0000919574-13-000080.txt : 20130109 0000919574-13-000080.hdr.sgml : 20130109 20130109111500 ACCESSION NUMBER: 0000919574-13-000080 CONFORMED SUBMISSION TYPE: 6-K/A PUBLIC DOCUMENT COUNT: 7 CONFORMED PERIOD OF REPORT: 20130131 FILED AS OF DATE: 20130109 DATE AS OF CHANGE: 20130109 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Paragon Shipping Inc. CENTRAL INDEX KEY: 0001401112 STANDARD INDUSTRIAL CLASSIFICATION: DEEP SEA FOREIGN TRANSPORTATION OF FREIGHT [4412] IRS NUMBER: 000000000 STATE OF INCORPORATION: 1T FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K/A SEC ACT: 1934 Act SEC FILE NUMBER: 001-33655 FILM NUMBER: 13519852 BUSINESS ADDRESS: STREET 1: 15 KARAMANLI AVE STREET 2: GR 166 73 CITY: VOULA STATE: J3 ZIP: 00000 BUSINESS PHONE: 011-30-210-891-4600 MAIL ADDRESS: STREET 1: 15 KARAMANLI AVE STREET 2: GR 166 73 CITY: VOULA STATE: J3 ZIP: 00000 6-K/A 1 d1348408_6-ka.htm d1348408_6-ka.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 6-K/A

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 OF
THE SECURITIES EXCHANGE ACT OF 1934

For the month of January 2013

Commission File Number: 001-33655

Paragon Shipping Inc.
(Translation of registrant's name into English)
 
15 Karamanli Ave., GR 166 73, Voula, 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 [X]       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): ___

Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders.

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: ___

Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR.

 
 

 

EXPLANATORY NOTE

This Amendment No. 1 ("Amendment No. 1") to the Report on Form 6-K of Paragon Shipping Inc. originally furnished to the U.S. Securities and Exchange Commission (the "Commission") on December 12, 2012 (the "Original Form 6-K") is being furnished solely for the purpose of providing Interactive Data File disclosures as Exhibit 101 in accordance with Rule 405 of Regulation S-T.  This Exhibit 101 was not previously filed with the Original Form 6-K.

Users of this data are advised, in accordance with Rule 406T of Regulation S-T promulgated by the Securities and Exchange Commission, that this Interactive Data File is deemed not filed or part of a registration statement or prospectus for purposes of sections 11 or 12 of the Securities Act of 1933, is deemed not filed for purposes of section 18 of the Securities Exchange Act of 1934, and otherwise is not subject to liability under those sections.

No other changes have been made in this Amendment No. 1 to the Original Form 6-K. This Amendment No. 1 speaks as of the original date of the Original Form 6-K, does not reflect events that may have occurred subsequent to the date the Original Form 6-K was filed with the Commission and does not, and does not purport to, amend, modify, update or restate in any way the information contained in the Original Form 6-K.

This Report on Form 6-K is hereby incorporated by reference into the Company's Registration Statement on Form F-3 (Registration No. 333-164370).



 
 

 

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.

 
Paragon Shipping Inc.
 
     
     
Dated:  January 9, 2013
By:
/s/ Michael Bodouroglou
 
 
Name:
Michael Bodouroglou
 
 
Title:
Chairman, President, Chief Executive Officer and Interim Chief Financial Officer
 

 
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prgn:LongTermLiabilitiesInterestRateSwapsMember 2012-09-30 0001401112 prgn:LongTermLiabilitiesInterestRateSwapsMember 2011-12-31 0001401112 prgn:CurrentLiabilitiesInterestRateSwapsMember 2012-09-30 0001401112 prgn:CurrentLiabilitiesInterestRateSwapsMember 2011-12-31 0001401112 2012-11-01 2012-11-05 0001401112 prgn:AllseasMarineMember 2012-01-01 2012-09-30 0001401112 prgn:AllseasMarineMember 2011-01-01 2011-09-30 0001401112 2011-09-30 0001401112 2010-12-31 0001401112 prgn:RelatedPartyMember 2012-01-01 2012-09-30 0001401112 prgn:RelatedPartyMember 2011-01-01 2011-09-30 0001401112 2012-09-30 0001401112 2011-12-31 0001401112 2011-01-01 2011-09-30 0001401112 2012-01-01 2012-09-30 pure shares iso4217:USD iso4217:USD shares <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font color="#000000">All the above mentioned agreements that have been entered into subsequent to September 30, 2012, are subject to a number of conditions, including: &#8226; All documentation to be satisfactory completed. &#8226; An equity increase of minimum $10.0 million within 90 days after the signing of the respective documentation. &#8226; All lenders agreeing to similar restructuring terms and granting similar waivers and terms. Therefore, until these conditions are met, the Company&#8217;s long-term debt and the associated restricted cash, deferred financing fees and interest rate swap liabilities, have been classified as current as of September 30, 2012.<!--Exclude empty div--></font><!--Exclude empty p--></p></div> <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font color="#000000">Commerzbank AG (Loan agreement dated August 12, 2011). As of September 30, 2012, the Company was not in compliance with the following covenants: &#8226; Minimum market value adjusted net worth of the group. &#8226; Minimum aggregate fair market value of mortgaged vessels to outstanding loan ratio. The Company is currently in negotiations with Commerzbank AG to obtain waivers or to restructure the respective loan agreement.<!--Exclude empty div--></font><!--Exclude empty p--></p></div> <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font color="#000000">Nordea Bank Finland Plc (Loan agreement dated May 5, 2011). As of September 30, 2012, the Company was not in compliance with the following covenants: &#8226; Maximum aggregate financial indebtedness to EBITDA ratio. &#8226; Minimum working capital. The Company is currently in negotiations with Nordea Bank Finland Plc to obtain waivers or to restructure the respective loan agreement. In addition, due to the delay in the delivery of Hull no. 625 (refer to Note 5), the vessel is now expected to be delivered after the availability period of the respective syndicated secured facility. The Company is currently in discussions with its lenders on extending the availability period.<!--Exclude empty div--></font><!--Exclude empty p--></p></div> <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font color="#000000">HSBC Bank Plc (Loan agreement dated July 2, 2010). As of September 30, 2012, the Company was not in compliance with the following covenant: &#8226; Minimum aggregate fair market value of mortgaged vessels to outstanding loan ratio. On November 30, 2012, the Company entered into a loan supplemental agreement and agreed, subject to several conditions discussed at the end of this note, to amended terms with HSBC Bank Plc effective as from November 30, 2012, as discussed below: &#8226; From November 30, 2012 (the date of the supplemental agreement) until December 31, 2013, the margin will increase from 2.60% to 3.00%, and thereafter, decrease back to 2.60% until the final maturity. &#8226; The ratio of the total liabilities to EBITDA is waived until December 31, 2013 and thereafter, shall not exceed 7.0:1.0. &#8226; The ratio of EBITDA to interest expense is waived until December 31, 2013 and thereafter, shall not be less than 2.5:1.0. &#8226; The minimum requirement of market value adjusted net worth of the group shall be at least $50.0 million until December 31, 2013 and $100.0 million thereafter. &#8226; The ratio of total liabilities to value adjusted total assets is waived until December 31, 2013 and thereafter, shall not be greater than 0.8:1.0. &#8226; The aggregate fair market value of mortgaged vessels shall exceed 105% of the outstanding loan ratio until December 31, 2013, 110% until December 31, 2014 and 120% thereafter. Based on the supplemental agreement dated November 30, 2012, and subject to the conditions described at the end of this note, the bank waived the breach of the minimum aggregate fair market value of mortgaged vessels to outstanding loan ratio that was outstanding as of September 30, 2012.<!--Exclude empty div--></font><!--Exclude empty p--></p></div> <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font color="#000000">HSH Nordbank AG (Loan agreement dated July 31, 2008). As of September 30, 2012, the Company was not in compliance with the following covenant: &#8226; Minimum market value adjusted net worth of the group. The Company is currently in negotiations with HSH Nordbank AG to obtain waivers or to restructure the respective loan agreement.<!--Exclude empty div--></font><!--Exclude empty p--></p></div> <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font color="#000000">Bank of Ireland (Loan agreement dated March 30, 2009). As of September 30, 2012, the Company was not in compliance with the following covenants: &#8226; Maximum aggregate financial indebtedness to EBITDA ratio. &#8226; Minimum aggregate fair market value of mortgaged vessels to outstanding loan ratio. On November 28, 2012, the Company entered into a loan supplemental agreement and agreed, subject to several conditions discussed at the end of this note, to amended terms with Bank of Ireland, as discussed below: &#8226; To extend the respective loan agreement from the second quarter of 2014 to the second quarter of 2017. The outstanding loan amount as of September 30, 2012, of $15.150 million is required to be repaid in 7 consecutive quarterly installments of $0.350 million, followed by 12 consecutive quarterly installments of $1.000 million, plus a balloon repayment of $0.700 million payable simultaneously with the final installment in the second quarter of 2017. &#8226; The loan bears interest at LIBOR, plus a margin of 2.50%. &#8226; The Company shall maintain at all times with the lender, cash equivalents in an amount of no less than $750,000. &#8226; The ratio of the aggregate financial indebtedness to EBITDA is waived until December 31, 2014 and thereafter, shall not be greater than 5.0:1.0. &#8226; The minimum requirement of market value adjusted net worth of the group is waived until December 31, 2014 and thereafter, shall not be less than $50.0 million. &#8226; The leverage ratio is waived until December 31, 2014 and thereafter, shall not be greater than 0.8:1.0. &#8226; The aggregate fair market value of mortgaged vessels to outstanding loan ratio is waived until December 31, 2014 and thereafter, shall exceed 110%. Based on the supplemental agreement dated November 28, 2012, and subject to the conditions described at the end of this note, the bank waived the breach of the maximum aggregate financial indebtedness to EBITDA ratio and the breach of the minimum aggregate fair market value of mortgaged vessels to outstanding loan ratio that were outstanding as of September 30, 2012.<!--Exclude empty div--></font><!--Exclude empty p--></p></div> <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font color="#000000">Bank of Scotland Plc (Loan agreement dated December 4, 2007). As of September 30, 2012, the Company was not in compliance with the following covenants: &#8226; Maximum leverage ratio. &#8226; Minimum working capital. &#8226; Minimum aggregate fair market value of mortgaged vessels to outstanding loan ratio. On November 30, 2012, the Company entered into a second amending and restating agreement and agreed, subject to several conditions discussed at the end of this note, to amended terms with Bank of Scotland Plc. As of September 30, 2012, the outstanding loan amount of the respective facility was $42.1 million. The terms and conditions of the second amending and restating loan agreement, subject to the conditions described at the end of this note, are as follows: &#8226; An extension of the facility to July 2015. &#8226; The Company has agreed to an advance payment of $2.840 million in full and final settlement of the portion of the loan of one of the syndicate members equal to $4.733 million. The advance payment of $2.840 million was executed on December 10, 2012. The effect of the settlement will be accounted for in the fourth quarter of 2012. &#8226; After the agreed advance payment of $2.840 million and the full and final settlement of the portion of the loan of $4.733 million, the outstanding $37.367 million is required to be repaid in 7 consecutive quarterly installments of $0.750 million commencing from December 9, 2012, followed by 4 consecutive quarterly installments of $1.000 million, plus a balloon repayment of $28.117 million payable on July 9, 2015. &#8226; The loan bears interest at LIBOR, plus a margin of 2.75%. &#8226; The Company shall maintain at all times with the lender, cash equivalents in an amount of no less than $0.5 million per mortgaged vessel. &#8226; The Company shall maintain at all times liquid assets of no less than $0.5 million per vessel. &#8226; The leverage ratio shall not be greater than 0.80:1.00 until December 31, 2014 and 0.75:1.00 thereafter. &#8226; The minimum requirement of market value adjusted net worth of the group shall not be less than $75.0 million. &#8226; The aggregate fair market value of the mortgaged vessels shall exceed 65% of the outstanding loan from March 31, 2013 until September 30, 2013, 70% until December 31, 2013, 85% until June 30, 2014, 95% until December 31, 2014 and 100% thereafter. Based on the second amending and restating agreement dated November 30, 2012, and subject to the conditions described at the end of this note, the bank waived the breach of the maximum leverage ratio, the breach of the minimum working capital and the breach of the minimum aggregate fair market value of mortgaged vessels to outstanding loan ratio that were outstanding as of September 30, 2012.<!--Exclude empty div--></font><!--Exclude empty p--></p></div> <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font color="#000000">Unicredit Bank AG (Loan agreement dated November 19, 2007). As of September 30, 2012, the Company was not in compliance with the following covenants: &#8226; Maximum total liabilities to EBITDA ratio. &#8226; Minimum aggregate fair market value of mortgaged vessels to outstanding loan ratio. On November 30, 2012, the Company entered into a loan supplemental agreement and agreed, subject to several conditions discussed at the end of this note, to amended terms with Unicredit Bank AG, as described below: &#8226; To defer a portion of eight of its scheduled quarterly installments. After exercising the deferral option, the outstanding loan amount as of September 30, 2012, of $26.087 million will be repaid in 8 consecutive quarterly installments of $0.500 million, followed by 8 consecutive quarterly installments of $1.356 million, plus a balloon repayment of $11.243 million payable simultaneously with the final installment in the third quarter of 2016. &#8226; The loan bears interest at LIBOR plus a margin, which, from November 30, 2012 (the date of the supplemental agreement), will increase from 2.25% to (i) 2.75% on the outstanding amount of the loan, less any amounts that are deferred, and (ii) 5.00% on the amounts of the loan that have been deferred. &#8226; The ratio of total liabilities to EBITDA is waived from September 30, 2012, until December 31, 2013, inclusive. &#8226; The minimum requirement of market value adjusted net worth of the group is waived from September 30, 2012, until December 31, 2013, inclusive. &#8226; The leverage ratio is waived from September 30, 2012, until December 31, 2013, inclusive. &#8226; The aggregate fair market value of mortgaged vessels to outstanding loan ratio is waived from September 30, 2012, until December 31, 2013, inclusive. Based on the supplemental agreement dated November 30, 2012, and subject to the conditions described at the end of this note, the bank waived the breach of the maximum total liabilities to EBITDA ratio and the breach of the minimum aggregate fair market value of mortgaged vessels to outstanding loan ratio that were outstanding as of September 30, 2012.<!--Exclude empty div--></font><!--Exclude empty p--></p></div> 5.95 0.1668 1000000 15000000 0.04 LIBOR 917540 0.1668 0.2106 511747 339494 30000000 532281 903 238639 249632 1720152 6155 1200038 715687 27413 26107 <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font color="#000000">On September 24, 2012, the Company and the shipyard agreed to postpone the delivery dates of the Company&#8217;s remaining vessels under construction and to change the apportionment of the advances already paid among the vessels under construction. Under the amended shipbuilding contracts and based on the latest shipbuilding update from the shipyard, the remaining two Handysize drybulk vessels (Hull no. 612 and Hull no. 625) are expected to be delivered in the first and fourth quarters of 2013, respectively, and the two 4,800 TEU containerships (Hull no. 656 and Hull no. 657) are expected to be delivered in the second quarter of 2014.<!--Exclude empty div--></font><!--Exclude empty p--></p></div> 3605900 57484350 2 4 2011-02-07 2010-07-01 2010-06-15 2010-05-04 2009-09-16 2006-12-21 2006-12-21 2006-11-15 2006-11-15 4800 4800 2013 2013 2014 2014 37200 37200 2010-05-05 2010-05-05 2010-05-04 2009-10-06 June 2012 May 2012 July 2010 August 2008 December 2007 November 2007 September 2007 August 2007 August 2007 December 2006 December 2006 December 2006 2010-04-06 2009-08-05 2010-04-08 2008-06-19 2007-09-27 2007-09-27 2007-07-17 2007-07-17 2007-07-04 2006-11-15 2006-11-15 2006-11-15 <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font color="#000000">2012<!--Exclude empty div--></font><!--Exclude empty p--></p></div> <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font color="#000000">2012<!--Exclude empty div--></font><!--Exclude empty p--></p></div> <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font color="#000000">2009<!--Exclude empty div--></font><!--Exclude empty p--></p></div> <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font color="#000000">2008<!--Exclude empty div--></font><!--Exclude empty p--></p></div> <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font color="#000000">2006<!--Exclude empty div--></font><!--Exclude empty p--></p></div> <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font color="#000000">2006<!--Exclude empty div--></font><!--Exclude empty p--></p></div> <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font color="#000000">2001<!--Exclude empty div--></font><!--Exclude empty p--></p></div> <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font color="#000000">2005<!--Exclude empty div--></font><!--Exclude empty p--></p></div> <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font color="#000000">2006<!--Exclude empty div--></font><!--Exclude empty p--></p></div> <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font color="#000000">1999<!--Exclude empty div--></font><!--Exclude empty p--></p></div> <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font color="#000000">1999<!--Exclude empty div--></font><!--Exclude empty p--></p></div> <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font color="#000000">1999<!--Exclude empty div--></font><!--Exclude empty p--></p></div> 37205 37293 75151 58779 74475 74477 74274 53702 74483 72493 74047 72891 134937563 36487563 98450000 0 106100000 2550000 5.000%, if 3-month LIBOR is greater than 5.000%3-month LIBOR, if 3-month LIBOR is between 3.770% and 5.000%3.770%, if 3-month LIBOR is less than 3.770% 93750 120115 120792 187500 120000 3-month LIBOR 3-month LIBOR 3-month LIBOR 3-month LIBOR 3-month LIBOR 3-month LIBOR 3-month LIBOR 2017-05-05 2012-08-06 2017-05-04 2012-06-18 2017-05-31 2012-05-04 2017-05-05 2012-05-08 2017-04-10 2012-04-10 2015-08-27 2010-08-27 2012-12-21 2007-12-21 0.0098 0.0101 0.0114 0.0122 0.01485 0.02465 5625000 0 6966646 0 7005917 0 11250000 0 5640000 0 48450000 56100000 50000000 50000000 282246 613803 P0Y8M27D 588966 <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font color="#000000" size="2">Equity incentive plan. As discussed in Note 16 of the Company&#8217;s consolidated financial statements for the year ended December 31, 2011 included in the Company&#8217;s Annual Report, the Company has adopted an equity incentive plan, under which the officers, key employees and directors of the Company will be eligible to receive option to acquire shares of Class A Common Shares. On October 15, 2012, the Company increased the number of shares to be reserved for issuance under the plan from 5,500,000 to 9,966,733 Class A Common Shares, which, after the 10-for-1 reverse stock split discussed above, was adjusted to 996,673 Class A Common Shares.<!--Exclude empty div--></font><!--Exclude empty p--></p></div> <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font color="#000000" size="2">10-for-1 reverse stock split. Effective as of the close of trading on November 5, 2012, the Company effected a 10-for-1 reverse stock split of its issued and outstanding common shares. The common shares commenced trading on the New York Stock Exchange on a split-adjusted basis upon the open of trading on November 6, 2012. The reverse stock split was approved by shareholders at the Company&#8217;s 2012 Annual General Meeting of Shareholders held on October 24, 2012 and by the Company&#8217;s Board of Directors on October 24, 2012. The reverse stock split reduced the number of the Company&#8217;s issued and outstanding common shares from 60,994,464 to 6,099,442 and affected all issued and outstanding common shares, as well as common shares underlying stock options outstanding immediately prior to the effectiveness of the reverse stock split. The number of the Company&#8217;s authorized common shares was not affected by the reverse split. No fractional shares were issued in connection with the reverse stock split. Shareholders who would have otherwise held a fractional share of the Company&#8217;s Common Stock as a result of the reverse stock split received a cash payment in lieu of such fractional share. All share and per share amounts disclosed in the accompanying unaudited interim condensed consolidated financial statements give effect to the respective stock split retroactively, for all the periods presented.<!--Exclude empty div--></font><!--Exclude empty p--></p></div> Q3 2012 6099442 No Accelerated Filer --12-31 No Yes 0001401112 Paragon Shipping Inc. false 2012-09-30 6-K -17388490 -497320 -10758500 -303326 0.001 0.001 0 0 0 0 5000000 5000000 0.001 0.001 6099442 6089826 6099442 6089826 750000000 750000000 0.001 0.001 0 0 0 0 25000000 25000000 14000000 1000000 10-for-1 0 0 0 6099 6099442 184 9 9800 6090 6089826 5986 5985851 435 4 4000 395 395260 5587 5587026 -244286325 -758024 449999757 -758024 -17885810 2400752 2400752 -19558 -19567 -226400515 0 447618572 492563561 46036418 0 446521157 -11061826 2978199 2978199 3991522 3991522 0 0 -4 12140397 12140002 490471667 60076443 0 430389637 12.68 37.10 38.67 6.31 30.90 119063 -75000 -184 9800 184447 2943720 2956250 14349546 351611923 305592515 302415085 12212686 46019408 268608363 49196838 12212686 36984152 46019408 119748 119063 3200 3200 20453125 111201 414235 -980430 0 1394665 0 3897519 3330121 -2052762 -3111758 1325422 709911 -100318 -100318 -858342 -858342 3330121 3897519 758024 3897519 0 1266945 758024 2630574 2572097 0 0 0 2572097 0 10-for-1 26422 0 492898 0 277559 480707 0 25332 248416 390257 81622 213259 2869399 1951028 2412021 2658013 2989520 3789819 2496622 3151146 480707 918371 0 0 416989462 432073937 204961507 221224147 -244286325 -226400515 -758024 0 449999757 447618572 0 0 6099 6090 0 0 212027955 210849790 0 170362945 0 1266945 0 169096000 212027955 40486845 203882125 32189000 557740 1080997 3330121 2630574 532281 0 1792011 2227143 1933677 2359131 416989462 432073937 0 6135000 0 2106460 0 15000000 20453125 38805802 351973078 332569111 519259 510042 49038734 63450706 302415085 268608363 44563259 37457564 414235 0 15000000 0 2352242 0 1059646 823759 1713643 923695 614039 603106 559194 827330 2341819 851157 17348000 18865000 3160441 14563517 -19558 12274051 7652000 0 18056220 34787935 -11403076 -16731715 2008217 -83923078 0 2978199 569350 1433930 26311625 117785000 28908750 26000000 -24012113 30721841 172410 159027 0 15000000 0 30000000 0 4521993 31491703 53074242 0 103477103 10600820 36469522 -523257 -1810170 532281 429327 -435132 -140679 -477085 485906 414235 0 789948 97479 235887 27063 10933 -127616 -268136 -407418 1490662 822516 -1059411 1059387 1325422 709911 2400752 3991522 323568 996307 511747 2465856 0 516198 480707 339494 2709452 81622 462891 918371 5929115 17293266 -727340 0 5769279 0 -2401847 -14796471 -2.93 -1.86 -18643834 -11061826 -758024 0 980430 0 -980430 0 -758024 0 -17885810 -11061826 -20384064 -7884175 -19073 34696 1896839 1575012 557510 427486 4798734 7519522 2498254 -3177651 703422 0 414235 0 0 1031167 0 335669 0 5740000 6293568 7877762 12311777 24888317 2989520 3789819 0 2344248 14029628 14328890 350748 1025410 37355838 70917768 2180754 4225049 39536592 75142817 115391544 112865819 2525725 203882125 201285000 0 0.05 <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div--><!--Exclude empty p--></p><div align="center"><table cellspacing="0" style="vertical-align:top;font-family:Times New Roman;;width:503.25pt;border-collapse:collapse;margin-left:-8.8pt;"><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:167.75pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>Non-Vessel Owning Company<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:167.75pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>Date of Incorporation<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:167.75pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>Country of Incorporation<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:167.75pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">Camelia Navigation S.A.<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:167.75pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">November 15, 2006<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:167.75pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Marshall Islands<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:167.75pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">Explorer Shipholding Limited<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:167.75pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">November 15, 2006<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:167.75pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Marshall Islands<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:167.75pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">Epic Investments Inc.<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:167.75pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">December 21, 2006<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:167.75pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Marshall Islands<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:167.75pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">Opera Navigation Co.<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:167.75pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">December 21, 2006<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:167.75pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Marshall Islands<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:167.75pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">Ovation Services Ltd.<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:167.75pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">September 16, 2009<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:167.75pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Marshall Islands<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:167.75pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">Letitia Shipping Limited<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:167.75pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">May 4, 2010<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:167.75pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Marshall Islands<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:167.75pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">Ardelia Navigation Ltd.<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:167.75pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">June 15, 2010<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:167.75pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Liberia<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:167.75pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">Eridanus Trading Co.<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:167.75pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">July 1, 2010<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:167.75pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Liberia<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:167.75pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">Delphis Shipping S.A.<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:167.75pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">February 7, 2011<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:167.75pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Liberia<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr><td style="margin:0;padding:0;border:none;width:167.75pt;" /><td style="margin:0;padding:0;border:none;width:167.75pt;" /><td style="margin:0;padding:0;border:none;width:167.75pt;" /></tr></table></div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></div> <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div--><!--Exclude empty p--></p><table cellspacing="0" style="vertical-align:top;font-family:Times New Roman;;width:529.9pt;border-collapse:collapse;margin-left:0pt;"><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:19.6pt;border-top:none windowtext 0pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-top:none windowtext 0pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:63.8pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">Counterparty<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">Effective<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">date<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.95pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">Termination<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">date<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">Notional<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">amount<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">As of December 31, 2011<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.95pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">Notional<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">amount<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">As of September 30, 2012<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:184.25pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">Fixed rate<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:42.55pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">Floating<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">rate<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:19.6pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">A<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:63.8pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font size="1">HSBC Bank Plc <!--Exclude empty div--></font><font size="1">(1)<!--Exclude empty div--></font><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">April 10, 2012<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.95pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">April 10, 2017<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><font size="1">$-<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.95pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><font size="1">$5,640,000<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:184.25pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font size="1">1.485%<!--Exclude empty div--></font><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:42.55pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">3-month LIBOR<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:19.6pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">B<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:63.8pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font size="1">HSH Nordbank AG <!--Exclude empty div--></font><font size="1">(2)<!--Exclude empty div--></font><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">May 8, 2012<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.95pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">May 5, 2017<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><font size="1">$-<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.95pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><font size="1">$11,250,000<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:184.25pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font size="1">1.220%<!--Exclude empty div--></font><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:42.55pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">3-month LIBOR<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:19.6pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">C<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:63.8pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font size="1">Nordea Bank Finland Plc <!--Exclude empty div--></font><font size="1">(3)<!--Exclude empty div--></font><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">May 4, 2012<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.95pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">March 31, 2017<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><font size="1">$-<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.95pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><font size="1">$7,005,917<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:184.25pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font size="1">1.140%<!--Exclude empty div--></font><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:42.55pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">3-month LIBOR<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:19.6pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">D<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:63.8pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font size="1">Nordea Bank Finland Plc <!--Exclude empty div--></font><font size="1">(4)<!--Exclude empty div--></font><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">June 18, 2012<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.95pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">May 4, 2017<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><font size="1">$-<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.95pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><font size="1">$6,966,646<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:184.25pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font size="1">1.010%<!--Exclude empty div--></font><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:42.55pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">3-month LIBOR<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:19.6pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">E<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:63.8pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font size="1">HSH Nordbank AG <!--Exclude empty div--></font><font size="1">(5)<!--Exclude empty div--></font><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">August 6, 2012<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.95pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">May 5, 2017<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><font size="1">$-<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.95pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><font size="1">$5,625,000<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:184.25pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font size="1">0.980%<!--Exclude empty div--></font><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:42.55pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">3-month LIBOR<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td colspan="4" style="vertical-align:top;font-family:Times New Roman;;width:193.25pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:none windowtext 0pt;border-left:none windowtext 0pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:none windowtext 0pt;border-left:none windowtext 0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><b><font size="1">TOTAL<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><b><font size="1">$-<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.95pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><b><font size="1">$36,487,563<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td colspan="2" style="vertical-align:top;font-family:Times New Roman;;width:226.8pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-bottom:none windowtext 0pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-bottom:none windowtext 0pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td></tr><tr><td style="margin:0;padding:0;border:none;width:19.6pt;" /><td style="margin:0;padding:0;border:none;width:63.8pt;" /><td style="margin:0;padding:0;border:none;width:54.9pt;" /><td style="margin:0;padding:0;border:none;width:54.95pt;" /><td style="margin:0;padding:0;border:none;width:54.9pt;" /><td style="margin:0;padding:0;border:none;width:54.95pt;" /><td style="margin:0;padding:0;border:none;width:184.25pt;" /><td style="margin:0;padding:0;border:none;width:42.55pt;" /></tr></table><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></div> <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div--><!--Exclude empty p--></p><table cellspacing="0" style="vertical-align:top;font-family:Times New Roman;;width:529.9pt;border-collapse:collapse;margin-left:0pt;"><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:19.6pt;border-top:none windowtext 0pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-top:none windowtext 0pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:63.8pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">Counterparty<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">Effective<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">date<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.95pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">Termination<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">date<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">Notional<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">amount<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">As of December 31, 2011<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.95pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">Notional<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">amount<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">As of September 30, 2012<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:184.25pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">Fixed rate<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:42.55pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">Floating<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">rate<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:19.6pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">A<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:63.8pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font size="1">Bank of Scotland Plc<!--Exclude empty div--></font><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">December 21, 2007<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.95pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">December 21, 2012<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><font size="1">$50,000,000<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.95pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><font size="1">$50,000,000<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:184.25pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font size="1">5.000%, if 3-month LIBOR is greater than 5.000%<!--Exclude empty div--></font><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font size="1">3-month LIBOR, if 3-month LIBOR is between 3.770% and 5.000%<!--Exclude empty div--></font><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font size="1">3.770%, if 3-month LIBOR is less than 3.770%<!--Exclude empty div--></font><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:42.55pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">3-month LIBOR<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:19.6pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">B<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:63.8pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font size="1">Unicredit Bank AG <!--Exclude empty div--></font><font size="1">(1)<!--Exclude empty div--></font><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">August 27, 2010<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.95pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">August 27, 2015<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><font size="1">$56,100,000<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.95pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><font size="1">$48,450,000<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:184.25pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font size="1">2.465%<!--Exclude empty div--></font><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:42.55pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">3-month LIBOR<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td colspan="4" style="vertical-align:top;font-family:Times New Roman;;width:193.25pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:none windowtext 0pt;border-left:none windowtext 0pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:none windowtext 0pt;border-left:none windowtext 0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><b><font size="1">TOTAL<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><b><font size="1">$106,100,000<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.95pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><b><font size="1">$98,450,000<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td colspan="2" style="vertical-align:top;font-family:Times New Roman;;width:226.8pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-bottom:none windowtext 0pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-bottom:none windowtext 0pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td></tr><tr><td style="margin:0;padding:0;border:none;width:19.6pt;" /><td style="margin:0;padding:0;border:none;width:63.8pt;" /><td style="margin:0;padding:0;border:none;width:54.9pt;" /><td style="margin:0;padding:0;border:none;width:54.95pt;" /><td style="margin:0;padding:0;border:none;width:54.9pt;" /><td style="margin:0;padding:0;border:none;width:54.95pt;" /><td style="margin:0;padding:0;border:none;width:184.25pt;" /><td style="margin:0;padding:0;border:none;width:42.55pt;" /></tr></table><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></div> <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><!--Exclude empty p--></p><table cellspacing="0" style="vertical-align:top;font-family:Times New Roman;;width:99.34%;border-collapse:collapse;margin-left:0pt;"><tr style=";height:0;page-break-inside:avoid;"><td style="vertical-align:top;font-family:Times New Roman;;width:58%;vertical-align:bottom;border-bottom:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;padding:0 3.6pt 0 3.6pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><b>To September 30,<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:42%;vertical-align:bottom;border-bottom:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;padding:0 3.6pt 0 3.6pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b>&#160;<!--Exclude empty div--></b><!--Exclude empty p--></p></td></tr><tr style=";height:0;page-break-inside:avoid;"><td style="vertical-align:top;font-family:Times New Roman;;width:58%;vertical-align:bottom;padding:0 3.6pt 0 3.6pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">2013<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:42%;vertical-align:bottom;padding:0 3.6pt 0 3.6pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">$2,525,725<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;page-break-inside:avoid;"><td style="vertical-align:top;font-family:Times New Roman;;width:58%;vertical-align:bottom;padding:0 3.6pt 0 3.6pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">2014 <!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:42%;vertical-align:bottom;padding:0 3.6pt 0 3.6pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">112,865,819<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;page-break-inside:avoid;"><td style="vertical-align:top;font-family:Times New Roman;;width:58%;vertical-align:bottom;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;padding:0 3.6pt 0 3.6pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><b>Total <!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:42%;vertical-align:bottom;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;padding:0 3.6pt 0 3.6pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><b>$115,391,544<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr><td style="margin:0;padding:0;border:none;width:247.1pt;" /><td style="margin:0;padding:0;border:none;width:189.2pt;" /></tr></table><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></div> <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div--><!--Exclude empty p--></p><table cellspacing="0" style="vertical-align:top;font-family:Times New Roman;;width:100%;border-collapse:collapse;margin-left:0pt;"><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:317.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td colspan="2" style="vertical-align:top;font-family:Times New Roman;;width:192.5pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>Nine Months Ended September 30,<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:317.25pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><b>Numerators<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;border-top:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>2011<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;border-top:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>2012<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:317.25pt;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Net loss<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">($11,061,826)<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">($17,885,810)<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:317.25pt;vertical-align:middle;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Less: Loss attributable to non-vested share awards<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;vertical-align:bottom;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">303,326<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;vertical-align:bottom;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">497,320<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:317.25pt;vertical-align:middle;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><b>Net loss attributable to common shareholders<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;vertical-align:middle;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>($10,758,500)<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;vertical-align:middle;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>($17,388,490)<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:317.25pt;vertical-align:middle;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;vertical-align:middle;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;vertical-align:middle;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:317.25pt;vertical-align:middle;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><b>Denominators<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;vertical-align:middle;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;vertical-align:middle;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:317.25pt;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><b>Weighted average common shares outstanding, basic and diluted<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;vertical-align:bottom;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>5,769,279<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;vertical-align:bottom;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>5,929,115<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:317.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:317.25pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><b>Net loss per common share:<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:317.25pt;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><b>Basic and diluted<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>($1.86)<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>($2.93)<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr><td style="margin:0;padding:0;border:none;width:263pt;" /><td style="margin:0;padding:0;border:none;width:89.9pt;" /><td style="margin:0;padding:0;border:none;width:89.9pt;" /></tr></table><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p></div> <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div--><!--Exclude empty p--></p><table cellspacing="0" style="vertical-align:top;font-family:Times New Roman;;border-collapse:collapse;margin-left:36pt;"><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:184.3pt;vertical-align:bottom;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:113.4pt;vertical-align:bottom;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><b><font color="#000000">Number<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><b><font color="#000000">of Shares<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:113.4pt;vertical-align:bottom;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><b>Weighted<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><b>Average<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><b>Fair Value<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:184.3pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><b><font color="#000000">Non vested, December 31, 2011<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:113.4pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><b>184,447<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:113.4pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><b><font color="#000000">$30.90&#160;<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:184.3pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><font color="#000000">Granted<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:113.4pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><font color="#000000">9,800<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:113.4pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">6.31<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:184.3pt;border-right:none windowtext 0pt;border-left:none windowtext 0pt;border-right:none windowtext 0pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><font color="#000000">Cancelled<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:113.4pt;border-right:none windowtext 0pt;border-left:none windowtext 0pt;border-right:none windowtext 0pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><font color="#000000">(184)<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:113.4pt;border-right:none windowtext 0pt;border-left:none windowtext 0pt;border-right:none windowtext 0pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><font color="#000000">38.67<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:184.3pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><font color="#000000">Vested<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:113.4pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><font color="#000000">(75,000)<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:113.4pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><font color="#000000">37.10<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:184.3pt;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><b><font color="#000000">Non vested, September 30, 2012<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:113.4pt;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><b>119,063<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:113.4pt;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><b><font color="#000000">$12.68<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr><td style="margin:0;padding:0;border:none;width:184.3pt;" /><td style="margin:0;padding:0;border:none;width:113.4pt;" /><td style="margin:0;padding:0;border:none;width:113.4pt;" /></tr></table><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></div> <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div--><!--Exclude empty p--></p><div align="center"><table cellspacing="0" style="vertical-align:top;font-family:Times New Roman;;width:428.3pt;border-collapse:collapse;margin-left:-36.45pt;"><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:198.6pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>Financial Assets<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:114.85pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>Quoted Prices in Active Markets (Level 1)<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:114.85pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>Loss<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:198.6pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">Investment in equity affiliate &#8211; Box Ships Inc.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:114.85pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">$20,453,125<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:114.85pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">$14,349,546<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr><td style="margin:0;padding:0;border:none;width:198.6pt;" /><td style="margin:0;padding:0;border:none;width:114.85pt;" /><td style="margin:0;padding:0;border:none;width:114.85pt;" /></tr></table></div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></div> <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div--><!--Exclude empty p--></p><div align="center"><table cellspacing="0" style="vertical-align:top;font-family:Times New Roman;;width:428.3pt;border-collapse:collapse;margin-left:-36.45pt;"><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:198.6pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>Financial Assets<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:114.85pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>Quoted Prices in Active Markets (Level 1)<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:114.85pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>Loss<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:198.6pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">KLC Shares &#8211; Marketable Securities<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:114.85pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">$414,235<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:114.85pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">$980,430<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr><td style="margin:0;padding:0;border:none;width:198.6pt;" /><td style="margin:0;padding:0;border:none;width:114.85pt;" /><td style="margin:0;padding:0;border:none;width:114.85pt;" /></tr></table></div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p></div> <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div--><!--Exclude empty p--></p><table cellspacing="0" style="vertical-align:top;font-family:Times New Roman;;width:100.32%;border-collapse:collapse;margin-left:0pt;"><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:154.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:163pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td colspan="2" style="vertical-align:top;font-family:Times New Roman;;width:194.15pt;vertical-align:middle;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>Nine Months Ended September 30,<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:154.25pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:163pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><b>Location of Gain / (Loss) Recognized<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.05pt;vertical-align:middle;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>2011<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>Gain / (Loss)<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.1pt;vertical-align:middle;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>2012<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>Gain / (Loss)<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:154.25pt;vertical-align:middle;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Marketable securities &#8211; Initial measurement<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:163pt;vertical-align:middle;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Gain on marketable securities, net<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.05pt;vertical-align:middle;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">$-<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.1pt;vertical-align:middle;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">$1,394,665<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:154.25pt;vertical-align:middle;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Marketable securities &#8211; Realized Loss<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:163pt;vertical-align:middle;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Gain on marketable securities, net<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.05pt;vertical-align:middle;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">-<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.1pt;vertical-align:middle;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">(980,430)<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:154.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><b>Net gain on marketable securities<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:163pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.05pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>$-<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.1pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>$414,235<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr><td style="margin:0;padding:0;border:none;width:133.7pt;" /><td style="margin:0;padding:0;border:none;width:139.45pt;" /><td style="margin:0;padding:0;border:none;width:83.35pt;" /><td style="margin:0;padding:0;border:none;width:87.7pt;" /></tr></table><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p></div> <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div--><!--Exclude empty p--></p><div align="center"><table cellspacing="0" style="vertical-align:top;font-family:Times New Roman;;width:428.3pt;border-collapse:collapse;margin-left:-36.45pt;"><tr style=";height:0;"><td rowspan="2" style="vertical-align:top;font-family:Times New Roman;;width:198.6pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>Financial Instruments<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td colspan="2" style="vertical-align:top;font-family:Times New Roman;;width:229.7pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>Significant Other Observable Inputs (Level 2)<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:114.85pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>December 31, 2011<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:114.85pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>September 30, 2012<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:198.6pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">Interest rate swaps &#8211; liability<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:114.85pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">$3,897,519<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:114.85pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">$3,330,121<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr><td style="margin:0;padding:0;border:none;width:198.6pt;" /><td style="margin:0;padding:0;border:none;width:114.85pt;" /><td style="margin:0;padding:0;border:none;width:114.85pt;" /></tr></table></div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></div> <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div--><!--Exclude empty p--></p><table cellspacing="0" style="vertical-align:top;font-family:Times New Roman;;width:100.32%;border-collapse:collapse;margin-left:0pt;"><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:154.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:163pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td colspan="2" style="vertical-align:top;font-family:Times New Roman;;width:194.15pt;vertical-align:middle;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>Nine Months Ended September 30,<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:154.25pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:163pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><b>Location of Gain / (Loss) Recognized<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.05pt;vertical-align:middle;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>2011<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.1pt;vertical-align:middle;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>2012<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:154.25pt;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Interest rate swaps &#8211; Fair value<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:163pt;vertical-align:bottom;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Loss on derivatives, net<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.05pt;vertical-align:bottom;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">$709,911<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.1pt;vertical-align:bottom;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">$1,325,422<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:154.25pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Interest rate swaps &#8211; Realized Loss<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:163pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Loss on derivatives, net<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.05pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">(3,111,758)<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.1pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">(2,052,762)<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:154.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><b>Net loss on derivatives<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:163pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.05pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>$(2,401,847)<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.1pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>$(727,340)<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr><td style="margin:0;padding:0;border:none;width:130.5pt;" /><td style="margin:0;padding:0;border:none;width:137.7pt;" /><td style="margin:0;padding:0;border:none;width:88.6pt;" /><td style="margin:0;padding:0;border:none;width:87.4pt;" /></tr></table><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><br clear="all" style="page-break-before:always" /><!--Exclude empty div--><!--Exclude empty p--></p></div> <div><table cellspacing="0" style="vertical-align:top;font-family:Times New Roman;;width:100.32%;border-collapse:collapse;margin-left:0pt;"><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:154.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:163pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td colspan="2" style="vertical-align:top;font-family:Times New Roman;;width:194.15pt;vertical-align:middle;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>Nine Months Ended September 30,<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:154.25pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:163pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b>Location of Gain / (Loss) <!--Exclude empty div--></b><b>Reclassified from<!--Exclude empty div--></b><b><br clear="all" />Accumulated Other Comprehensive Gain / (Loss) in Statement of Operations<!--Exclude empty div--></b><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b>(Effective Portion)<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.05pt;vertical-align:middle;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>2011<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.1pt;vertical-align:middle;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>2012<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:154.25pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Interest rate swaps &#8211; Realized Loss<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:163pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Interest and finance costs<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.05pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">$-<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.1pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">$(100,318)<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:154.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><b>Total<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:163pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.05pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>$-<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.1pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>$(100,318)<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr><td style="margin:0;padding:0;border:none;width:130.15pt;" /><td style="margin:0;padding:0;border:none;width:144pt;" /><td style="margin:0;padding:0;border:none;width:82.3pt;" /><td style="margin:0;padding:0;border:none;width:87.75pt;" /></tr></table><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p></div> <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><!--Exclude empty p--></p><table cellspacing="0" style="vertical-align:top;font-family:Times New Roman;;width:100.32%;border-collapse:collapse;margin-left:0pt;"><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:154.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:163pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td colspan="2" style="vertical-align:top;font-family:Times New Roman;;width:194.15pt;vertical-align:middle;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>Nine Months Ended September 30,<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:154.25pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:163pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><b>Gain / (Loss) Recognized in <!--Exclude empty div--></b><b><br clear="all" />Accumulated Other Comprehensive Gain / (Loss) (Effective Portion)<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.05pt;vertical-align:middle;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>2011<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.1pt;vertical-align:middle;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>2012<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:154.25pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Interest rate swaps <!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:163pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.05pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">$ - <!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.1pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">$(858,342)<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:154.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><b>Total<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:163pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.05pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>$ -<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.1pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>$(858,342)<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr><td style="margin:0;padding:0;border:none;width:129.45pt;" /><td style="margin:0;padding:0;border:none;width:144.3pt;" /><td style="margin:0;padding:0;border:none;width:82.55pt;" /><td style="margin:0;padding:0;border:none;width:87.9pt;" /></tr></table><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p></div> <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div--><!--Exclude empty p--></p><table cellspacing="0" style="vertical-align:top;font-family:Times New Roman;;width:100%;border-collapse:collapse;margin-left:0pt;"><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:104.65pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:212.6pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>December 31, 2011<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>September 30, 2012<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:104.65pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:212.6pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><b>Balance Sheet Location<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>Fair Value<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>Fair Value<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td colspan="2" style="vertical-align:top;font-family:Times New Roman;;width:317.25pt;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><b>Derivatives designated as hedging instruments<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;vertical-align:bottom;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;vertical-align:bottom;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:104.65pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Interest rate swaps<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:212.6pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Current liabilities &#8211; Interest rate swaps<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">$-<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">$2,572,097<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:104.65pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Interest rate swaps<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:212.6pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Long-Term Liabilities &#8211; Interest rate swaps<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;vertical-align:bottom;border-bottom:solid windowtext 0.25pt;border-bottom:solid windowtext 0.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">-<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;vertical-align:bottom;border-bottom:solid windowtext 0.25pt;border-bottom:solid windowtext 0.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">-<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:104.65pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:212.6pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><b>Subtotal<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;border-top:solid windowtext 0.25pt;border-top:solid windowtext 0.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>$-<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;border-top:solid windowtext 0.25pt;border-top:solid windowtext 0.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>$2,572,097<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:104.65pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:212.6pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td></tr><tr style=""><td colspan="2" style="vertical-align:top;font-family:Times New Roman;;width:317.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><b>Derivatives not designated as hedging instruments<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:104.65pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Interest rate swaps<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:212.6pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Current liabilities &#8211; Interest rate swaps<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">$2,630,574<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">$758,024<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:104.65pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Interest rate swaps<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:212.6pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Long-Term Liabilities &#8211; Interest rate swaps<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;vertical-align:bottom;border-bottom:solid windowtext 0.25pt;border-bottom:solid windowtext 0.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">1,266,945<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;vertical-align:bottom;border-bottom:solid windowtext 0.25pt;border-bottom:solid windowtext 0.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">-<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:104.65pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:212.6pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><b>Subtotal<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;border-top:solid windowtext 0.25pt;border-top:solid windowtext 0.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>$3,897,519<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;border-top:solid windowtext 0.25pt;border-top:solid windowtext 0.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>$758,024<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:104.65pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:212.6pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:104.65pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><b>Total derivatives<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:212.6pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>$3,897,519<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>$3,330,121<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr><td style="margin:0;padding:0;border:none;width:93.7pt;" /><td style="margin:0;padding:0;border:none;width:175.15pt;" /><td style="margin:0;padding:0;border:none;width:86.85pt;" /><td style="margin:0;padding:0;border:none;width:87.1pt;" /></tr></table><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b><i><br clear="all" style="page-break-before:always" /><!--Exclude empty div--></i></b><!--Exclude empty p--></p></div> <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div--><!--Exclude empty p--></p><table cellspacing="0" style="vertical-align:top;font-family:Times New Roman;;border-collapse:collapse;margin-left:0pt;"><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:189.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><b>Debt<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:137.55pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">December 31 , 2011<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:151.75pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">September 30, 2012<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:189.5pt;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Current portion of long-term debt<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:137.55pt;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">$32,189,000<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:151.75pt;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">$203,882,125<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:189.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Long-term debt<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:137.55pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">169,096,000<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:151.75pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">-<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:189.5pt;border-top:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><b>Total long-term debt<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:137.55pt;border-top:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>$201,285,000<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:151.75pt;border-top:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>$203,882,125<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr><td style="margin:0;padding:0;border:none;width:172.05pt;" /><td style="margin:0;padding:0;border:none;width:129.1pt;" /><td style="margin:0;padding:0;border:none;width:141.65pt;" /></tr></table><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></div> <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><div align="center"><table cellspacing="0" style="vertical-align:top;font-family:Times New Roman;;border-collapse:collapse;margin-left:0pt;"><tr style=";height:14.15pt;"><td style="vertical-align:top;font-family:Times New Roman;;width:329.4pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b>Balance, December 31, 2011<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:95.4pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><b>$38,805,802<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:14.15pt;"><td style="vertical-align:top;font-family:Times New Roman;;width:329.4pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">Equity in net income of affiliate<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:95.4pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">1,896,839<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:14.15pt;"><td style="vertical-align:top;font-family:Times New Roman;;width:329.4pt;vertical-align:middle;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">Dividends received<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:95.4pt;vertical-align:middle;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">(2,956,250)<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:14.15pt;"><td style="vertical-align:top;font-family:Times New Roman;;width:329.4pt;vertical-align:middle;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">Dilution effect<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:95.4pt;vertical-align:middle;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">(2,943,720)<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:14.15pt;"><td style="vertical-align:top;font-family:Times New Roman;;width:329.4pt;vertical-align:middle;border-bottom:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">Impairment in investment in affiliate<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:95.4pt;vertical-align:middle;border-bottom:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">&#160;(14,349,546)<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:14.15pt;"><td style="vertical-align:top;font-family:Times New Roman;;width:329.4pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b>Balance, September 30, 2012<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:95.4pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><b>$20,453,125<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr><td style="margin:0;padding:0;border:none;width:329.4pt;" /><td style="margin:0;padding:0;border:none;width:95.4pt;" /></tr></table></div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></div> <div><table cellspacing="0" style="vertical-align:top;font-family:Times New Roman;;width:454.25pt;border-collapse:collapse;margin-left:0pt;"><tr style=";height:15pt;"><td style="vertical-align:top;font-family:Times New Roman;;width:198.45pt;white-space:nowrap;vertical-align:bottom;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:none windowtext 0pt;border-left:none windowtext 0pt;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:none windowtext 0pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:85.05pt;white-space:nowrap;vertical-align:bottom;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:none windowtext 0pt;border-left:none windowtext 0pt;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:none windowtext 0pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b><font color="#000000">Vessel<!--Exclude empty div--></font></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:85.05pt;white-space:nowrap;vertical-align:bottom;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:none windowtext 0pt;border-left:none windowtext 0pt;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:none windowtext 0pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b><font color="#000000">Accumulated<!--Exclude empty div--></font></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:85.7pt;white-space:nowrap;vertical-align:bottom;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:none windowtext 0pt;border-left:none windowtext 0pt;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:none windowtext 0pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b><font color="#000000">Net Book<!--Exclude empty div--></font></b><!--Exclude empty p--></p></td></tr><tr style=";height:15pt;"><td style="vertical-align:top;font-family:Times New Roman;;width:198.45pt;white-space:nowrap;vertical-align:bottom;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:85.05pt;white-space:nowrap;vertical-align:bottom;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b><font color="#000000">Cost<!--Exclude empty div--></font></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:85.05pt;white-space:nowrap;vertical-align:bottom;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b><font color="#000000">Depreciation<!--Exclude empty div--></font></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:85.7pt;white-space:nowrap;vertical-align:bottom;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b><font color="#000000">Value<!--Exclude empty div--></font></b><!--Exclude empty p--></p></td></tr><tr style=";height:15pt;"><td style="vertical-align:top;font-family:Times New Roman;;width:198.45pt;white-space:nowrap;vertical-align:bottom;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b>Balance December 31, 2011<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:85.05pt;white-space:nowrap;vertical-align:bottom;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b>$305,592,515<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:85.05pt;white-space:nowrap;vertical-align:bottom;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b>$(36,984,152)<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:85.7pt;white-space:nowrap;vertical-align:bottom;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b>$268,608,363<!--Exclude empty div--></b><!--Exclude empty p--></p></td></tr><tr style=";height:15pt;"><td style="vertical-align:top;font-family:Times New Roman;;width:198.45pt;white-space:nowrap;vertical-align:bottom;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-left:none windowtext 0pt;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">Newbuilding deliveries<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:85.05pt;white-space:nowrap;vertical-align:bottom;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-left:none windowtext 0pt;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">46,019,408<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:85.05pt;white-space:nowrap;vertical-align:bottom;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-left:none windowtext 0pt;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">-<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:85.7pt;white-space:nowrap;vertical-align:bottom;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-left:none windowtext 0pt;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">46,019,408<!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:15pt;"><td style="vertical-align:top;font-family:Times New Roman;;width:198.45pt;white-space:nowrap;vertical-align:bottom;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">Depreciation for the period<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:85.05pt;white-space:nowrap;vertical-align:bottom;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">-<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:85.05pt;white-space:nowrap;vertical-align:bottom;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">(12,212,686)<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:85.7pt;white-space:nowrap;vertical-align:bottom;border-right:none windowtext 0pt;border-bottom:none windowtext 0pt;border-left:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:none windowtext 0pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">(12,212,686)<!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:15pt;"><td style="vertical-align:top;font-family:Times New Roman;;width:198.45pt;white-space:nowrap;vertical-align:bottom;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b>Balance September 30, 2012<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:85.05pt;white-space:nowrap;vertical-align:bottom;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b>$351,611,923<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:85.05pt;white-space:nowrap;vertical-align:bottom;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b>$(49,196,838)<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:85.7pt;white-space:nowrap;vertical-align:bottom;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b>$302,415,085<!--Exclude empty div--></b><!--Exclude empty p--></p></td></tr><tr><td style="margin:0;padding:0;border:none;width:198.45pt;" /><td style="margin:0;padding:0;border:none;width:85.05pt;" /><td style="margin:0;padding:0;border:none;width:85.05pt;" /><td style="margin:0;padding:0;border:none;width:85.7pt;" /></tr></table><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></div> <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><!--Exclude empty p--></p><div align="center"><table cellspacing="0" style="vertical-align:top;font-family:Times New Roman;;border-collapse:collapse;margin-left:0pt;"><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:232.2pt;border-top:none windowtext 0pt;border-right:solid windowtext 0.5pt;border-bottom:none windowtext 0pt;border-left:none windowtext 0pt;border-top:none windowtext 0pt;border-right:solid windowtext 0.5pt;border-bottom:none windowtext 0pt;border-left:none windowtext 0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p></td><td colspan="2" style="vertical-align:top;font-family:Times New Roman;;width:224.6pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>Nine Months Ended September 30,<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:232.2pt;border-top:none windowtext 0pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-top:none windowtext 0pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>2011<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>2012<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:232.2pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font color="#000000">Charter hire commissions<!--Exclude empty div--></font><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">$918,371<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">$480,707<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:232.2pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font color="#000000">Vessel sale &amp; purchase commissions<!--Exclude empty div--></font><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">1,951,028<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">-<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:232.2pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b><font color="#000000">Total Allseas commissions<!--Exclude empty div--></font></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><b>$2,869,399<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><b>$480,707<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:232.2pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:232.2pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b>Included in Vessel operating expenses<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:232.2pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font color="#000000">Superintendent fees<!--Exclude empty div--></font><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">$213,259<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">$277,559<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:232.2pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:232.2pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b>Included in Dry-docking expenses<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:232.2pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font color="#000000">Superintendent fees<!--Exclude empty div--></font><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">$81,622<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">$-<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:232.2pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:232.2pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b>Management fees - related party<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:232.2pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font color="#000000">Management fees<!--Exclude empty div--></font><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">$3,151,146<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">$2,496,622<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:232.2pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font color="#000000">Legal, accounting and finance fees<!--Exclude empty div--></font><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">390,257<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">492,898<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:232.2pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">Loretto agreement<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">248,416<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">-<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:232.2pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b>Total Management fees<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><b>$3,789,819<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><b>$2,989,520<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:232.2pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:232.2pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b>Included in General and administrative expenses<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:232.2pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font color="#000000">Administrative fees<!--Exclude empty div--></font><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">$25,332<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">$26,422<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:232.2pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">Executive services agreement<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">$2,658,013<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">$2,412,021<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr><td style="margin:0;padding:0;border:none;width:224pt;" /><td style="margin:0;padding:0;border:none;width:109.4pt;" /><td style="margin:0;padding:0;border:none;width:109.4pt;" /></tr></table></div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></div> <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div--><!--Exclude empty p--></p><div align="center"><table cellspacing="0" style="vertical-align:top;font-family:Times New Roman;;width:502.3pt;border-collapse:collapse;margin-left:-8.8pt;"><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:102.6pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>Vessel Owning Company<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.1pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>Date of<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>Incorporation<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:70.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>Country of<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>Incorporation<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:63.55pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>Hull Number<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:71.1pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>Type<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:52.55pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>Expected Delivery<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:45.5pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>DWT / TEU<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:102.6pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">Irises Shipping<!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">Ltd.<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.1pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">October 6, 2009<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:70.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Marshall Islands<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:63.55pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">656<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:71.1pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Containership<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:52.55pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">2014<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:45.5pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">4,800<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">TEU<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:102.6pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">Nereus Navigation Ltd.<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.1pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">May 4, 2010<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:70.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Marshall Islands<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:63.55pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">657<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:71.1pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Containership<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:52.55pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">2014<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:45.5pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">4,800<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">TEU<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:102.6pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">Aminta International S.A.<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.1pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">May 5, 2010<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:70.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Liberia<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:63.55pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">612<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:71.1pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Drybulk Carrier<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:52.55pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">2013<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:45.5pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">37,200<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">Dwt<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:102.6pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">Adonia Enterprises S.A.<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.1pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">May 5, 2010<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:70.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Liberia<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:63.55pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">625<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:71.1pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Drybulk Carrier<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:52.55pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">2013<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:45.5pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">37,200<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">Dwt<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr><td style="margin:0;padding:0;border:none;width:102.6pt;" /><td style="margin:0;padding:0;border:none;width:96.1pt;" /><td style="margin:0;padding:0;border:none;width:70.9pt;" /><td style="margin:0;padding:0;border:none;width:63.55pt;" /><td style="margin:0;padding:0;border:none;width:71.1pt;" /><td style="margin:0;padding:0;border:none;width:52.55pt;" /><td style="margin:0;padding:0;border:none;width:45.5pt;" /></tr></table></div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></div> <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div--><!--Exclude empty p--></p><div align="center"><table cellspacing="0" style="vertical-align:top;font-family:Times New Roman;;width:500.05pt;border-collapse:collapse;margin-left:60.05pt;"><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:95.55pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>Vessel Owning Company<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.1pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>Date of<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>Incorporation<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:75.7pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>Country of<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>Incorporation<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:70.85pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>Vessel&#8217;s Name<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:70.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>Delivery Date<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:45.45pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>Built<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:45.5pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>DWT<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:95.55pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">Trade Force Shipping S.A.<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.1pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">November 15, 2006<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:75.7pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Marshall Islands<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:70.85pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Deep Seas<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:70.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">December 2006<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:45.45pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">1999<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:45.5pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">72,891<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:95.55pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">Frontline Marine Co.<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.1pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">November 15, 2006<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:75.7pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Marshall Islands<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:70.85pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Calm Seas<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:70.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">December 2006<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:45.45pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">1999<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:45.5pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">74,047<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:95.55pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">Fairplay Maritime Ltd.<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.1pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">November 15, 2006<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:75.7pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Marshall Islands<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:70.85pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Kind Seas<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:70.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">December 2006<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:45.45pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">1999<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:45.5pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">72,493<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:95.55pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">Donna Marine<!--Exclude empty div-->&#160;<!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">Co.<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.1pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">July 4, 2007 <!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:75.7pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Marshall Islands<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:70.85pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Pearl Seas<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:70.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">August 2007<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:45.45pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">2006<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:45.5pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">74,483<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:95.55pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">Protea International Inc.<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.1pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">July 17, 2007<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:75.7pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Liberia<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:70.85pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Sapphire Seas<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:70.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">August 2007<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:45.45pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">2005<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:45.5pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">53,702<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:95.55pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">Reading Navigation Co.<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.1pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">July 17, 2007<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:75.7pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Liberia<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:70.85pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Diamond Seas<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:70.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">September 2007<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:45.45pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">2001<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:45.5pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">74,274<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:95.55pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">Imperator I Maritime Company<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.1pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">September 27, 2007<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:75.7pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Marshall Islands<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:70.85pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Coral Seas<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:70.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">November 2007<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:45.45pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">2006<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:45.5pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">74,477<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:95.55pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">Canyon I Navigation Corp.<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.1pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">September 27, 2007<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:75.7pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Marshall Islands<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:70.85pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Golden Seas<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:70.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">December 2007<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:45.45pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">2006<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:45.5pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">74,475<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:95.55pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">Paloma Marine<!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">S.A.<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.1pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">June 19, 2008<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:75.7pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Liberia<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:70.85pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Friendly Seas<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:70.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">August 2008<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:45.45pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">2008<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:45.5pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">58,779<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:95.55pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">Eris Shipping<!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">S.A.<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.1pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">April 8, 2010<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:75.7pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Liberia<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:70.85pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Dream Seas<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:70.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">July 2010<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:45.45pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">2009<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:45.5pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">75,151<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:95.55pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">Coral Ventures<!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">Inc.<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.1pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">August 5, 2009<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:75.7pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Liberia<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:70.85pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Prosperous Seas<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:70.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">May 2012<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:45.45pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">2012<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:45.5pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">37,293<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:95.55pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">Winselet Shipping &amp; Trading<!--Exclude empty div-->&#160;Co.<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.1pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">April 6, 2010 <!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:75.7pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Liberia<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:70.85pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Precious Seas<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:70.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">June 2012<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:45.45pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">2012<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:45.5pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">37,205<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr><td style="margin:0;padding:0;border:none;width:95.55pt;" /><td style="margin:0;padding:0;border:none;width:96.1pt;" /><td style="margin:0;padding:0;border:none;width:75.7pt;" /><td style="margin:0;padding:0;border:none;width:70.85pt;" /><td style="margin:0;padding:0;border:none;width:70.9pt;" /><td style="margin:0;padding:0;border:none;width:45.45pt;" /><td style="margin:0;padding:0;border:none;width:45.5pt;" /></tr></table></div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p></div> <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><b>3. Going Concern<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">As of September 30, 2012, the Company was not in compliance with several financial and security coverage ratio covenants in its loan agreements, as discussed in Note 8. One of the Company&#8217;s lenders has given notice of an event of default under the loan agreement demanding a reduction of the outstanding loan amount and another of the Company&#8217;s lenders has reserved its rights in connection with the covenants breach. Even though the remaining lenders have not declared an event of default under the loan agreements, these breaches constituted potential events of default (also known as technical defaults) and could have resulted in the lenders requiring immediate repayment of the loans. As a result of the cross default provisions in the Company&#8217;s loan agreements, actual breaches existing under its credit facilities could result in defaults under all of the Company&#8217;s debt and the acceleration of such debt by its lenders.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">The Company agreed with four of its lenders, subject to certain conditions, and is currently in negotiations with its other three lenders, to obtain waivers or to restructure the affected debt. Management believes that the negotiations will be successful and that the Company&#8217;s lenders will not demand payment of the loans before their maturity. As the Company believes it will successfully conclude obtaining waivers for the covenant breaches and restructure several of its loan agreements to extend the maturities and reduce the quarterly principal repayments,<!--Exclude empty div-->&#160;<!--Exclude empty div-->the consolidated financial statements as of September 30, 2012 were prepared assuming that the Company will continue as a going concern. Accordingly, the consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded assets and liabilities, or any other adjustments that might result in the event the Company is unable to continue as a going concern, apart from the current classification of long-term debt and the associated restricted cash, deferred financing fees and interest rate swap liabilities.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></div> <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><b><i><font color="#000000">Recent Accounting Pronouncements: <!--Exclude empty div--></font></i></b><font color="#000000">There are no recent accounting pronouncements the adoption of which would have a material effect on the Company&#8217;s unaudited condensed consolidated financial statements in the current period or expected to have an impact on future periods.<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></div> <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><b><font color="#000000">15. Subsequent Events<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b>10-for-1 Reverse Stock Split<!--Exclude empty div--></b><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">Effective as of the close of trading on November 5, 2012, the Company effected a 10-for-1 reverse as discussed in Note 11.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><b>Credit Facilities<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">The Company agreed with several of its lenders to amend the respective loan facilities as discussed in Note 8.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><b>Loan to Affiliate<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">In November 2012, Box Ships prepaid an amount of $1.0 million of the unsecured loan that was granted on May 27, 2011. As of the date of this report, the outstanding balance of the respective unsecured loan was $14.0 million.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></div> <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b>14. Commitments and <!--Exclude empty div--></b><b>Contingencies<!--Exclude empty div--></b><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">From time to time the Company is subject to legal proceedings and claims in the ordinary course of business, principally personal injury and property casualty claims. Such claims, even if lacking in merit, could result in the expenditure of significant financial and managerial resources. As of September 30, 2012, the Company is not aware of any claim or contingent liability, which should be disclosed, or for which a provision should be established in the accompanying financial statements.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><i>Newbuilding Commitments<!--Exclude empty div--></i><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">Future newbuilding installments based on the non-cancelable newbuilding contracts, as amended (refer to Note 5) required to be made after September 30, 2012 are as follows:<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><!--Exclude empty p--></p><table cellspacing="0" style="vertical-align:top;font-family:Times New Roman;;width:99.34%;border-collapse:collapse;margin-left:0pt;"><tr style=";height:0;page-break-inside:avoid;"><td style="vertical-align:top;font-family:Times New Roman;;width:58%;vertical-align:bottom;border-bottom:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;padding:0 3.6pt 0 3.6pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><b>To September 30,<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:42%;vertical-align:bottom;border-bottom:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;padding:0 3.6pt 0 3.6pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b>&#160;<!--Exclude empty div--></b><!--Exclude empty p--></p></td></tr><tr style=";height:0;page-break-inside:avoid;"><td style="vertical-align:top;font-family:Times New Roman;;width:58%;vertical-align:bottom;padding:0 3.6pt 0 3.6pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">2013<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:42%;vertical-align:bottom;padding:0 3.6pt 0 3.6pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">$2,525,725<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;page-break-inside:avoid;"><td style="vertical-align:top;font-family:Times New Roman;;width:58%;vertical-align:bottom;padding:0 3.6pt 0 3.6pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">2014 <!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:42%;vertical-align:bottom;padding:0 3.6pt 0 3.6pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">112,865,819<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;page-break-inside:avoid;"><td style="vertical-align:top;font-family:Times New Roman;;width:58%;vertical-align:bottom;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;padding:0 3.6pt 0 3.6pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><b>Total <!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:42%;vertical-align:bottom;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;padding:0 3.6pt 0 3.6pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><b>$115,391,544<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr><td style="margin:0;padding:0;border:none;width:247.1pt;" /><td style="margin:0;padding:0;border:none;width:189.2pt;" /></tr></table><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></div> <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><b><font color="#000000">13. Earnings per Share (&#8220;EPS&#8221;)<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">The following table sets forth the computation of basic and diluted net loss per share for the nine months ended September 30, 2011 and 2012, adjusted to give effect to the 10-for-1 reverse stock split that became effective on November 5, 2012, as discussed in Note 11:<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><i>Basic EPS &#8211; Class A Common Shares &#8211;<!--Exclude empty div--></i>&#160;The two class method EPS is calculated as follows:<!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div--><!--Exclude empty p--></p><table cellspacing="0" style="vertical-align:top;font-family:Times New Roman;;width:100%;border-collapse:collapse;margin-left:0pt;"><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:317.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td colspan="2" style="vertical-align:top;font-family:Times New Roman;;width:192.5pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>Nine Months Ended September 30,<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:317.25pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><b>Numerators<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;border-top:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>2011<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;border-top:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>2012<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:317.25pt;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Net loss<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">($11,061,826)<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">($17,885,810)<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:317.25pt;vertical-align:middle;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Less: Loss attributable to non-vested share awards<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;vertical-align:bottom;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">303,326<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;vertical-align:bottom;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">497,320<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:317.25pt;vertical-align:middle;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><b>Net loss attributable to common shareholders<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;vertical-align:middle;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>($10,758,500)<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;vertical-align:middle;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>($17,388,490)<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:317.25pt;vertical-align:middle;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;vertical-align:middle;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;vertical-align:middle;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:317.25pt;vertical-align:middle;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><b>Denominators<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;vertical-align:middle;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;vertical-align:middle;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:317.25pt;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><b>Weighted average common shares outstanding, basic and diluted<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;vertical-align:bottom;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>5,769,279<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;vertical-align:bottom;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>5,929,115<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:317.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:317.25pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><b>Net loss per common share:<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:317.25pt;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><b>Basic and diluted<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>($1.86)<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>($2.93)<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr><td style="margin:0;padding:0;border:none;width:263pt;" /><td style="margin:0;padding:0;border:none;width:89.9pt;" /><td style="margin:0;padding:0;border:none;width:89.9pt;" /></tr></table><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><i>Weighted Average Shares &#8211; Basic -<!--Exclude empty div--></i>&#160;In calculating basic EPS, the Company includes the effect of vested share awards and Class A Common Shares issued for exercised stock option awards and warrants from the date they are issued or vest.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><i>Weighted Average Shares &#8211; Diluted -<!--Exclude empty div--></i>&#160;In calculating diluted EPS, the Company includes the potential dilution that could occur if securities or other contracts to issue common stock were exercised. In calculating diluted EPS for the Company&#8217;s Class A Common Shares, the following dilutive securities are included in the shares outstanding unless their effect is anti-dilutive:<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><div align="center"><table cellspacing="0" style="vertical-align:top;font-family:Times New Roman;;width:100%;border-collapse:collapse;margin-left:0pt;"><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:36pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">&#8226;<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:auto;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">Unvested share awards outstanding under the Company's Stock Incentive Plan<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:36pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">&#8226;<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:auto;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">Class A Common Shares issuable upon exercise of the Company's outstanding warrants, which were expired on November 21, 2011.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr><td style="margin:0;padding:0;border:none;width:36pt;" /><td style="margin:0;padding:0;border:none;width:396pt;" /></tr></table></div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><div align="center"><table cellspacing="0" style="vertical-align:top;font-family:Times New Roman;;width:100%;border-collapse:collapse;margin-left:0pt;"><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:36pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">&#8226;<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:auto;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">Class A Common Shares issuable upon exercise of the Company's outstanding options<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr><td style="margin:0;padding:0;border:none;width:36pt;" /><td style="margin:0;padding:0;border:none;width:396pt;" /></tr></table></div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">The Company excluded the dilutive effect of 3,200 stock option awards (September 30, 2011: 3,200) and 119,063 non-vested share awards (September 30, 2011: 119,748) in calculating dilutive EPS for its Class&#160;A common shares as they were anti-dilutive.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></div> <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><b>12. Share Based Payments - Equity incentive plan &#8211; <!--Exclude empty div--></b><b>Non-vested share awards<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">A summary of the activity for non-vested share awards, adjusted to give effect to the 10-for-1 reverse stock split that became effective on November 5, 2012 and the fractional share rounding resulted therefrom, as discussed in Note 11, is as follows:<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><table cellspacing="0" style="vertical-align:top;font-family:Times New Roman;;border-collapse:collapse;margin-left:36pt;"><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:184.3pt;vertical-align:bottom;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:113.4pt;vertical-align:bottom;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><b><font color="#000000">Number<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><b><font color="#000000">of Shares<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:113.4pt;vertical-align:bottom;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><b>Weighted<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><b>Average<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><b>Fair Value<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:184.3pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><b><font color="#000000">Non vested, December 31, 2011<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:113.4pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><b>184,447<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:113.4pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><b><font color="#000000">$30.90&#160;<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:184.3pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><font color="#000000">Granted<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:113.4pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><font color="#000000">9,800<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:113.4pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">6.31<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:184.3pt;border-right:none windowtext 0pt;border-left:none windowtext 0pt;border-right:none windowtext 0pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><font color="#000000">Cancelled<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:113.4pt;border-right:none windowtext 0pt;border-left:none windowtext 0pt;border-right:none windowtext 0pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><font color="#000000">(184)<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:113.4pt;border-right:none windowtext 0pt;border-left:none windowtext 0pt;border-right:none windowtext 0pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><font color="#000000">38.67<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:184.3pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><font color="#000000">Vested<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:113.4pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><font color="#000000">(75,000)<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:113.4pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><font color="#000000">37.10<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:184.3pt;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><b><font color="#000000">Non vested, September 30, 2012<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:113.4pt;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><b>119,063<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:113.4pt;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><b><font color="#000000">$12.68<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr><td style="margin:0;padding:0;border:none;width:184.3pt;" /><td style="margin:0;padding:0;border:none;width:113.4pt;" /><td style="margin:0;padding:0;border:none;width:113.4pt;" /></tr></table><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">The remaining unrecognized compensation cost amounting to $588,966 as of September 30, 2012, is expected to be recognized over the remaining weighted average period of 0.7 years, according to the contractual terms of those non-vested share awards.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></div> <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><b>11. <!--Exclude empty div--></b><b>&#160;Capital Structure<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><i>10-for-1 reverse stock split<!--Exclude empty div--></i><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">Effective as of the close of trading on November 5, 2012, the Company effected a 10-for-1 reverse stock split of its issued and outstanding common shares. The common shares commenced trading on the New York Stock Exchange on a split-adjusted basis upon the open of trading on November 6, 2012. The reverse stock split was approved by shareholders at the Company&#8217;s 2012 Annual General Meeting of Shareholders held on October 24, 2012 and by the Company&#8217;s Board of Directors on October 24, 2012. The reverse stock split reduced the number of the Company&#8217;s issued and outstanding common shares from 60,994,464 to 6,099,442 and affected all issued and outstanding common shares, as well as common shares underlying stock options outstanding immediately prior to the effectiveness of the reverse stock split. The number of the Company&#8217;s authorized common shares was not affected by the reverse split. No fractional shares were issued in connection with the reverse stock split. Shareholders who would have otherwise held a fractional share of the Company&#8217;s Common Stock as a result of the reverse stock split received a cash payment in lieu of such fractional share. <!--Exclude empty div-->All share and per share amounts disclosed in the accompanying unaudited interim condensed consolidated&#160;financial statements give effect to the respective stock split retroactively, for all the periods presented.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><i>Equity incentive plan<!--Exclude empty div--></i><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">As discussed in Note 16<!--Exclude empty div-->&#160;of the Company&#8217;s consolidated <!--Exclude empty div--><font color="#000000">financial statements for the year ended December 31, 2011<!--Exclude empty div--></font>&#160;included in <!--Exclude empty div--><font color="#000000">the Company&#8217;s Annual Report, the Company has adopted an equity incentive plan, under which the officers, key employees and directors of the Company will be eligible to receive option to acquire shares of Class A Common Shares. On October 15, 2012, the Company increased the number of shares to be reserved for issuance under the plan from 5,500,000 to 9,966,733 Class A Common Shares, which, after the 10-for-1 reverse stock split discussed above, was adjusted to 996,673 Class A Common Shares.<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></div> <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><b><font color="#000000">10. Fair Value Disclosures<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">The carrying values of cash and cash equivalents, restricted cash, trade receivables and accounts payable are reasonable estimates of their fair value due to the short-term nature of these financial instruments. The fair values of the credit and loan facilities approximate their carrying value, predominantly due to the variable interest rate nature thereof. Derivative financial instruments are stated at fair values.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">When the interest rate swap contracts qualify for hedge accounting, the Company <!--Exclude empty div--><font color="#000000">recognizes the effective portion of the gain / (loss) on the hedging instruments directly in other comprehensive income / (loss) in the statement of shareholders&#8217; equity, while any ineffective portion, if any, is recognized immediately in current period statement of operations<!--Exclude empty div--></font>. When the interest rate swap contracts do not qualify for hedge accounting, the Company recognizes their fair value changes in current period statement of operations.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">Information on the location and amounts of derivative fair values in the unaudited interim condensed consolidated balance sheets and derivative gains / (losses) in the <!--Exclude empty div-->unaudited interim condensed consolidated statements of operations <!--Exclude empty div-->and shareholders&#8217; equity are shown below:<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><b><i>Derivative Instruments &#8211; Balance Sheet Location<!--Exclude empty div--></i></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div--><!--Exclude empty p--></p><table cellspacing="0" style="vertical-align:top;font-family:Times New Roman;;width:100%;border-collapse:collapse;margin-left:0pt;"><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:104.65pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:212.6pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>December 31, 2011<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>September 30, 2012<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:104.65pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:212.6pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><b>Balance Sheet Location<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>Fair Value<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>Fair Value<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td colspan="2" style="vertical-align:top;font-family:Times New Roman;;width:317.25pt;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><b>Derivatives designated as hedging instruments<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;vertical-align:bottom;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;vertical-align:bottom;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:104.65pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Interest rate swaps<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:212.6pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Current liabilities &#8211; Interest rate swaps<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">$-<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">$2,572,097<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:104.65pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Interest rate swaps<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:212.6pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Long-Term Liabilities &#8211; Interest rate swaps<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;vertical-align:bottom;border-bottom:solid windowtext 0.25pt;border-bottom:solid windowtext 0.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">-<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;vertical-align:bottom;border-bottom:solid windowtext 0.25pt;border-bottom:solid windowtext 0.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">-<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:104.65pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:212.6pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><b>Subtotal<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;border-top:solid windowtext 0.25pt;border-top:solid windowtext 0.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>$-<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;border-top:solid windowtext 0.25pt;border-top:solid windowtext 0.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>$2,572,097<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:104.65pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:212.6pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td></tr><tr style=""><td colspan="2" style="vertical-align:top;font-family:Times New Roman;;width:317.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><b>Derivatives not designated as hedging instruments<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:104.65pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Interest rate swaps<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:212.6pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Current liabilities &#8211; Interest rate swaps<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">$2,630,574<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">$758,024<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:104.65pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Interest rate swaps<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:212.6pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Long-Term Liabilities &#8211; Interest rate swaps<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;vertical-align:bottom;border-bottom:solid windowtext 0.25pt;border-bottom:solid windowtext 0.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">1,266,945<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;vertical-align:bottom;border-bottom:solid windowtext 0.25pt;border-bottom:solid windowtext 0.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">-<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:104.65pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:212.6pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><b>Subtotal<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;border-top:solid windowtext 0.25pt;border-top:solid windowtext 0.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>$3,897,519<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;border-top:solid windowtext 0.25pt;border-top:solid windowtext 0.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>$758,024<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:104.65pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:212.6pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:104.65pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><b>Total derivatives<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:212.6pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>$3,897,519<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.25pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>$3,330,121<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr><td style="margin:0;padding:0;border:none;width:93.7pt;" /><td style="margin:0;padding:0;border:none;width:175.15pt;" /><td style="margin:0;padding:0;border:none;width:86.85pt;" /><td style="margin:0;padding:0;border:none;width:87.1pt;" /></tr></table><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b><i><br clear="all" style="page-break-before:always" /><!--Exclude empty div--></i></b><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><b><i>Effect of Derivative Instruments designated as hedging instruments<!--Exclude empty div--></i></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><!--Exclude empty p--></p><table cellspacing="0" style="vertical-align:top;font-family:Times New Roman;;width:100.32%;border-collapse:collapse;margin-left:0pt;"><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:154.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:163pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td colspan="2" style="vertical-align:top;font-family:Times New Roman;;width:194.15pt;vertical-align:middle;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>Nine Months Ended September 30,<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:154.25pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:163pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><b>Gain / (Loss) Recognized in <!--Exclude empty div--></b><b><br clear="all" />Accumulated Other Comprehensive Gain / (Loss) (Effective Portion)<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.05pt;vertical-align:middle;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>2011<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.1pt;vertical-align:middle;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>2012<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:154.25pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Interest rate swaps <!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:163pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.05pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">$ - <!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.1pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">$(858,342)<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:154.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><b>Total<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:163pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.05pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>$ -<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.1pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>$(858,342)<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr><td style="margin:0;padding:0;border:none;width:129.45pt;" /><td style="margin:0;padding:0;border:none;width:144.3pt;" /><td style="margin:0;padding:0;border:none;width:82.55pt;" /><td style="margin:0;padding:0;border:none;width:87.9pt;" /></tr></table><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><!--Exclude empty p--></p><table cellspacing="0" style="vertical-align:top;font-family:Times New Roman;;width:100.32%;border-collapse:collapse;margin-left:0pt;"><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:154.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:163pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td colspan="2" style="vertical-align:top;font-family:Times New Roman;;width:194.15pt;vertical-align:middle;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>Nine Months Ended September 30,<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:154.25pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:163pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b>Location of Gain / (Loss) <!--Exclude empty div--></b><b>Reclassified from<!--Exclude empty div--></b><b><br clear="all" />Accumulated Other Comprehensive Gain / (Loss) in Statement of Operations<!--Exclude empty div--></b><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b>(Effective Portion)<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.05pt;vertical-align:middle;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>2011<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.1pt;vertical-align:middle;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>2012<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:154.25pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Interest rate swaps &#8211; Realized Loss<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:163pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Interest and finance costs<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.05pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">$-<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.1pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">$(100,318)<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:154.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><b>Total<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:163pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.05pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>$-<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.1pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>$(100,318)<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr><td style="margin:0;padding:0;border:none;width:130.15pt;" /><td style="margin:0;padding:0;border:none;width:144pt;" /><td style="margin:0;padding:0;border:none;width:82.3pt;" /><td style="margin:0;padding:0;border:none;width:87.75pt;" /></tr></table><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><font color="#000000">There was no ineffective portion of the gain / (loss) on the hedging instruments for the nine months ended September 30, 2012 and 2011.<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><b><i>Effect of Derivative Instruments not designated as hedging instruments<!--Exclude empty div--></i></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div--><!--Exclude empty p--></p><table cellspacing="0" style="vertical-align:top;font-family:Times New Roman;;width:100.32%;border-collapse:collapse;margin-left:0pt;"><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:154.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:163pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td colspan="2" style="vertical-align:top;font-family:Times New Roman;;width:194.15pt;vertical-align:middle;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>Nine Months Ended September 30,<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:154.25pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:163pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><b>Location of Gain / (Loss) Recognized<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.05pt;vertical-align:middle;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>2011<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.1pt;vertical-align:middle;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>2012<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:154.25pt;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Interest rate swaps &#8211; Fair value<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:163pt;vertical-align:bottom;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Loss on derivatives, net<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.05pt;vertical-align:bottom;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">$709,911<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.1pt;vertical-align:bottom;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">$1,325,422<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:154.25pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Interest rate swaps &#8211; Realized Loss<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:163pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Loss on derivatives, net<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.05pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">(3,111,758)<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.1pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">(2,052,762)<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:154.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><b>Net loss on derivatives<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:163pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.05pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>$(2,401,847)<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.1pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>$(727,340)<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr><td style="margin:0;padding:0;border:none;width:130.5pt;" /><td style="margin:0;padding:0;border:none;width:137.7pt;" /><td style="margin:0;padding:0;border:none;width:88.6pt;" /><td style="margin:0;padding:0;border:none;width:87.4pt;" /></tr></table><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><br clear="all" style="page-break-before:always" /><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><b><i>Financial Instruments and Assets that are measured at fair value on a recurring basis<!--Exclude empty div--></i></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><i>Interest rate swaps<!--Exclude empty div--></i><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">The fair value of the Company&#8217;s interest rate swap agreements is determined using a discounted cash flow approach based on market-based LIBOR swap yield rates.&#160;LIBOR swap rates are observable at commonly quoted intervals for the full terms of the swaps and therefore are considered Level 2 items in accordance with the fair value hierarchy.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">The following table summarizes the valuation of the Company&#8217;s interest rate swaps as of December 31, 2011 and September 30, 2012. <!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div--><!--Exclude empty p--></p><div align="center"><table cellspacing="0" style="vertical-align:top;font-family:Times New Roman;;width:428.3pt;border-collapse:collapse;margin-left:-36.45pt;"><tr style=";height:0;"><td rowspan="2" style="vertical-align:top;font-family:Times New Roman;;width:198.6pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>Financial Instruments<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td colspan="2" style="vertical-align:top;font-family:Times New Roman;;width:229.7pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>Significant Other Observable Inputs (Level 2)<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:114.85pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>December 31, 2011<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:114.85pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>September 30, 2012<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:198.6pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">Interest rate swaps &#8211; liability<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:114.85pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">$3,897,519<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:114.85pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">$3,330,121<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr><td style="margin:0;padding:0;border:none;width:198.6pt;" /><td style="margin:0;padding:0;border:none;width:114.85pt;" /><td style="margin:0;padding:0;border:none;width:114.85pt;" /></tr></table></div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><i>Marketable securities &#8211; shares of Korea Line Corporation (&#8220;KLC&#8221;):<!--Exclude empty div--></i><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">On September 15, 2011, the Company entered into a Settlement Agreement (&#8220;Agreement&#8221;) with KLC in relation to the early termination of the time charter dated March 17, 2008, as amended, in respect of the M/V Pearl Seas. The parties reached an agreement, where KLC admitted a liability, which would be settled in cash and in shares of KLC (See Note 22 of the Company&#8217;s consolidated <!--Exclude empty div--><font color="#000000">financial statements for the year ended December 31, 2011<!--Exclude empty div--></font>&#160;included in <!--Exclude empty div--><font color="#000000">the Company&#8217;s Annual Report<!--Exclude empty div--></font><font color="#000000">)<!--Exclude empty div--></font>. On May 24, 2012, the Company received 111,201 shares of KLC as part of the Agreement. These marketable securities have readily determinable fair values and are classified as available for sale. Such marketable securities are measured subsequently at fair value in the accompanying unaudited interim condensed consolidated balance sheets. Unrealized gains / (losses) for available for sale securities are excluded from the statement of operations and are recognized in accumulated other comprehensive income / (loss) until realized. From the initial measurement of the valuation of KLC shares, a gain from marketable securities of $1.4 million was recognized in the accompanying unaudited interim condensed consolidated statements of operations, with changes in the fair value of $1.0 million recognized in accumulated other comprehensive loss. The fair value of the KLC shares based on the respective closing price as of September 30, 2012, was $0.4 million. As of September 30, 2012, the Company recognized the change in the fair value of the KLC shares as other than temporary and therefore, a loss of $1.0 million was recognized. The respective loss is included in gain from marketable securities in the accompanying unaudited interim condensed consolidated statements of operations, after reclassifying same from the Company&#8217;s other comprehensive income / (loss).<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div--><!--Exclude empty p--></p><table cellspacing="0" style="vertical-align:top;font-family:Times New Roman;;width:100.32%;border-collapse:collapse;margin-left:0pt;"><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:154.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:163pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td colspan="2" style="vertical-align:top;font-family:Times New Roman;;width:194.15pt;vertical-align:middle;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>Nine Months Ended September 30,<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:154.25pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:163pt;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><b>Location of Gain / (Loss) Recognized<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.05pt;vertical-align:middle;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>2011<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>Gain / (Loss)<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.1pt;vertical-align:middle;border-bottom:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>2012<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:center;"><b>Gain / (Loss)<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:154.25pt;vertical-align:middle;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Marketable securities &#8211; Initial measurement<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:163pt;vertical-align:middle;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Gain on marketable securities, net<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.05pt;vertical-align:middle;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">$-<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.1pt;vertical-align:middle;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">$1,394,665<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:154.25pt;vertical-align:middle;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Marketable securities &#8211; Realized Loss<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:163pt;vertical-align:middle;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Gain on marketable securities, net<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.05pt;vertical-align:middle;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">-<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.1pt;vertical-align:middle;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">(980,430)<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:154.25pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><b>Net gain on marketable securities<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:163pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.05pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>$-<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:97.1pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>$414,235<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr><td style="margin:0;padding:0;border:none;width:133.7pt;" /><td style="margin:0;padding:0;border:none;width:139.45pt;" /><td style="margin:0;padding:0;border:none;width:83.35pt;" /><td style="margin:0;padding:0;border:none;width:87.7pt;" /></tr></table><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">The fair value of the KLC shares is based on quoted prices of KLC share of stock (Korea SE: KS) and is considered to be determined through Level 1 inputs of the fair value hierarchy.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">The following table summarizes the valuation of the KLC shares as of September 30, 2012. <!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div--><!--Exclude empty p--></p><div align="center"><table cellspacing="0" style="vertical-align:top;font-family:Times New Roman;;width:428.3pt;border-collapse:collapse;margin-left:-36.45pt;"><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:198.6pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>Financial Assets<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:114.85pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>Quoted Prices in Active Markets (Level 1)<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:114.85pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>Loss<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:198.6pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">KLC Shares &#8211; Marketable Securities<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:114.85pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">$414,235<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:114.85pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">$980,430<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr><td style="margin:0;padding:0;border:none;width:198.6pt;" /><td style="margin:0;padding:0;border:none;width:114.85pt;" /><td style="margin:0;padding:0;border:none;width:114.85pt;" /></tr></table></div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b><i><br clear="all" style="page-break-before:always" /><!--Exclude empty div--></i></b><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><b><i>Financial Assets that are measured at fair value on a non-recurring basis<!--Exclude empty div--></i></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><i>Investment in Box Ships Inc.:<!--Exclude empty div--></i><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">During the nine months ended September 30, 2012, in accordance with the accounting guidance relating to loss in value of an investment that is other than a temporary decline, the Company recognized an impairment loss on its investment in Box Ships&#8217; common shares. The fair value of the investment in Box Ships based on the closing price of Box Ships&#8217; common share as of September 30, 2012, of $5.95, was $20.5 million. As of September 30, 2012, the Company considered the difference between the fair value and the book value of the investment in Box Ships as other than temporary and therefore a loss of $14.4 million was recognized. The respective loss is included in loss on investment in affiliate in the accompanying unaudited interim condensed consolidated statements of operations.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">The fair value of the investment in Box Ships is based on quoted prices of Box Ships share of stock (NYSE: TEU) and is considered to be determined through Level 1 inputs of the fair value hierarchy.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">The following table summarizes the valuation of the Company&#8217;s investment in Box Ships as of September 30, 2012.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div--><!--Exclude empty p--></p><div align="center"><table cellspacing="0" style="vertical-align:top;font-family:Times New Roman;;width:428.3pt;border-collapse:collapse;margin-left:-36.45pt;"><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:198.6pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>Financial Assets<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:114.85pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>Quoted Prices in Active Markets (Level 1)<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:114.85pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>Loss<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:198.6pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">Investment in equity affiliate &#8211; Box Ships Inc.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:114.85pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">$20,453,125<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:114.85pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">$14,349,546<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr><td style="margin:0;padding:0;border:none;width:198.6pt;" /><td style="margin:0;padding:0;border:none;width:114.85pt;" /><td style="margin:0;padding:0;border:none;width:114.85pt;" /></tr></table></div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">As of December 31, 2011 and September 30, 2012, the Company did not have any assets or liabilities measured at fair value on a recurring or non-recurring basis, other than the ones discussed above and in Note 14 in the Company&#8217;s Annual Report.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></div> <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><b><font color="#000000">9. Interest Rate Swaps<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">The Company&#160;enters into interest rate swap transactions to manage interest costs and the risk associated with changing interest rates with respect to its variable interest rate loan and credit facilities. These interest rate swap transactions fix the interest rates as described below.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">On March 20, 2012, April 18, 2012, May 4, 2012, June 18, 2012 and July 3, 2012, the Company entered into additional interest rate swap agreements in order to hedge its variable interest rate exposure. As of September 30, 2012, the Company&#8217;s outstanding interest rate swaps had a combined notional amount of $134.9 million. Details of the interest rate swap agreements, as of September 30, 2012, are outlined below:<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><b><i>Interest rate swaps that did not qualify for hedge accounting as of September 30, 2012:<!--Exclude empty div--></i></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div--><!--Exclude empty p--></p><table cellspacing="0" style="vertical-align:top;font-family:Times New Roman;;width:529.9pt;border-collapse:collapse;margin-left:0pt;"><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:19.6pt;border-top:none windowtext 0pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-top:none windowtext 0pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:63.8pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">Counterparty<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">Effective<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">date<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.95pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">Termination<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">date<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">Notional<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">amount<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">As of December 31, 2011<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.95pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">Notional<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">amount<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">As of September 30, 2012<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:184.25pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">Fixed rate<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:42.55pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">Floating<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">rate<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:19.6pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">A<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:63.8pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font size="1">Bank of Scotland Plc<!--Exclude empty div--></font><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">December 21, 2007<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.95pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">December 21, 2012<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><font size="1">$50,000,000<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.95pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><font size="1">$50,000,000<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:184.25pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font size="1">5.000%, if 3-month LIBOR is greater than 5.000%<!--Exclude empty div--></font><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font size="1">3-month LIBOR, if 3-month LIBOR is between 3.770% and 5.000%<!--Exclude empty div--></font><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font size="1">3.770%, if 3-month LIBOR is less than 3.770%<!--Exclude empty div--></font><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:42.55pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">3-month LIBOR<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:19.6pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">B<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:63.8pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font size="1">Unicredit Bank AG <!--Exclude empty div--></font><font size="1">(1)<!--Exclude empty div--></font><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">August 27, 2010<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.95pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">August 27, 2015<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><font size="1">$56,100,000<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.95pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><font size="1">$48,450,000<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:184.25pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font size="1">2.465%<!--Exclude empty div--></font><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:42.55pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">3-month LIBOR<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td colspan="4" style="vertical-align:top;font-family:Times New Roman;;width:193.25pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:none windowtext 0pt;border-left:none windowtext 0pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:none windowtext 0pt;border-left:none windowtext 0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><b><font size="1">TOTAL<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><b><font size="1">$106,100,000<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.95pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><b><font size="1">$98,450,000<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td colspan="2" style="vertical-align:top;font-family:Times New Roman;;width:226.8pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-bottom:none windowtext 0pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-bottom:none windowtext 0pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td></tr><tr><td style="margin:0;padding:0;border:none;width:19.6pt;" /><td style="margin:0;padding:0;border:none;width:63.8pt;" /><td style="margin:0;padding:0;border:none;width:54.9pt;" /><td style="margin:0;padding:0;border:none;width:54.95pt;" /><td style="margin:0;padding:0;border:none;width:54.9pt;" /><td style="margin:0;padding:0;border:none;width:54.95pt;" /><td style="margin:0;padding:0;border:none;width:184.25pt;" /><td style="margin:0;padding:0;border:none;width:42.55pt;" /></tr></table><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">(1)<!--Exclude empty div-->&#160;The notional amount reduces by $2.55 million on a quarterly basis up until the expiration of the interest rate swap.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><b><i>Interest rate swaps that qualified for hedge accounting as of September 30, 2012:<!--Exclude empty div--></i></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div--><!--Exclude empty p--></p><table cellspacing="0" style="vertical-align:top;font-family:Times New Roman;;width:529.9pt;border-collapse:collapse;margin-left:0pt;"><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:19.6pt;border-top:none windowtext 0pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-top:none windowtext 0pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:63.8pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">Counterparty<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">Effective<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">date<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.95pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">Termination<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">date<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">Notional<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">amount<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">As of December 31, 2011<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.95pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">Notional<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">amount<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">As of September 30, 2012<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:184.25pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">Fixed rate<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:42.55pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">Floating<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b><font size="1">rate<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:19.6pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">A<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:63.8pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font size="1">HSBC Bank Plc <!--Exclude empty div--></font><font size="1">(1)<!--Exclude empty div--></font><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">April 10, 2012<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.95pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">April 10, 2017<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><font size="1">$-<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.95pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><font size="1">$5,640,000<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:184.25pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font size="1">1.485%<!--Exclude empty div--></font><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:42.55pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">3-month LIBOR<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:19.6pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">B<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:63.8pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font size="1">HSH Nordbank AG <!--Exclude empty div--></font><font size="1">(2)<!--Exclude empty div--></font><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">May 8, 2012<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.95pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">May 5, 2017<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><font size="1">$-<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.95pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><font size="1">$11,250,000<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:184.25pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font size="1">1.220%<!--Exclude empty div--></font><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:42.55pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">3-month LIBOR<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:19.6pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">C<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:63.8pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font size="1">Nordea Bank Finland Plc <!--Exclude empty div--></font><font size="1">(3)<!--Exclude empty div--></font><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">May 4, 2012<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.95pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">March 31, 2017<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><font size="1">$-<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.95pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><font size="1">$7,005,917<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:184.25pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font size="1">1.140%<!--Exclude empty div--></font><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:42.55pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">3-month LIBOR<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:19.6pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">D<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:63.8pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font size="1">Nordea Bank Finland Plc <!--Exclude empty div--></font><font size="1">(4)<!--Exclude empty div--></font><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">June 18, 2012<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.95pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">May 4, 2017<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><font size="1">$-<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.95pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><font size="1">$6,966,646<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:184.25pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font size="1">1.010%<!--Exclude empty div--></font><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:42.55pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">3-month LIBOR<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:19.6pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">E<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:63.8pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font size="1">HSH Nordbank AG <!--Exclude empty div--></font><font size="1">(5)<!--Exclude empty div--></font><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">August 6, 2012<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.95pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">May 5, 2017<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><font size="1">$-<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.95pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><font size="1">$5,625,000<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:184.25pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font size="1">0.980%<!--Exclude empty div--></font><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:42.55pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><font size="1">3-month LIBOR<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td colspan="4" style="vertical-align:top;font-family:Times New Roman;;width:193.25pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:none windowtext 0pt;border-left:none windowtext 0pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:none windowtext 0pt;border-left:none windowtext 0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><b><font size="1">TOTAL<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><b><font size="1">$-<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:54.95pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><b><font size="1">$36,487,563<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td colspan="2" style="vertical-align:top;font-family:Times New Roman;;width:226.8pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-bottom:none windowtext 0pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-bottom:none windowtext 0pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td></tr><tr><td style="margin:0;padding:0;border:none;width:19.6pt;" /><td style="margin:0;padding:0;border:none;width:63.8pt;" /><td style="margin:0;padding:0;border:none;width:54.9pt;" /><td style="margin:0;padding:0;border:none;width:54.95pt;" /><td style="margin:0;padding:0;border:none;width:54.9pt;" /><td style="margin:0;padding:0;border:none;width:54.95pt;" /><td style="margin:0;padding:0;border:none;width:184.25pt;" /><td style="margin:0;padding:0;border:none;width:42.55pt;" /></tr></table><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">(1)<!--Exclude empty div-->&#160;The notional amount reduces by $120,000 on a quarterly basis up until the expiration of the interest rate swap.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">(2)<!--Exclude empty div-->&#160;The notional amount reduces by $187,500 on a quarterly basis up until the expiration of the interest rate swap.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">(3)<!--Exclude empty div-->&#160;The notional amount reduces by $120,792 on a quarterly basis up until the expiration of the interest rate swap.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">(4)<!--Exclude empty div-->&#160;The notional amount reduces by $120,115 on a quarterly basis up until the expiration of the interest rate swap.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">(5)<!--Exclude empty div-->&#160;The notional amount reduces by $93,750 on a quarterly basis up until the expiration of the interest rate swap.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">The estimated net amount of cash flow hedge losses at September 30, 2012 that is estimated to be reclassified into statement of operations within the next twelve months is $0.3 million.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></div> <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><b><font color="#000000">8. Long-Term Debt<!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div--><!--Exclude empty p--></p><table cellspacing="0" style="vertical-align:top;font-family:Times New Roman;;border-collapse:collapse;margin-left:0pt;"><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:189.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><b>Debt<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:137.55pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">December 31 , 2011<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:151.75pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">September 30, 2012<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:189.5pt;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Current portion of long-term debt<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:137.55pt;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">$32,189,000<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:151.75pt;border-top:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">$203,882,125<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:189.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;">Long-term debt<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:137.55pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">169,096,000<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:151.75pt;vertical-align:bottom;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;">-<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=""><td style="vertical-align:top;font-family:Times New Roman;;width:189.5pt;border-top:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;"><b>Total long-term debt<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:137.55pt;border-top:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>$201,285,000<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:151.75pt;border-top:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;border-top:solid windowtext 1.5pt;border-bottom:solid windowtext 1.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:right;"><b>$203,882,125<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr><td style="margin:0;padding:0;border:none;width:172.05pt;" /><td style="margin:0;padding:0;border:none;width:129.1pt;" /><td style="margin:0;padding:0;border:none;width:141.65pt;" /></tr></table><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><font color="#000000">Details of the loan and credit facilities as of December 31, 2011 are discussed in Note 12 of the Company&#8217;s consolidated financial statements <!--Exclude empty div--></font>for the year ended December 31, 2011<!--Exclude empty div--><font color="#000000">&#160;included in <!--Exclude empty div--></font>the Company&#8217;s Annual Report<!--Exclude empty div--><font color="#000000">.<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;line-height:10pt;text-align:justify;text-justify:inter-ideograph;">The loan facilities are secured by first-priority mortgage over the Company&#8217;s vessels.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><b><font color="#000000"><br clear="all" style="page-break-before:always" /><!--Exclude empty div--></font></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">As of September&#160;30, 2012 the Company was not in compliance with several financial and security coverage ratio covenants. The Company agreed with four of its lenders, subject to certain conditions, and is currently in negotiations with its other three lenders, to obtain waivers or to restructure the affected debt as discussed below:<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><b><i>(a) <!--Exclude empty div--></i></b><b><i>Commerzbank AG (Loan agreement dated August 12, 2011)<!--Exclude empty div--></i></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">As of September 30, 2012, the Company was not in compliance with the following covenants:<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">&#8226;<!--Exclude empty div-->&#160;<!--Exclude empty div-->Minimum market value adjusted net worth of the group.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">&#8226;<!--Exclude empty div-->&#160;<!--Exclude empty div-->Minimum aggregate fair market value of mortgaged vessels to outstanding loan ratio.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">The Company is currently in negotiations with Commerzbank AG to obtain waivers or to restructure the respective loan agreement.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><b><i>(b) <!--Exclude empty div--></i></b><b><i>Unicredit Bank AG (Loan agreement dated November 19, 2007)<!--Exclude empty div--></i></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">As of September 30, 2012, the Company was not in compliance with the following covenants:<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">&#8226;<!--Exclude empty div-->&#160;<!--Exclude empty div-->Maximum total liabilities to EBITDA ratio.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">&#8226;<!--Exclude empty div-->&#160;<!--Exclude empty div-->Minimum aggregate fair market value of mortgaged vessels to outstanding loan ratio.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">On November 30, 2012, the Company entered into a loan supplemental agreement and agreed, subject to several conditions discussed at the end of this note, to amended terms with Unicredit Bank AG, as described below:<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">&#8226;<!--Exclude empty div-->&#160;<!--Exclude empty div-->To defer a portion of eight of its scheduled quarterly installments. After exercising the deferral option, the outstanding loan amount as of September 30, 2012, of $26.087 million will be repaid in 8 consecutive quarterly installments of $0.500 million, followed by 8 consecutive quarterly installments of $1.356 million, plus a balloon repayment of $11.243 million payable simultaneously with the final installment in the third quarter of 2016.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">&#8226;<!--Exclude empty div-->&#160;<!--Exclude empty div-->The loan bears interest at LIBOR plus a margin, which, from November 30, 2012 (the date of the supplemental agreement), will increase from 2.25% to (i) 2.75% on the outstanding amount of the loan, less any amounts that are deferred, and (ii) 5.00% on the amounts of the loan that have been deferred.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">&#8226;<!--Exclude empty div-->&#160;<!--Exclude empty div-->The ratio of total liabilities to EBITDA is waived from September 30, 2012, until December 31, 2013, inclusive.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">&#8226;<!--Exclude empty div-->&#160;<!--Exclude empty div-->The minimum requirement of market value adjusted net worth of the group is waived from September 30, 2012, until December 31, 2013, inclusive.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">&#8226;<!--Exclude empty div-->&#160;<!--Exclude empty div-->The leverage ratio is waived from September 30, 2012, until December 31, 2013, inclusive.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">&#8226;<!--Exclude empty div-->&#160;<!--Exclude empty div-->The aggregate fair market value of mortgaged vessels to outstanding loan ratio is waived from September 30, 2012, until December 31, 2013, inclusive.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">Based on the supplemental agreement dated November 30, 2012, and subject to the conditions described at the end of this note, the bank waived the breach of the maximum total liabilities to EBITDA ratio and the breach of the minimum aggregate fair market value of mortgaged vessels to outstanding loan ratio that were outstanding as of September 30, 2012.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><br clear="all" style="page-break-before:always" /><!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><b><i>(c) <!--Exclude empty div--></i></b><b><i>Bank of Scotland Plc (Loan agreement dated December 4, 2007)<!--Exclude empty div--></i></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">As of September 30, 2012, the Company was not in compliance with the following covenants:<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">&#8226;<!--Exclude empty div-->&#160;<!--Exclude empty div-->Maximum leverage ratio.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">&#8226;<!--Exclude empty div-->&#160;<!--Exclude empty div-->Minimum working capital.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">&#8226;<!--Exclude empty div-->&#160;<!--Exclude empty div-->Minimum aggregate fair market value of mortgaged vessels to outstanding loan ratio.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">On November 30, 2012, the Company entered into a second amending and restating agreement and agreed, subject to several conditions discussed at the end of this note, to amended terms with Bank of Scotland Plc. As of September 30, 2012, the outstanding loan amount of the respective facility was $42.1 million.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">The terms and conditions of the second amending and restating loan agreement, subject to the conditions described at the end of this note, are as follows:<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">&#8226;<!--Exclude empty div-->&#160;<!--Exclude empty div-->An extension of the facility to July 2015.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">&#8226;<!--Exclude empty div-->&#160;<!--Exclude empty div-->The Company has agreed to an advance payment of $2.840 million in full and final settlement of the portion of the loan of one of the syndicate members equal to $4.733 million. The advance payment of $2.840 million was executed on December 10, 2012. The effect of the settlement will be accounted for in the fourth quarter of 2012.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">&#8226;<!--Exclude empty div-->&#160;<!--Exclude empty div-->After the agreed advance payment of $2.840 million and the full and final settlement of the portion of the loan of $4.733 million, the outstanding $37.367 million is required to be repaid in 7 consecutive quarterly installments of $0.750 million commencing from December 9, 2012, followed by 4 consecutive quarterly installments of $1.000 million, plus a balloon repayment of $28.117 million payable on July 9, 2015.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">&#8226;<!--Exclude empty div-->&#160;<!--Exclude empty div-->The loan bears interest at LIBOR, plus a margin of 2.75%.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">&#8226;<!--Exclude empty div-->&#160;<!--Exclude empty div-->The Company shall maintain at all times with the lender, cash equivalents in an amount of no less than $0.5 million per mortgaged vessel.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">&#8226;<!--Exclude empty div-->&#160;<!--Exclude empty div-->The Company shall maintain at all times liquid assets of no less than $0.5 million per vessel.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">&#8226;<!--Exclude empty div-->&#160;<!--Exclude empty div-->The leverage ratio shall not be greater than 0.80:1.00 until December 31, 2014 and 0.75:1.00 thereafter.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">&#8226;<!--Exclude empty div-->&#160;<!--Exclude empty div-->The minimum requirement of market value adjusted net worth of the group shall not be less than $75.0 million.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">&#8226;<!--Exclude empty div-->&#160;<!--Exclude empty div-->The aggregate fair market value of the mortgaged vessels shall exceed 65% of the outstanding loan from March 31, 2013 until September 30, 2013, 70% until December 31, 2013, 85% until June 30, 2014, 95% until December 31, 2014 and 100% thereafter.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">Based on the second amending and restating agreement dated November 30, 2012, and subject to the conditions described at the end of this note, the bank waived the breach of the maximum leverage ratio, the breach of the minimum working capital and the breach of the minimum aggregate fair market value of mortgaged vessels to outstanding loan ratio that were outstanding as of September 30, 2012.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><br clear="all" style="page-break-before:always" /><!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><b><i>(d) <!--Exclude empty div--></i></b><b><i>Bank of Ireland (Loan agreement dated March 30, 2009)<!--Exclude empty div--></i></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">As of September 30, 2012, the Company was not in compliance with the following covenants:<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">&#8226;<!--Exclude empty div-->&#160;<!--Exclude empty div-->Maximum aggregate financial indebtedness to EBITDA ratio.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">&#8226;<!--Exclude empty div-->&#160;<!--Exclude empty div-->Minimum aggregate fair market value of mortgaged vessels to outstanding loan ratio.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">On November 28, 2012, the Company entered into a loan supplemental agreement and agreed, subject to several conditions discussed at the end of this note, to amended terms with Bank of Ireland, as discussed below:<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">&#8226;<!--Exclude empty div-->&#160;<!--Exclude empty div-->To extend the respective loan agreement from the second quarter of 2014 to the second quarter of 2017. The outstanding loan amount as of September 30, 2012, of $15.150 million is required to be repaid in 7 consecutive quarterly installments of $0.350 million, followed by 12 consecutive quarterly installments of $1.000 million, plus a balloon repayment of $0.700 million payable simultaneously with the f<!--Exclude empty div-->inal installment <!--Exclude empty div-->in the second quarter of 2017.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">&#8226;<!--Exclude empty div-->&#160;<!--Exclude empty div-->The loan bears interest at LIBOR, plus a margin of 2.50%.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">&#8226;<!--Exclude empty div-->&#160;<!--Exclude empty div-->The Company shall maintain at all times with the lender, cash equivalents in an amount of no less than $750,000.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">&#8226;<!--Exclude empty div-->&#160;<!--Exclude empty div-->The ratio of the aggregate financial indebtedness to EBITDA is waived until December 31, 2014 and thereafter, shall not be greater than 5.0:1.0.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">&#8226;<!--Exclude empty div-->&#160;<!--Exclude empty div-->The minimum requirement of market value adjusted net worth of the group is waived until December 31, 2014 and thereafter, shall not be less than $50.0 million.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">&#8226;<!--Exclude empty div-->&#160;<!--Exclude empty div-->The leverage ratio is waived until December 31, 2014 and thereafter, shall not be greater than 0.8:1.0.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">&#8226;<!--Exclude empty div-->&#160;<!--Exclude empty div-->The aggregate fair market value of mortgaged vessels to outstanding loan ratio is waived until December 31, 2014 and thereafter, shall exceed 110%.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">Based on the supplemental agreement dated November 28, 2012, and subject to the conditions described at the end of this note, the bank waived the breach of the maximum aggregate financial indebtedness to EBITDA ratio and the breach of the minimum aggregate fair market value of mortgaged vessels to outstanding loan ratio that were outstanding as of September 30, 2012.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><b><i>(e) <!--Exclude empty div--></i></b><b><i>HSH Nordbank AG (Loan agreement dated July 31, 2008)<!--Exclude empty div--></i></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">As of September 30, 2012, the Company was not in compliance with the following covenant:<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">&#8226;<!--Exclude empty div-->&#160;<!--Exclude empty div-->Minimum market value adjusted net worth of the group.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">The Company is currently in negotiations with HSH Nordbank AG to obtain waivers or to restructure the respective loan agreement.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><br clear="all" style="page-break-before:always" /><!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><b><i>(f) <!--Exclude empty div--></i></b><b><i>HSBC Bank Plc (Loan agreement dated July 2, 2010)<!--Exclude empty div--></i></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">As of September 30, 2012, the Company was not in compliance with the following covenant:<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">&#8226;<!--Exclude empty div-->&#160;<!--Exclude empty div-->Minimum aggregate fair market value of mortgaged vessels to outstanding loan ratio<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">On November 30, 2012, the Company entered into a loan supplemental agreement and agreed, subject to several conditions discussed at the end of this note, to amended terms with HSBC Bank Plc effective as from November 30, 2012, as discussed below:<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">&#8226;<!--Exclude empty div-->&#160;<!--Exclude empty div-->From November 30, 2012 (the date of the supplemental agreement) until December 31, 2013, the margin will increase from 2.60% to 3.00%, and thereafter, decrease back to 2.60% until the final maturity.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">&#8226;<!--Exclude empty div-->&#160;<!--Exclude empty div-->The ratio of the total liabilities to EBITDA is waived until December 31, 2013 and thereafter, shall not exceed 7.0:1.0.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">&#8226;<!--Exclude empty div-->&#160;<!--Exclude empty div-->The ratio of EBITDA to interest expense is waived until December 31, 2013 and thereafter, shall not be less than 2.5:1.0.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">&#8226;<!--Exclude empty div-->&#160;<!--Exclude empty div-->The minimum requirement of market value adjusted net worth of the group shall be at least $50.0 million until December 31, 2013 and $100.0 million thereafter.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">&#8226;<!--Exclude empty div-->&#160;<!--Exclude empty div-->The ratio of total liabilities to value adjusted total assets is waived until December 31, 2013 and thereafter, shall not be greater than 0.8:1.0.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">&#8226;<!--Exclude empty div-->&#160;<!--Exclude empty div-->The aggregate fair market value of mortgaged vessels shall exceed 105% of the outstanding loan ratio until December 31, 2013, 110% until December 31, 2014 and 120% thereafter.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">Based on the supplemental agreement dated November 30, 2012, and subject to the conditions described at the end of this note, the bank waived the breach of the minimum aggregate fair market value of mortgaged vessels to outstanding loan ratio that was outstanding as of September 30, 2012.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><b><i>(g) <!--Exclude empty div--></i></b><b><i>Nordea Bank Finland Plc (Loan agreement dated May 5, 2011)<!--Exclude empty div--></i></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">As of September 30, 2012, the Company was not in compliance with the following covenants:<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">&#8226;<!--Exclude empty div-->&#160;<!--Exclude empty div-->Maximum aggregate financial indebtedness to EBITDA ratio.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">&#8226;<!--Exclude empty div-->&#160;<!--Exclude empty div-->Minimum working capital.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">The Company is currently in negotiations with Nordea Bank Finland Plc to obtain waivers or to restructure the respective loan agreement.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">In addition, due to the delay in the delivery of Hull no. 625 (refer to Note 5), the vessel is now expected to be delivered after the availability period of the respective syndicated secured facility. The Company is currently in discussions with its lenders on extending the availability period.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">All the above mentioned agreements that have been entered into subsequent to September 30, 2012, are subject to a number of conditions, including:<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">&#8226;<!--Exclude empty div-->&#160;<!--Exclude empty div-->All documentation to be satisfactory completed.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">&#8226;<!--Exclude empty div-->&#160;<!--Exclude empty div-->An equity increase of minimum $10.0 million within 90 days after the signing of the respective documentation.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">&#8226;<!--Exclude empty div-->&#160;<!--Exclude empty div-->All lenders agreeing to similar restructuring terms and granting similar waivers and terms.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">Therefore, until these conditions are met, the Company&#8217;s long-term debt and the associated restricted cash, deferred financing fees and interest rate swap liabilities, have been classified as current as of September 30, 2012.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></div> <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b>7. Investment in Equity Affiliate<!--Exclude empty div--></b><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">The following table is a reconciliation of the Company&#8217;s investment in equity affiliate as presented on the accompanying unaudited interim condensed consolidated balance sheet:<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><div align="center"><table cellspacing="0" style="vertical-align:top;font-family:Times New Roman;;border-collapse:collapse;margin-left:0pt;"><tr style=";height:14.15pt;"><td style="vertical-align:top;font-family:Times New Roman;;width:329.4pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b>Balance, December 31, 2011<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:95.4pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><b>$38,805,802<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:14.15pt;"><td style="vertical-align:top;font-family:Times New Roman;;width:329.4pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">Equity in net income of affiliate<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:95.4pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">1,896,839<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:14.15pt;"><td style="vertical-align:top;font-family:Times New Roman;;width:329.4pt;vertical-align:middle;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">Dividends received<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:95.4pt;vertical-align:middle;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">(2,956,250)<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:14.15pt;"><td style="vertical-align:top;font-family:Times New Roman;;width:329.4pt;vertical-align:middle;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">Dilution effect<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:95.4pt;vertical-align:middle;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">(2,943,720)<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:14.15pt;"><td style="vertical-align:top;font-family:Times New Roman;;width:329.4pt;vertical-align:middle;border-bottom:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">Impairment in investment in affiliate<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:95.4pt;vertical-align:middle;border-bottom:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">&#160;(14,349,546)<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:14.15pt;"><td style="vertical-align:top;font-family:Times New Roman;;width:329.4pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b>Balance, September 30, 2012<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:95.4pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><b>$20,453,125<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr><td style="margin:0;padding:0;border:none;width:329.4pt;" /><td style="margin:0;padding:0;border:none;width:95.4pt;" /></tr></table></div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">As of September 30, 2012, the Company owned 16.7% (refer to Note 4) of the outstanding common stock of Box Ships Inc. (NYSE: TEU) (&#8220;Box Ships&#8221;), a former wholly-owned subsidiary of the Company which successfully completed its initial public offering in April 2011. The investment in Box Ships is accounted for under the equity method and is separately reflected on Company&#8217;s unaudited interim condensed consolidated balance sheets (See Note 1, Note 5 and Note 9 of the Company&#8217;s consolidated <!--Exclude empty div--><font color="#000000">financial statements for the year ended December 31, 2011<!--Exclude empty div--></font>&#160;included in <!--Exclude empty div--><font color="#000000">the Company&#8217;s Annual Report<!--Exclude empty div--></font>)<!--Exclude empty div--><font color="#000000">.<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">The fair value of the investment in Box Ships Inc. based on the closing price of Box Ships&#8217; common share as of September 30, 2012, of $5.95, was $20.5 million. As of September 30, 2012, the Company considered the difference between the fair value and the book value of the investment in Box Ships as other than temporary and therefore the investment was impaired (refer to Note 10).<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">The loss on investment in affiliate of $17.3 million for the nine months ended September 30, 2012, consists of $2.9 million, relating to the dilution effect from the Company&#8217;s non-participation in the public offering of 4,285,715 common shares of Box Ships, which was completed on July 18, 2012, as well as $14.4 million, relating to the difference between the fair value and the book value of the Company&#8217;s investment in Box Ships as of September 30, 2012. <!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></div> <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b>6. Vessels, Net<!--Exclude empty div--></b><!--Exclude empty p--></p><table cellspacing="0" style="vertical-align:top;font-family:Times New Roman;;width:454.25pt;border-collapse:collapse;margin-left:0pt;"><tr style=";height:15pt;"><td style="vertical-align:top;font-family:Times New Roman;;width:198.45pt;white-space:nowrap;vertical-align:bottom;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:none windowtext 0pt;border-left:none windowtext 0pt;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:none windowtext 0pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:85.05pt;white-space:nowrap;vertical-align:bottom;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:none windowtext 0pt;border-left:none windowtext 0pt;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:none windowtext 0pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b><font color="#000000">Vessel<!--Exclude empty div--></font></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:85.05pt;white-space:nowrap;vertical-align:bottom;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:none windowtext 0pt;border-left:none windowtext 0pt;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:none windowtext 0pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b><font color="#000000">Accumulated<!--Exclude empty div--></font></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:85.7pt;white-space:nowrap;vertical-align:bottom;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:none windowtext 0pt;border-left:none windowtext 0pt;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:none windowtext 0pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b><font color="#000000">Net Book<!--Exclude empty div--></font></b><!--Exclude empty p--></p></td></tr><tr style=";height:15pt;"><td style="vertical-align:top;font-family:Times New Roman;;width:198.45pt;white-space:nowrap;vertical-align:bottom;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:85.05pt;white-space:nowrap;vertical-align:bottom;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b><font color="#000000">Cost<!--Exclude empty div--></font></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:85.05pt;white-space:nowrap;vertical-align:bottom;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b><font color="#000000">Depreciation<!--Exclude empty div--></font></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:85.7pt;white-space:nowrap;vertical-align:bottom;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b><font color="#000000">Value<!--Exclude empty div--></font></b><!--Exclude empty p--></p></td></tr><tr style=";height:15pt;"><td style="vertical-align:top;font-family:Times New Roman;;width:198.45pt;white-space:nowrap;vertical-align:bottom;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b>Balance December 31, 2011<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:85.05pt;white-space:nowrap;vertical-align:bottom;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b>$305,592,515<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:85.05pt;white-space:nowrap;vertical-align:bottom;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b>$(36,984,152)<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:85.7pt;white-space:nowrap;vertical-align:bottom;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b>$268,608,363<!--Exclude empty div--></b><!--Exclude empty p--></p></td></tr><tr style=";height:15pt;"><td style="vertical-align:top;font-family:Times New Roman;;width:198.45pt;white-space:nowrap;vertical-align:bottom;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-left:none windowtext 0pt;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">Newbuilding deliveries<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:85.05pt;white-space:nowrap;vertical-align:bottom;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-left:none windowtext 0pt;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">46,019,408<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:85.05pt;white-space:nowrap;vertical-align:bottom;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-left:none windowtext 0pt;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">-<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:85.7pt;white-space:nowrap;vertical-align:bottom;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-left:none windowtext 0pt;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">46,019,408<!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:15pt;"><td style="vertical-align:top;font-family:Times New Roman;;width:198.45pt;white-space:nowrap;vertical-align:bottom;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">Depreciation for the period<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:85.05pt;white-space:nowrap;vertical-align:bottom;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">-<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:85.05pt;white-space:nowrap;vertical-align:bottom;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">(12,212,686)<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:85.7pt;white-space:nowrap;vertical-align:bottom;border-right:none windowtext 0pt;border-bottom:none windowtext 0pt;border-left:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:none windowtext 0pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">(12,212,686)<!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:15pt;"><td style="vertical-align:top;font-family:Times New Roman;;width:198.45pt;white-space:nowrap;vertical-align:bottom;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b>Balance September 30, 2012<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:85.05pt;white-space:nowrap;vertical-align:bottom;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b>$351,611,923<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:85.05pt;white-space:nowrap;vertical-align:bottom;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-top:none windowtext 0pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b>$(49,196,838)<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:85.7pt;white-space:nowrap;vertical-align:bottom;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-top:solid windowtext 0.5pt;border-right:none windowtext 0pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0 0pt 0 0pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b>$302,415,085<!--Exclude empty div--></b><!--Exclude empty p--></p></td></tr><tr><td style="margin:0;padding:0;border:none;width:198.45pt;" /><td style="margin:0;padding:0;border:none;width:85.05pt;" /><td style="margin:0;padding:0;border:none;width:85.05pt;" /><td style="margin:0;padding:0;border:none;width:85.7pt;" /></tr></table><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">All vessels are first-priority mortgaged as collateral to the Company&#8217;s loan facilities.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></div> <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><b>5. Advances for Vessel Acquisitions and Vessels under Construction<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">Advances for vessels under construction relate to the installments paid that were due to the respective shipyard including capitalized expenses.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">As of December 31, 2011, the Company&#8217;s newbuilding program consisted of four Handysize drybulk vessels with expected delivery in 2012 and two 4,800 TEU containerships with expected delivery in the fourth quarter of 2013. Each contract provides for payment of one advance deposit and final payment on delivery of each vessel. An amount of $57.5 million and $3.6 million was paid to the shipyard in 2010 and 2011, respectively, representing the first installment which was financed from the Company&#8217;s own funds. On May 4 and on June 18, 2012, the Company took delivery of its first two Handysize drybulk vessels; the M/V Prosperous Seas and the M/V Precious Seas, respectively (refer to Note 6).<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">On September 24, 2012, the Company and the shipyard agreed to postpone the delivery dates of the Company&#8217;s remaining vessels under construction and to change the apportionment of the advances already paid among the vessels under construction. Under the amended shipbuilding contracts and based on the latest shipbuilding update from the shipyard, the remaining two Handysize drybulk vessels (Hull no. 612 and Hull no. 625) are expected to be delivered in the first and fourth quarters of 2013, respectively, and the two 4,800 TEU containerships (Hull no. 656 and Hull no. 657) are expected to be delivered in the second quarter of 2014.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">The decrease in Advances for vessel acquisitions and vessels under construction during the nine months ended September 30, 2012, is attributable to the acquisition of the M/V Prosperous Seas and M/V Precious Seas discussed above, partially offset by the payment of capitalized expenses relating to vessels under construction.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></div> <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b>4. Transactions with Related Parties<!--Exclude empty div--></b><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><font color="#000000">The following transactions with related parties occurred during the nine months ended September 30, 2011 and 2012.<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><b><i>(a)<!--Exclude empty div--></i></b><b><i>Granitis Glyfada Real Estate Ltd. ("Granitis") - Leasing:<!--Exclude empty div--></i></b>&#160;Rent expense under this lease amounted to $26,107 and $27,413 for the nine months ended September 30, 2011 and 2012, respectively, and is included in General and administrative expenses in the accompanying unaudited interim condensed consolidated statements of operations.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><b><i>(b)<!--Exclude empty div--></i></b><b><i>Allseas:<!--Exclude empty div--></i></b>&#160;The following amounts charged by Allseas are included in the accompanying unaudited interim condensed <!--Exclude empty div-->consolidated statements of operations: <!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><!--Exclude empty p--></p><div align="center"><table cellspacing="0" style="vertical-align:top;font-family:Times New Roman;;border-collapse:collapse;margin-left:0pt;"><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:232.2pt;border-top:none windowtext 0pt;border-right:solid windowtext 0.5pt;border-bottom:none windowtext 0pt;border-left:none windowtext 0pt;border-top:none windowtext 0pt;border-right:solid windowtext 0.5pt;border-bottom:none windowtext 0pt;border-left:none windowtext 0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p></td><td colspan="2" style="vertical-align:top;font-family:Times New Roman;;width:224.6pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>Nine Months Ended September 30,<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:232.2pt;border-top:none windowtext 0pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;border-top:none windowtext 0pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:none windowtext 0pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>2011<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>2012<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:232.2pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font color="#000000">Charter hire commissions<!--Exclude empty div--></font><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">$918,371<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">$480,707<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:232.2pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font color="#000000">Vessel sale &amp; purchase commissions<!--Exclude empty div--></font><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">1,951,028<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">-<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:232.2pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b><font color="#000000">Total Allseas commissions<!--Exclude empty div--></font></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><b>$2,869,399<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><b>$480,707<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:232.2pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:232.2pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b>Included in Vessel operating expenses<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:232.2pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font color="#000000">Superintendent fees<!--Exclude empty div--></font><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">$213,259<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">$277,559<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:232.2pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:232.2pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b>Included in Dry-docking expenses<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:232.2pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font color="#000000">Superintendent fees<!--Exclude empty div--></font><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">$81,622<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">$-<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:232.2pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:232.2pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b>Management fees - related party<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:232.2pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font color="#000000">Management fees<!--Exclude empty div--></font><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">$3,151,146<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">$2,496,622<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:232.2pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font color="#000000">Legal, accounting and finance fees<!--Exclude empty div--></font><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">390,257<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">492,898<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:232.2pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">Loretto agreement<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">248,416<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">-<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:232.2pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b>Total Management fees<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><b>$3,789,819<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;"><b>$2,989,520<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:232.2pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:232.2pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b>Included in General and administrative expenses<!--Exclude empty div--></b><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:232.2pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font color="#000000">Administrative fees<!--Exclude empty div--></font><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">$25,332<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">$26,422<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:232.2pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">Executive services agreement<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">$2,658,013<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:112.3pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">$2,412,021<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr><td style="margin:0;padding:0;border:none;width:224pt;" /><td style="margin:0;padding:0;border:none;width:109.4pt;" /><td style="margin:0;padding:0;border:none;width:109.4pt;" /></tr></table></div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">The following amounts charged by Allseas are capitalized and are included in vessels cost and advances for vessels under construction in the accompanying unaudited interim condensed consolidated balance sheets: Technical management and superintendent fees relating to newbuilding vessels, and vessel purchase commissions, which in the aggregate amounted to $0.7 million and $1.2 million for the nine months ended September 30, 2011 and 2012, respectively.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">Each month, the Company funds a payment to Allseas to cover working capital equal to one month of estimated operating expenses. At each balance sheet date, the excess of the amount funded to Allseas over payments made by Allseas for operating expenses is reflected as Due from related parties in the accompanying unaudited interim condensed consolidated balance sheets. As of December 31, 2011 and September 30, 2012, the amount due from Allseas was $6,155 and $1.7 million, respectively.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><b><i>(c)<!--Exclude empty div--></i></b><b><i>Crewcare Inc. (&#8220;Crewcare&#8221;) - Manning Agency Agreements:<!--Exclude empty div--></i></b>&#160;The expenses incurred amounted to $249,632 and $238,639 for the nine months ended September 30, 2011 and 2012, respectively, and are included in Vessel operating expenses. The balances due to Crewcare Inc. amounted to $903 and $0.5 million as of December 31, 2011 and September 30, 2012, respectively.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><br clear="all" style="page-break-before:always" /><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><b><i>(d)<!--Exclude empty div--></i></b><b><i>Box Ships Inc.:<!--Exclude empty div--></i></b>&#160;Box Ships Inc. was formed by the Company on May 19, 2010, to specialize in the container shipping industry. The Company paid on behalf of Box Ships for the pre-offering costs relating to the listing of Box Ships&#8217; shares on NYSE in April 2011, along with other minor operating expenses relating to the sale of vessels to Box Ships, discussed in Note 5 of the Company&#8217;s consolidated <!--Exclude empty div--><font color="#000000">financial statements for the year ended December 31, 2011<!--Exclude empty div--></font>&#160;included in <!--Exclude empty div--><font color="#000000">the Company&#8217;s Annual Report<!--Exclude empty div--></font>. As of December 31, 2011 and September 30, 2012, the Company held 21.1% and 16.7% of Box Ships&#8217; common stock, respectively. The decrease in the percentage of Box Ships&#8217; common stock held by the Company is due to the Company&#8217;s non-participation in the public offering of 4,285,715 common shares of Box Ships, which was completed on July 18, 2012 (refer to Note 7). The amount due from Box Ships as of December 31, 2011 was $0.9 million, which was fully repaid in July 2012 and is included in the accompanying unaudited interim condensed consolidated balance sheets.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">On May 27, 2011, the Company granted Box Ships an unsecured loan of $30.0 million. The loan is payable in one installment on the second anniversary of the Box Ships initial public offering (&#8220;IPO&#8221;). The loan may be prepaid in whole or in part at any time during the life of the facility. The loan bears interest at LIBOR plus a margin of 4%. In August 2011 and in November 2012, Box Ships prepaid an amount of $15.0 million and $1.0 million, respectively. For the nine months ended September 30, 2011 and 2012, interest charged on the respective loan amounted to $339,494 and $511,747, respectively.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></div> <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><b>2. <!--Exclude empty div--></b><b>Significant Accounting Policies<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">The same accounting policies have been followed in these unaudited interim condensed consolidated financial statements as were applied in the preparation of the Company&#8217;s financial statements for the year ended December 31, 2011. See Note 2 of the Company&#8217;s consolidated <!--Exclude empty div--><font color="#000000">financial statements for the year ended December 31, 2011<!--Exclude empty div--></font>&#160;included in <!--Exclude empty div--><font color="#000000">the Company&#8217;s Annual Report<!--Exclude empty div--></font><font color="#000000">.<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><font color="#000000">The Company has presented the gains or losses from the sale of bunkers to charterers under Voyage expenses in the statements of operations for the nine months ended September 30, 2012, whereas, in prior periods it was presented under Vessel operating expenses. In order to conform to the current year presentation, the Company has increased Voyage expenses and decreased Vessel operating expenses for the nine months period ended September 30, 2011, by $0.6 million, representing the gains or losses from the sale of bunkers to charterers and bunkers consumed during off-hire periods and while traveling to and from dry-docking. The reclassification had no impact on the Company&#8217;s results of operations for the period.<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><font color="#000000"><br clear="all" style="page-break-before:always" /><!--Exclude empty div--></font><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><b><i><font color="#000000">Recent Accounting Pronouncements: <!--Exclude empty div--></font></i></b><font color="#000000">There are no recent accounting pronouncements the adoption of which would have a material effect on the Company&#8217;s unaudited condensed consolidated financial statements in the current period or expected to have an impact on future periods.<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p></div> <div><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;"><b>1.&#160;Basis of Presentation and General Information<!--Exclude empty div--></b><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><b><i>Basis of Presentation:&#160;<!--Exclude empty div--></i></b>Paragon Shipping Inc. (&#8220;Paragon&#8221;) is a public company incorporated in the Republic of the Marshall Islands on April&#160;26, 2006 and is engaged in the ocean transportation of drybulk cargoes worldwide through the ownership and operation of drybulk carriers<!--Exclude empty div--><font color="#000000">.<!--Exclude empty div--></font>&#160;In December&#160;2006, Paragon established a branch in Greece under the provision of Law 89 of 1967, as amended.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;">The accompanying unaudited interim condensed consolidated financial statements include the accounts of Paragon Shipping Inc., and its wholly-owned subsidiaries (collectively the &#8220;Company&#8221;) as discussed below.<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div-->&#160;<!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><i><font color="#000000">Drybulk Vessel Owning Subsidiaries<!--Exclude empty div--></font></i><font color="#000000">:<!--Exclude empty div--></font><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:justify;text-justify:inter-ideograph;"><!--Exclude empty div--><!--Exclude empty p--></p><div align="center"><table cellspacing="0" style="vertical-align:top;font-family:Times New Roman;;width:500.05pt;border-collapse:collapse;margin-left:60.05pt;"><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:95.55pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>Vessel Owning Company<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.1pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>Date of<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>Incorporation<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:75.7pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>Country of<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>Incorporation<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:70.85pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>Vessel&#8217;s Name<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:70.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>Delivery Date<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:45.45pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>Built<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:45.5pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;"><b>DWT<!--Exclude empty div--></b><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:95.55pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">Trade Force Shipping S.A.<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.1pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">November 15, 2006<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:75.7pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Marshall Islands<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:70.85pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Deep Seas<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:70.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">December 2006<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:45.45pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">1999<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:45.5pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">72,891<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:95.55pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">Frontline Marine Co.<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.1pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">November 15, 2006<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:75.7pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Marshall Islands<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:70.85pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Calm Seas<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:70.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">December 2006<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:45.45pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">1999<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:45.5pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">74,047<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:95.55pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">Fairplay Maritime Ltd.<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.1pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">November 15, 2006<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:75.7pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Marshall Islands<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:70.85pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Kind Seas<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:70.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">December 2006<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:45.45pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">1999<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:45.5pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">72,493<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:95.55pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">Donna Marine<!--Exclude empty div-->&#160;<!--Exclude empty div--><!--Exclude empty p--></p><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">Co.<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.1pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">July 4, 2007 <!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:75.7pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Marshall Islands<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:70.85pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Pearl Seas<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:70.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">August 2007<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:45.45pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">2006<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:45.5pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">74,483<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:95.55pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">Protea International Inc.<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.1pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">July 17, 2007<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:75.7pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Liberia<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:70.85pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Sapphire Seas<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:70.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">August 2007<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:45.45pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">2005<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:45.5pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">53,702<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:95.55pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">Reading Navigation Co.<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.1pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">July 17, 2007<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:75.7pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Liberia<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:70.85pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Diamond Seas<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:70.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">September 2007<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:45.45pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">2001<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:45.5pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">74,274<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:95.55pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">Imperator I Maritime Company<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.1pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">September 27, 2007<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:75.7pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Marshall Islands<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:70.85pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Coral Seas<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:70.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">November 2007<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:45.45pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">2006<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:45.5pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:right;">74,477<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td></tr><tr style=";height:0;"><td style="vertical-align:top;font-family:Times New Roman;;width:95.55pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;">Canyon I Navigation Corp.<!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:96.1pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">September 27, 2007<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:75.7pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Marshall Islands<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:70.85pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;padding:0pt 5.4pt 0pt 5.4pt;"><p style="margin-left:0pt;margin-right:0pt;margin-top:0pt;margin-bottom:.0001pt;font-size:10.0pt;font-family:&quot;Times New Roman&quot;;text-align:center;">Golden Seas<!--Exclude empty div--><!--Exclude empty div--><!--Exclude empty p--></p></td><td style="vertical-align:top;font-family:Times New Roman;;width:70.9pt;vertical-align:middle;border-top:solid windowtext 0.5pt;border-right:solid windowtext 0.5pt;border-bottom:solid windowtext 0.5pt;border-left:solid windowtext 0.5pt;border-top:solid windowtext 0.5pt;border-right:s