents - Carrying Amount $ 272,501 $ 189,763 $ 250,408
Restricted cash - Carrying Amount 9,924 12,910 $ 7,750
Investments - Carrying Amount 1,000 1,000  
Debt - Carrying amount (1,684,266) (1,763,082)  
Cash and cash equivalents - Fair Value 272,501 189,763  
Restricted cash - Fair value 9,924 12,910  
Investments - Fair Value 1,000 1,000  
Debt - Fair Value $ (1,684,266) $ (1,762,938)  
XML 67 R57.htm IDEA: XBRL DOCUMENT v3.10.0.1
Financial Instruments - Balance Sheet Location (Table) (Details) - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
Fair Value Disclosures [Abstract]    
Total derivatives - Assets $ 8,893 $ 7,145
Total derivatives - Liabilites 1,539 1,967
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative Liabilities, Noncurrent 1,203 589
Designated as Hedging Instrument    
Derivatives designated as hedging instruments    
Subtotal - Assets 588 0
Subtotal - Liabilities 1,539 1,967
Designated as Hedging Instrument | Interest Rate Swaps | Current portion of financial instruments - Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative Asset, Current 0 0
Derivative Liability, Current 336 1,378
Designated as Hedging Instrument | Interest Rate Swaps | Financial instruments - Fair Value, net of current portion    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative Asset, Noncurrent 588 0
Derivative Liabilities, Noncurrent 1,203 589
Not Designated as Hedging Instrument    
Derivatives not designated as hedging instruments    
Subtotal - Assets 8,305 7,145
Subtotal - Liabilities 0 0
Not Designated as Hedging Instrument | Bunker Swaps | Current portion of financial instruments - Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative Asset, Current 7,045 5,715
Derivative Liability, Current 0 0
Not Designated as Hedging Instrument | Bunker Swaps | Financial instruments - Fair Value, net of current portion    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative Asset, Noncurrent 1,036 1,312
Derivative Liabilities, Noncurrent 0 0
Not Designated as Hedging Instrument | Bunker Call Options | Financial instruments - Fair Value, net of current portion    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Derivative Asset, Noncurrent 224 118
Derivative Liabilities, Noncurrent $ 0 $ 0
XML 68 R58.htm IDEA: XBRL DOCUMENT v3.10.0.1
Financial Instruments - Derivatives Designated as Hedging Instruments - Gain (Loss) Recognized in Accumulated Other Comprehensive Income on Derivative (Effective Portion) (Table) (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Derivative Instruments Gain/Loss [Line Items]        
Total $ 1,808 $ (125) $ 786 $ (3,196)
Gain/(Loss) Recognized in Accumulated OCI on Derivative (Effective Portion)        
Derivative Instruments Gain/Loss [Line Items]        
Interest rate swaps 1,604 (816) 83 (4,611)
Total $ 1,604 $ (816) $ 83 $ (4,611)
XML 69 R59.htm IDEA: XBRL DOCUMENT v3.10.0.1
Financial Instruments - Derivatives Designated as Hedging Instruments - Gain (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income (Effective Portion) (Table) (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Derivative        
Total $ (204) $ (691) $ (703) $ (1,415)
Depreciation expense        
Derivative        
Interest rate swaps (47) (51) (94) (76)
Interest and finance costs, net        
Derivative        
Interest rate swaps $ (157) $ (640) $ (609) $ (1,339)
XML 70 R60.htm IDEA: XBRL DOCUMENT v3.10.0.1
Financial Instruments - Derivatives Not Designated as Hedging Instruments - Net effect on the Statement of Comprehensive Income (Table) (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2018
Jun. 30, 2017
Jun. 30, 2018
Jun. 30, 2017
Derivative        
Total $ 5,131 $ 244 $ 4,720 $ (731)
Interest and finance costs, net        
Derivative        
Bunker swaps 5,056 368 4,614 (174)
Bunker call options $ 75 $ (124) $ 106 $ (557)
XML 71 R61.htm IDEA: XBRL DOCUMENT v3.10.0.1
Financial Instruments - Fair Value of Assets and Liabilities Measured on Recurring Basis (Table) (Details) - Recurring Basis - Significant Other Observable Inputs Assets / (Liabilities) (Level 2) - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Interest rate swaps $ (951) $ (1,967)
Bunker swaps 8,081 7,027
Bunker call options 224 118
Total $ 7,354 $ 5,178
XML 72 R62.htm IDEA: XBRL DOCUMENT v3.10.0.1
Financial Instruments (Details) - USD ($)
$ in Thousands
Jun. 30, 2018
Dec. 31, 2017
Accumulated loss from derivatives designated as Hedging Instruments $ 4,519 $ 5,305
XML 73 R63.htm IDEA: XBRL DOCUMENT v3.10.0.1
Subsequent Events (Details) - USD ($)
$ / shares in Units, $ in Thousands
1 Months Ended 2 Months Ended 4 Months Ended 5 Months Ended 6 Months Ended 7 Months Ended 8 Months Ended
Jan. 30, 2018
Jan. 30, 2017
Feb. 28, 2018
Feb. 28, 2017
May 10, 2018
Apr. 30, 2018
May 01, 2017
Apr. 28, 2017
May 29, 2018
May 30, 2017
Jul. 10, 2018
Jun. 30, 2018
Jun. 15, 2018
Jul. 14, 2017
Jun. 30, 2017
Aug. 08, 2018
Jul. 30, 2018
Sep. 07, 2018
Aug. 28, 2018
Subsequent Event [Line Items]                                      
Common stock - Dividend declared                       $ 0.05 $ 0.05   $ 0.05        
Dividends per share declared - payment date                         Aug. 08, 2018            
Dividends per share declared - record date                         Aug. 02, 2018            
Net proceeds from sale of treasuy stock                       $ 3,571     $ 2,676        
Cash dividends paid, per share         $ 0.05     $ 0.05           $ 0.05          
Date declared         Mar. 12, 2018     Mar. 17, 2017           May 12, 2017          
Subsequent Event                                      
Subsequent Event [Line Items]                                      
Common stock - Dividend declared                                   $ 0.05  
Dividends per share declared - payment date                                   Dec. 06, 2018  
Dividends per share declared - record date                                   Nov. 30, 2018  
Cash dividends paid, per share                               $ 0.05      
Date declared                               Jun. 15, 2018      
8% Series B Preferred Shares                                      
Subsequent Event [Line Items]                                      
Preferred stock - dividend paid $ 0.5 $ 0.5       $ 0.5 $ 0.5                        
8% Series B Preferred Shares | Subsequent Event                                      
Subsequent Event [Line Items]                                      
Preferred stock - dividend paid                                 $ 0.5    
8.875% Series C Preferred Shares                                      
Subsequent Event [Line Items]                                      
Preferred stock - dividend paid $ 0.55469 $ 0.55469       $ 0.55469 $ 0.55469                        
8.875% Series C Preferred Shares | Subsequent Event                                      
Subsequent Event [Line Items]                                      
Preferred stock - dividend paid                                 $ 0.55469    
8.75% Series D Preferred Shares                                      
Subsequent Event [Line Items]                                      
Preferred stock - dividend paid     $ 0.54687 $ 0.546875         $ 0.54687 $ 0.546875                  
8.75% Series D Preferred Shares | Subsequent Event                                      
Subsequent Event [Line Items]                                      
Preferred stock - dividend paid                                     $ 0.546875
9.25% Series E Preferred Shares                                      
Subsequent Event [Line Items]                                      
Preferred stock - dividend paid     $ 0.57812           $ 0.57812 $ 0.34045                  
9.25% Series E Preferred Shares | Subsequent Event                                      
Subsequent Event [Line Items]                                      
Preferred stock - dividend payable                                     $ 0.578125
9.50% Series F Preferred Shares | Subsequent Event                                      
Subsequent Event [Line Items]                                      
Sale of treasury stock                     600,000                
Net proceeds from sale of treasuy stock                     $ 14,575                
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