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<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;font-weight:bold;margin-left:0px;">1</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">. </font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">General Information</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">The accompanying </font><font style="font-family:Calibri;font-size:11pt;">unaudited interim </font><font style="font-family:Calibri;font-size:11pt;">consolidated financial statements include the accounts of Diana Containerships Inc. (“DCI”) and its wholly-owned subsidiaries (collectively, the “Company”). Diana Containerships Inc. was incorporated on January 7, 2010 under the laws of </font><font style="font-family:Calibri;font-size:11pt;">the Republic of Marshall Islands </font><font style="font-family:Calibri;font-size:11pt;">for the purpose of engaging in any lawful act or activity under the Marshall Islands Business Corp</font><font style="font-family:Calibri;font-size:11pt;">orations Act. </font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">The accompanying unaudited interim consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, for interim financial information. Accordingly, they do not include all the information and notes required by U.S. GAAP for complete financial statements. </font><font style="font-family:Calibri;font-size:11pt;">These unaudited interim consolidated financial statements have been prepared on the same basis and should be read in conjunction with the financial statements for the year ended December 31, 2012 included in the Company's Annual Report on Form 20-F filed with the Securities and Exchange Commission on February 20, 2013</font><font style="font-family:Calibri;font-size:11pt;"> and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments considered necessary for a fair presentation of the Company's financial position, results of operations and cash flows for the periods presented. Operating results for the </font><font style="font-family:Calibri;font-size:11pt;">six months ended June 30, 2013</font><font style="font-family:Calibri;font-size:11pt;"> are not necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2013. </font><font style="font-family:Calibri;font-size:11pt;">A discussion of the Company's significant accountin</font><font style="font-family:Calibri;font-size:11pt;">g policies can be found in the audited c</font><font style="font-family:Calibri;font-size:11pt;">on</font><font style="font-family:Calibri;font-size:11pt;">solidated financial s</font><font style="font-family:Calibri;font-size:11pt;">tatements for the fis</font><font style="font-family:Calibri;font-size:11pt;">cal year ended December 31, 2012</font><font style="font-family:Calibri;font-size:11pt;">, as filed on Form 20-F on </font><font style="font-family:Calibri;font-size:11pt;">February 20, 2013</font><font style="font-family:Calibri;font-size:11pt;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">The consolidated balance sheet as of December 31, 2012 has been derived from the audited consolidated financial statements at that date, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">The Company </font><font style="font-family:Calibri;font-size:11pt;">is</font><font style="font-family:Calibri;font-size:11pt;"> engaged in the seaborne transportation industry through the ownership and operation of containerships and is the sole owner of all outstanding shares of the following subsidiaries</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">each</font><font style="font-family:Calibri;font-size:11pt;"> incorporated in the Marshall Islands:</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'></p><ul><li style="margin-left:18px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Likiep</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;"> Shipping Company Inc. 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(“</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Orangina</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">”),</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">owner of the Marshall Islands flag, 3,426 TEU capacity container vessel, “</font><font style="font-family:Calibri;font-size:11pt;">Centaurus</font><font style="font-family:Calibri;font-size:11pt;">”, which was built</font><font style="font-family:Calibri;font-size:11pt;"> and delivered on July 9, 2010</font><font style="font-family:Calibri;font-size:11pt;">.</font><p> </p></li><li style="margin-left:18px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Lemongina</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;"> Inc. (“</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Lemongina</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">”</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">)</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">,</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;"> </font><font style="font-family:Calibri;font-size:11pt;">owner of the Marshall Islands flag, 4,729 TEU ca</font><font style="font-family:Calibri;font-size:11pt;">pacity container vessel, “</font><font style="font-family:Calibri;font-size:11pt;">Apl</font><font style="font-family:Calibri;font-size:11pt;"> Garnet</font><font style="font-family:Calibri;font-size:11pt;">” (built in 199</font><font style="font-family:Calibri;font-size:11pt;">5</font><font style="font-family:Calibri;font-size:11pt;">), which was acquired on </font><font style="font-family:Calibri;font-size:11pt;">November</font><font style="font-family:Calibri;font-size:11pt;"> 1</font><font style="font-family:Calibri;font-size:11pt;">9</font><font style="font-family:Calibri;font-size:11pt;">, 2012.</font><p> </p></li><li style="margin-left:18px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Ralik </font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Shipping Company Inc.</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;"> (“Ralik”), </font><font style="font-family:Calibri;font-size:11pt;">owner of the Marshall Islands flag, </font><font style="font-family:Calibri;font-size:11pt;">4,206</font><font style="font-family:Calibri;font-size:11pt;"> TEU capacity container vessel, “</font><font style="font-family:Calibri;font-size:11pt;">Maersk Madrid</font><font 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vessel, “Maersk Malacca” </font><font style="font-family:Calibri;font-size:11pt;">(</font><font style="font-family:Calibri;font-size:11pt;">built</font><font style="font-family:Calibri;font-size:11pt;"> in 1990</font><font style="font-family:Calibri;font-size:11pt;">)</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">which was acquired </font><font style="font-family:Calibri;font-size:11pt;">on </font><font style="font-family:Calibri;font-size:11pt;">June 22</font><font style="font-family:Calibri;font-size:11pt;">, 2011 and sold on May 1, 2013 (Note 3</font><font style="font-family:Calibri;font-size:11pt;">)</font><font style="font-family:Calibri;font-size:11pt;">.</font><p> </p></li><li style="margin-left:18px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Ebon</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;"> </font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Shipping Company Inc.</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;"> (“</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Ebon</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">”), </font><font style="font-family:Calibri;font-size:11pt;">owner of the Marshall Islands flag, </font><font style="font-family:Calibri;font-size:11pt;">4,714</font><font style="font-family:Calibri;font-size:11pt;"> TEU capacity container vessel, “</font><font style="font-family:Calibri;font-size:11pt;">Maersk </font><font style="font-family:Calibri;font-size:11pt;">Merlion</font><font style="font-family:Calibri;font-size:11pt;">” </font><font style="font-family:Calibri;font-size:11pt;">(</font><font style="font-family:Calibri;font-size:11pt;">built </font><font style="font-family:Calibri;font-size:11pt;">in </font><font style="font-family:Calibri;font-size:11pt;">1990</font><font style="font-family:Calibri;font-size:11pt;">)</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">which was acquired </font><font style="font-family:Calibri;font-size:11pt;">on </font><font style="font-family:Calibri;font-size:11pt;">June </font><font style="font-family:Calibri;font-size:11pt;">17</font><font style="font-family:Calibri;font-size:11pt;">, 201</font><font style="font-family:Calibri;font-size:11pt;">1</font><font style="font-family:Calibri;font-size:11pt;"> and sold on May </font><font style="font-family:Calibri;font-size:11pt;">17, 2013 (Note 3</font><font style="font-family:Calibri;font-size:11pt;">)</font><font style="font-family:Calibri;font-size:11pt;">.</font><p> </p></li><li style="margin-left:18px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Mejit</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;"> Shipping Company Inc. (“</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Mejit</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">”), </font><font style="font-family:Calibri;font-size:11pt;">owner of the Marshall Islands flag, 4,7</font><font style="font-family:Calibri;font-size:11pt;">29</font><font style="font-family:Calibri;font-size:11pt;"> TEU capacity container </font><font style="font-family:Calibri;font-size:11pt;">vessel, “</font><font style="font-family:Calibri;font-size:11pt;">Apl</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">Sardonyx</font><font style="font-family:Calibri;font-size:11pt;">” (built in 199</font><font style="font-family:Calibri;font-size:11pt;">5</font><font style="font-family:Calibri;font-size:11pt;">), which was acquired on </font><font style="font-family:Calibri;font-size:11pt;">February</font><font style="font-family:Calibri;font-size:11pt;"> 17, 201</font><font style="font-family:Calibri;font-size:11pt;">2</font><font style="font-family:Calibri;font-size:11pt;">.</font><p><font style="font-family:Calibri;font-size:11pt;margin-left:18px;">       </font></p></li><li style="margin-left:18px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Micronesia Shipping Company Inc. (“Micronesia”), </font><font style="font-family:Calibri;font-size:11pt;">owner of the Marshall Islands flag, 4,729 TEU ca</font><font style="font-family:Calibri;font-size:11pt;">pacity container vessel, “</font><font style="font-family:Calibri;font-size:11pt;">Apl</font><font style="font-family:Calibri;font-size:11pt;"> Spinel</font><font style="font-family:Calibri;font-size:11pt;">” (built in 199</font><font style="font-family:Calibri;font-size:11pt;">6</font><font style="font-family:Calibri;font-size:11pt;">), which was acquired on </font><font style="font-family:Calibri;font-size:11pt;">March</font><font style="font-family:Calibri;font-size:11pt;"> 1, 2012.</font><p> </p></li><li style="margin-left:18px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Rongerik</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;"> Shipping Company Inc. (“</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Rongerik</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">”), </font><font style="font-family:Calibri;font-size:11pt;">owner of the Marshall Islands flag, </font><font style="font-family:Calibri;font-size:11pt;">3</font><font style="font-family:Calibri;font-size:11pt;">,7</font><font style="font-family:Calibri;font-size:11pt;">39</font><font style="font-family:Calibri;font-size:11pt;"> TEU capacity container vessel, “</font><font style="font-family:Calibri;font-size:11pt;">Cap San Marco</font><font style="font-family:Calibri;font-size:11pt;">” </font><font style="font-family:Calibri;font-size:11pt;">(</font><font style="font-family:Calibri;font-size:11pt;">built in </font><font style="font-family:Calibri;font-size:11pt;">2001</font><font style="font-family:Calibri;font-size:11pt;">),</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">which </font><font style="font-family:Calibri;font-size:11pt;">was </font><font style="font-family:Calibri;font-size:11pt;">acquired </font><font style="font-family:Calibri;font-size:11pt;">on</font><font style="font-family:Calibri;font-size:11pt;"> February </font><font style="font-family:Calibri;font-size:11pt;">6</font><font style="font-family:Calibri;font-size:11pt;">, </font><font style="font-family:Calibri;font-size:11pt;">2012.</font><font style="font-family:Calibri;font-size:11pt;"> In August 2012, the vessel was</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">renamed to “Cap Domingo”.</font><p><font style="font-family:Calibri;font-size:11pt;margin-left:18px;">       </font><font style="font-family:Calibri;font-size:11pt;">       </font></p></li><li style="margin-left:18px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Utirik</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;"> Shipping Company Inc. (“</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Utirik</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">”), </font><font style="font-family:Calibri;font-size:11pt;">owner of the Marshall Islands flag, </font><font style="font-family:Calibri;font-size:11pt;">3,739 TEU capacity container vessel, “Cap San Raphael”</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">(</font><font style="font-family:Calibri;font-size:11pt;">built in 2002</font><font style="font-family:Calibri;font-size:11pt;">),</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">which </font><font style="font-family:Calibri;font-size:11pt;">was </font><font style="font-family:Calibri;font-size:11pt;">acquired on February </font><font style="font-family:Calibri;font-size:11pt;">6</font><font style="font-family:Calibri;font-size:11pt;">, 2012</font><font style="font-family:Calibri;font-size:11pt;">.</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">In </font><font style="font-family:Calibri;font-size:11pt;">September</font><font style="font-family:Calibri;font-size:11pt;"> 2012</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> the vessel was renamed to “Cap </font><font style="font-family:Calibri;font-size:11pt;">Doukato</font><font style="font-family:Calibri;font-size:11pt;">”.</font><p> </p></li><li style="margin-left:18px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Nauru Shipping Company Inc. (“Nauru”), </font><font style="font-family:Calibri;font-size:11pt;">owner of the Marshall Islands flag, 4,024 TEU capacity container vessel, “</font><font style="font-family:Calibri;font-size:11pt;">Hanjin</font><font style="font-family:Calibri;font-size:11pt;"> Malta” (built in 1993), which </font><font style="font-family:Calibri;font-size:11pt;">was acquired on </font><font style="font-family:Calibri;font-size:11pt;">March</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">15, 2013 (Note 3).</font><p> </p></li><li style="margin-left:18px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Eluk</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;"> Shipping Company Inc.</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;"> (“</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Eluk</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">”</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">),</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;"> </font><font style="font-family:Calibri;font-size:11pt;">was </font><font style="font-family:Calibri;font-size:11pt;">established for the purpose of acquiring container vessels. In May 2013, </font><font style="font-family:Calibri;font-size:11pt;">Eluk</font><font style="font-family:Calibri;font-size:11pt;"> entered into a loan agreement with Diana Shipping Inc., discussed in Note 2</font><font style="font-family:Calibri;font-size:11pt;">. As at June 30, 2013, </font><font style="font-family:Calibri;font-size:11pt;">Eluk</font><font style="font-family:Calibri;font-size:11pt;"> did not own any vessel.</font><p> </p></li><li style="margin-left:18px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Unitized Ocean Transport Limited (</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">the “Manager” or </font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">“UOT”),</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">was established </font><font style="font-family:Calibri;font-size:11pt;">for the purpose of</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">provid</font><font style="font-family:Calibri;font-size:11pt;">ing</font><font style="font-family:Calibri;font-size:11pt;"> the Company and its vessels with management </font><font style="font-family:Calibri;font-size:11pt;">and administrative </font><font style="font-family:Calibri;font-size:11pt;">services</font><font style="font-family:Calibri;font-size:11pt;">, effective March 1, 2013</font><font style="font-family:Calibri;font-size:11pt;">. P</font><font style="font-family:Calibri;font-size:11pt;">ursuant </font><font style="font-family:Calibri;font-size:11pt;">to </font><font style="font-family:Calibri;font-size:11pt;">the </font><font style="font-family:Calibri;font-size:11pt;">m</font><font style="font-family:Calibri;font-size:11pt;">anagement agreement</font><font style="font-family:Calibri;font-size:11pt;">s</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">UOT receives a</font><font style="font-family:Calibri;font-size:11pt;"> fixed</font><font style="font-family:Calibri;font-size:11pt;"> commission of 2% on the gross charter hire and freight earned by each vessel,</font><font style="font-family:Calibri;font-size:11pt;"> a technical management fee of </font><font style="font-family:Calibri;font-size:11pt;">$15 per vessel </font><font style="font-family:Calibri;font-size:11pt;">per month </font><font style="font-family:Calibri;font-size:11pt;">for employed vessels</font><font style="font-family:Calibri;font-size:11pt;"> and</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">will receive </font><font style="font-family:Calibri;font-size:11pt;">$8</font><font style="font-family:Calibri;font-size:11pt;"> per vessel </font><font style="font-family:Calibri;font-size:11pt;">per month for laid-</font><font style="font-family:Calibri;font-size:11pt;">up vessels</font><font style="font-family:Calibri;font-size:11pt;">, if any.</font><font style="font-family:Calibri;font-size:11pt;"> In addition,</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">pursuant </font><font style="font-family:Calibri;font-size:11pt;">to the administrative agreement,</font><font style="font-family:Calibri;font-size:11pt;"> UOT receives </font><font style="font-family:Calibri;font-size:11pt;">a fixed monthly fee of $10</font><font style="font-family:Calibri;font-size:11pt;">. </font><font style="font-family:Calibri;font-size:11pt;">Since March 1, 2013 t</font><font style="font-family:Calibri;font-size:11pt;">he management and administrative </font><font style="font-family:Calibri;font-size:11pt;">fees</font><font style="font-family:Calibri;font-size:11pt;"> payable to UOT</font><font style="font-family:Calibri;font-size:11pt;"> are eliminated in consolidation as intercompany transactions.</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">Similar fees</font><font style="font-family:Calibri;font-size:11pt;"> for the period January 1, 2013 to February 28, 2</font><font style="font-family:Calibri;font-size:11pt;">013 were payab</font><font style="font-family:Calibri;font-size:11pt;">le to Diana Shipping Services S.A</font><font style="font-family:Calibri;font-size:11pt;">.</font><font style="font-family:Calibri;font-size:11pt;"> and are reflected in M</font><font style="font-family:Calibri;font-size:11pt;">anagement fees and </font><font style="font-family:Calibri;font-size:11pt;">in </font><font style="font-family:Calibri;font-size:11pt;">V</font><font style="font-family:Calibri;font-size:11pt;">oyage expenses </font><font style="font-family:Calibri;font-size:11pt;">in the accompanying unaudited interim </font><font style="font-family:Calibri;font-size:11pt;">consolidated </font><font style="font-family:Calibri;font-size:11pt;">statements of operations </font><font style="font-family:Calibri;font-size:11pt;">(Note 2).</font></li></ul><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">During</font><font style="font-family:Calibri;font-size:11pt;"> the</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">six months ended June 30</font><font style="font-family:Calibri;font-size:11pt;">, 2013 and</font><font style="font-family:Calibri;font-size:11pt;"> 2012</font><font style="font-family:Calibri;font-size:11pt;">, </font><font style="font-family:Calibri;font-size:11pt;">charterers </font><font style="font-family:Calibri;font-size:11pt;">that </font><font style="font-family:Calibri;font-size:11pt;">accounted for more than 10% of the Company's revenues </font><font style="font-family:Calibri;font-size:11pt;">were </font><font style="font-family:Calibri;font-size:11pt;">as follows:</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 20px"><td style="width: 314px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:314px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Charterer</font></td><td style="width: 12px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:96px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2013</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:96px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2012</font></td></tr><tr style="height: 20px"><td style="width: 314px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:314px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">A</font></td><td style="width: 12px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:96px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">29%</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:96px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">49%</font></td></tr><tr style="height: 20px"><td style="width: 314px; text-align:left;border-color:#000000;min-width:314px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">B</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; text-align:right;border-color:#000000;min-width:96px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">23%</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; text-align:right;border-color:#000000;min-width:96px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">21%</font></td></tr><tr style="height: 20px"><td style="width: 314px; text-align:left;border-color:#000000;min-width:314px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">C</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; text-align:right;border-color:#000000;min-width:96px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; text-align:right;border-color:#000000;min-width:96px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">11%</font></td></tr><tr style="height: 20px"><td style="width: 314px; text-align:left;border-color:#000000;min-width:314px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">D</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; text-align:right;border-color:#000000;min-width:96px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; text-align:right;border-color:#000000;min-width:96px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">19%</font></td></tr><tr style="height: 20px"><td style="width: 314px; text-align:left;border-color:#000000;min-width:314px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">E</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; text-align:right;border-color:#000000;min-width:96px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">38%</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; text-align:right;border-color:#000000;min-width:96px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td></tr></table></div>
the Republic of Marshall Islands
<div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 20px"><td style="width: 314px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:314px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Charterer</font></td><td style="width: 12px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:96px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2013</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:96px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2012</font></td></tr><tr style="height: 20px"><td style="width: 314px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:314px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">A</font></td><td style="width: 12px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:96px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">29%</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:96px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">49%</font></td></tr><tr style="height: 20px"><td style="width: 314px; text-align:left;border-color:#000000;min-width:314px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">B</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; text-align:right;border-color:#000000;min-width:96px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">23%</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; text-align:right;border-color:#000000;min-width:96px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">21%</font></td></tr><tr style="height: 20px"><td style="width: 314px; text-align:left;border-color:#000000;min-width:314px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">C</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; text-align:right;border-color:#000000;min-width:96px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; text-align:right;border-color:#000000;min-width:96px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">11%</font></td></tr><tr style="height: 20px"><td style="width: 314px; text-align:left;border-color:#000000;min-width:314px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">D</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; text-align:right;border-color:#000000;min-width:96px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; text-align:right;border-color:#000000;min-width:96px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">19%</font></td></tr><tr style="height: 20px"><td style="width: 314px; text-align:left;border-color:#000000;min-width:314px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">E</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; text-align:right;border-color:#000000;min-width:96px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">38%</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 96px; text-align:right;border-color:#000000;min-width:96px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td></tr></table></div>
2010-01-07
0.29
0.23
0.49
0.19
0.10
0.10
0.21
0.11
0.38
3426
3426
4206
4714
4714
4729
4729
3739
3739
4729
4024
0.02
15000
8000
10000
<p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;font-weight:bold;margin-left:0px;">2</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">.</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;"> </font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">T</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">ransactions with </font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">Related Parties</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'></p><ul><li style="margin-left:39.3px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Diana Shipping </font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Services</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;"> S.A. (“DS</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">S</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">”</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;"> </font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">):</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">DSS</font><font style="font-family:Calibri;font-size:11pt;">, a wholly owned subsidiary o</font><font style="font-family:Calibri;font-size:11pt;">f </font><font style="font-family:Calibri;font-size:11pt;">Diana Shipping Inc.</font><font style="font-family:Calibri;font-size:11pt;">, </font><font style="font-family:Calibri;font-size:11pt;">one of the </font><font style="font-family:Calibri;font-size:11pt;"> Company's </font><font style="font-family:Calibri;font-size:11pt;">major</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">shareholder</font><font style="font-family:Calibri;font-size:11pt;">s</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">was acting as the Company's Manager up to March 1, 2013 and provided </font><font style="font-family:Calibri;font-size:11pt;"> (</font><font style="font-family:Calibri;font-size:11pt;">i</font><font style="font-family:Calibri;font-size:11pt;">)</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">administrative services under an Administrative Service</font><font style="font-family:Calibri;font-size:11pt;">s Agreement</font><font style="font-family:Calibri;font-size:11pt;">, for a monthly fee of $10</font><font style="font-family:Calibri;font-size:11pt;">; (ii) brokerage services</font><font style="font-family:Calibri;font-size:11pt;"> pursuant to a Broker Services Agreement </font><font style="font-family:Calibri;font-size:11pt;">that </font><font style="font-family:Calibri;font-size:11pt;">DSS has entered into with Diana Enterprises Inc.</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">a related party controlled by the Company's Chief Executive Officer and Chairman </font><font style="font-family:Calibri;font-size:11pt;">Mr.</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">Symeon</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">Palios</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">for annual fees of $1,040</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">until </font><font style="font-family:Calibri;font-size:11pt;">the completion of the public offering on </font><font style="font-family:Calibri;font-size:11pt;">June 15, 2011</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">and </font><font style="font-family:Calibri;font-size:11pt;">$1,300 </font><font style="font-family:Calibri;font-size:11pt;">thereafter</font><font style="font-family:Calibri;font-size:11pt;">;</font><font style="font-family:Calibri;font-size:11pt;"> (iii) </font><font style="font-family:Calibri;font-size:11pt;">commercial and technical services pursuant to </font><font style="font-family:Calibri;font-size:11pt;">Vessel Management Agreements</font><font style="font-family:Calibri;font-size:11pt;">, signed between each </font><font style="font-family:Calibri;font-size:11pt;">shipowning</font><font style="font-family:Calibri;font-size:11pt;"> company and DSS,</font><font style="font-family:Calibri;font-size:11pt;"> under which </font><font style="font-family:Calibri;font-size:11pt;">the Company </font><font style="font-family:Calibri;font-size:11pt;">paid</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">a commission of 1% of the gross </font><font style="font-family:Calibri;font-size:11pt;">charterhire</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">or</font><font style="font-family:Calibri;font-size:11pt;"> freight earned by </font><font style="font-family:Calibri;font-size:11pt;">each </font><font style="font-family:Calibri;font-size:11pt;">vessel and a technical management fee of $15 per vessel per month for employed vessels and $20 per vessel per month for laid-up vessels.</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;"> On March 1, 2013, and in relation with the </font><font style="font-family:Calibri;font-size:11pt;">appointment</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">of </font><font style="font-family:Calibri;font-size:11pt;">UOT to act as Manager (Note</font><font style="font-family:Calibri;font-size:11pt;"> 1)</font><font style="font-family:Calibri;font-size:11pt;">, the agreements with DSS were terminated.</font></li></ul><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">For </font><font style="font-family:Calibri;font-size:11pt;">the</font><font style="font-family:Calibri;font-size:11pt;"> six months ended June 30, 2013 and</font><font style="font-family:Calibri;font-size:11pt;"> 2012</font><font style="font-family:Calibri;font-size:11pt;">, </font><font style="font-family:Calibri;font-size:11pt;">DSS </font><font style="font-family:Calibri;font-size:11pt;">charged the C</font><font style="font-family:Calibri;font-size:11pt;">ompany</font><font style="font-family:Calibri;font-size:11pt;"> the following amounts for (</font><font style="font-family:Calibri;font-size:11pt;">i</font><font style="font-family:Calibri;font-size:11pt;">) </font><font style="font-family:Calibri;font-size:11pt;">management fees</font><font style="font-family:Calibri;font-size:11pt;"> and commissions</font><font style="font-family:Calibri;font-size:11pt;"> under the Vess</font><font style="font-family:Calibri;font-size:11pt;">el Management Agreements, (ii) </font><font style="font-family:Calibri;font-size:11pt;">administrative </font><font style="font-family:Calibri;font-size:11pt;">fees</font><font style="font-family:Calibri;font-size:11pt;"> under the Administrative Services Agreement and (iii) brokerage </font><font style="font-family:Calibri;font-size:11pt;">fees</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">attributable to Diana Enterprises</font><font style="font-family:Calibri;font-size:11pt;"> Inc.</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">under the Broker Services Agreement be</font><font style="font-family:Calibri;font-size:11pt;">tween DSS and Diana Enterprises</font><font style="font-family:Calibri;font-size:11pt;"> Inc.</font><font style="font-family:Calibri;font-size:11pt;">:</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 17px"><td style="width: 257px; text-align:left;border-color:#000000;min-width:257px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 166px; text-align:left;border-color:#000000;min-width:166px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 166px; text-align:left;border-color:#000000;min-width:166px;"> </td></tr><tr style="height: 17px"><td style="width: 257px; text-align:left;border-color:#000000;min-width:257px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 166px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:166px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2013</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 166px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:166px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2012</font></td></tr><tr style="height: 17px"><td style="width: 257px; text-align:left;border-color:#000000;min-width:257px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Management fees, including capitalized fees</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 166px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:166px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 305</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 166px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:166px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 804</font></td></tr><tr style="height: 17px"><td style="width: 257px; text-align:left;border-color:#000000;min-width:257px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Commissions</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 166px; text-align:right;border-color:#000000;min-width:166px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 127</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 166px; text-align:right;border-color:#000000;min-width:166px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 323</font></td></tr><tr style="height: 17px"><td style="width: 257px; text-align:left;border-color:#000000;min-width:257px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Administrative fees</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 166px; text-align:right;border-color:#000000;min-width:166px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 20</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 166px; text-align:right;border-color:#000000;min-width:166px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 60</font></td></tr><tr style="height: 17px"><td style="width: 257px; text-align:left;border-color:#000000;min-width:257px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Brokerage fees</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 166px; text-align:right;border-color:#000000;min-width:166px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 217</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 166px; text-align:right;border-color:#000000;min-width:166px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 650</font></td></tr></table></div><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">M</font><font style="font-family:Calibri;font-size:11pt;">anagement fees</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">for the </font><font style="font-family:Calibri;font-size:11pt;">six months ended June 30, </font><font style="font-family:Calibri;font-size:11pt;">2013</font><font style="font-family:Calibri;font-size:11pt;">, </font><font style="font-family:Calibri;font-size:11pt;">are</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">separately presented in Management fees in the accompanying </font><font style="font-family:Calibri;font-size:11pt;">unaudited interim </font><font style="font-family:Calibri;font-size:11pt;">consolidated</font><font style="font-family:Calibri;font-size:11pt;"> statements of</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">operations</font><font style="font-family:Calibri;font-size:11pt;">. For the </font><font style="font-family:Calibri;font-size:11pt;">six months ended June 30, </font><font style="font-family:Calibri;font-size:11pt;">2012</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> part of the management fees</font><font style="font-family:Calibri;font-size:11pt;">, amounting to $721</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> is presented in Management fees in the accompanying </font><font style="font-family:Calibri;font-size:11pt;">unaudited interim </font><font style="font-family:Calibri;font-size:11pt;">consolidated statements of operations </font><font style="font-family:Calibri;font-size:11pt;">and </font><font style="font-family:Calibri;font-size:11pt;">the other part</font><font style="font-family:Calibri;font-size:11pt;">, amounting to $83,</font><font style="font-family:Calibri;font-size:11pt;"> is</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">included </font><font style="font-family:Calibri;font-size:11pt;">in Vessels</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">in the accompanying consolidated balance sheet</font><font style="font-family:Calibri;font-size:11pt;">s</font><font style="font-family:Calibri;font-size:11pt;">. </font><font style="font-family:Calibri;font-size:11pt;">Commissions are included in Voyage expenses</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">and a</font><font style="font-family:Calibri;font-size:11pt;">dministrative </font><font style="font-family:Calibri;font-size:11pt;">and brokerage fees </font><font style="font-family:Calibri;font-size:11pt;">are included in Gene</font><font style="font-family:Calibri;font-size:11pt;">ral and administrative expenses</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">in the accompanying </font><font style="font-family:Calibri;font-size:11pt;">unaudited interim </font><font style="font-family:Calibri;font-size:11pt;">consolidated </font><font style="font-family:Calibri;font-size:11pt;">statements of operations. </font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">As at June 30</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> 2013</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">an amount of $119</font><font style="font-family:Calibri;font-size:11pt;"> was due </font><font style="font-family:Calibri;font-size:11pt;">from</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">DSS and </font><font style="font-family:Calibri;font-size:11pt;">is included in</font><font style="font-family:Calibri;font-size:11pt;"> Due </font><font style="font-family:Calibri;font-size:11pt;">from</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">related part</font><font style="font-family:Calibri;font-size:11pt;">ies</font><font style="font-family:Calibri;font-size:11pt;"> in the accompanying consolidated balance sheet</font><font style="font-family:Calibri;font-size:11pt;">s</font><font style="font-family:Calibri;font-size:11pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;"> As at December 31, 2012</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> an amount of $612</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">was due </font><font style="font-family:Calibri;font-size:11pt;">to </font><font style="font-family:Calibri;font-size:11pt;">DSS and </font><font style="font-family:Calibri;font-size:11pt;">is included in</font><font style="font-family:Calibri;font-size:11pt;"> Due </font><font style="font-family:Calibri;font-size:11pt;">to </font><font style="font-family:Calibri;font-size:11pt;">related part</font><font style="font-family:Calibri;font-size:11pt;">ies</font><font style="font-family:Calibri;font-size:11pt;"> in the accompanying consolidated balance sheet</font><font style="font-family:Calibri;font-size:11pt;">s</font><font style="font-family:Calibri;font-size:11pt;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'></p><ul><li style="margin-left:36px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Diana Enterprises Inc. (“Diana </font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Enterprises</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">”</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">):</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">Following </font><font style="font-family:Calibri;font-size:11pt;">the termination agreement for</font><font style="font-family:Calibri;font-size:11pt;"> brokerage services that were provided to the Company throug</font><font style="font-family:Calibri;font-size:11pt;">h DSS on March 1, 2013 (see</font><font style="font-family:Calibri;font-size:11pt;"> (a) above), Diana Enterprises</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">has entered on the same date into an agreement with UOT to provide brokerage services for a </font><font style="font-family:Calibri;font-size:11pt;">fixed </font><font style="font-family:Calibri;font-size:11pt;">monthly fee </font><font style="font-family:Calibri;font-size:11pt;">of $121</font><font style="font-family:Calibri;font-size:11pt;">.</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">The agreement has a term of thirteen months and the fees are payable </font><font style="font-family:Calibri;font-size:11pt;">quarterly </font><font style="font-family:Calibri;font-size:11pt;">in advance</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> effective April 1, 2013.</font><p> </p><p><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">For the </font><font style="font-family:Calibri;font-size:11pt;">six months ended June 30, 2013 and</font><font style="font-family:Calibri;font-size:11pt;"> 2012</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">total </font><font style="font-family:Calibri;font-size:11pt;">brokerage fees</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">including those charged by DSS</font><font style="font-family:Calibri;font-size:11pt;"> until February 28, 2013</font><font style="font-family:Calibri;font-size:11pt;"> (see </font><font style="font-family:Calibri;font-size:11pt;">(a)</font><font style="font-family:Calibri;font-size:11pt;"> above)</font><font style="font-family:Calibri;font-size:11pt;">, </font><font style="font-family:Calibri;font-size:11pt;">amounted to</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">$700</font><font style="font-family:Calibri;font-size:11pt;"> and </font><font style="font-family:Calibri;font-size:11pt;">$650</font><font style="font-family:Calibri;font-size:11pt;">, respectively, and are included in General and administrative expenses in the accompanying unaudited interim consolidated statements of </font><font style="font-family:Calibri;font-size:11pt;">operations</font><font style="font-family:Calibri;font-size:11pt;">.</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">As at June 30</font><font style="font-family:Calibri;font-size:11pt;">, 2013 and December 31, 2012, an amount of $2</font><font style="font-family:Calibri;font-size:11pt;"> and $0</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> respectively, was </font><font style="font-family:Calibri;font-size:11pt;">due</font><font style="font-family:Calibri;font-size:11pt;"> from</font><font style="font-family:Calibri;font-size:11pt;"> Diana Enterprises</font><font style="font-family:Calibri;font-size:11pt;"> and is included in </font><font style="font-family:Calibri;font-size:11pt;">Due from related par</font><font style="font-family:Calibri;font-size:11pt;">t</font><font style="font-family:Calibri;font-size:11pt;">ies </font><font style="font-family:Calibri;font-size:11pt;">in the accompanying consolidated balance sheet</font><font style="font-family:Calibri;font-size:11pt;">.</font></p><p> </p></li><li style="margin-left:36px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Altair Travel Agency S.A (“Altair</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">”):</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">Effective March 1, 2013 the Company uses the services of an affiliated travel agent, Altair, which is controlled by the Company's CEO and Chairman. Travel expenses for the </font><font style="font-family:Calibri;font-size:11pt;">six months ended June 30, 2013 and</font><font style="font-family:Calibri;font-size:11pt;"> 2012</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">were $445</font><font style="font-family:Calibri;font-size:11pt;"> and $0, respectively and are included in Vessels and other vessels' costs</font><font style="font-family:Calibri;font-size:11pt;">, in Operating e</font><font style="font-family:Calibri;font-size:11pt;">xpenses</font><font style="font-family:Calibri;font-size:11pt;"> and in General and administrative expenses</font><font style="font-family:Calibri;font-size:11pt;"> in the accompanying unaudited interim consolidated financial statements. </font><font style="font-family:Calibri;font-size:11pt;">As at June 30</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> 2013</font><font style="font-family:Calibri;font-size:11pt;"> and December 31, 2012</font><font style="font-family:Calibri;font-size:11pt;">, </font><font style="font-family:Calibri;font-size:11pt;">an amount of $114</font><font style="font-family:Calibri;font-size:11pt;"> and $0</font><font style="font-family:Calibri;font-size:11pt;">, respectively, was payable to Altair and is included in Due to related parties in the accompanying consolidated balance sheet.</font><p> </p></li><li style="margin-left:36px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Diana Shipping Inc. (“DSI</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">”):</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">On May 20, 2013, the Company, through its newly-established subsidiary </font><font style="font-family:Calibri;font-size:11pt;">Eluk</font><font style="font-family:Calibri;font-size:11pt;">, entered into an unsecured loan agreement </font><font style="font-family:Calibri;font-size:11pt;">of up to </font><font style="font-family:Calibri;font-size:11pt;">$</font><font style="font-family:Calibri;font-size:11pt;">50.0 million </font><font style="font-family:Calibri;font-size:11pt;">with Diana Shipping Inc., one of the Company's major shareholders, to be used to fund vessel acquisitions and for general corporate purposes.</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">The loan is guaranteed by the Company and is available for drawdown in up to five </font><font style="font-family:Calibri;font-size:11pt;">tranches</font><font style="font-family:Calibri;font-size:11pt;">, until November 20, 2013. The loan will bear interest at a rate of Libor </font><font style="font-family:Calibri;font-size:11pt;">plus a margin of 5.0% per annum</font><font style="font-family:Calibri;font-size:11pt;"> and a</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">fee of 1.25% per annum on any amounts repaid upon any repayment or voluntary prepayments dates. The loan matures on the fourth anniversary of the first drawdown date.</font><font style="font-family:Calibri;font-size:11pt;"> As at June 30, 2013, no amount w</font><font style="font-family:Calibri;font-size:11pt;">as drawn under the loan agreement.</font></li></ul><p style='margin-top:0pt; margin-bottom:0pt'> </p>
127000
20000
217000
323000
60000
650000
10000
1300000
1040000
0.01
15000
20000
305000
804000
<div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 17px"><td style="width: 257px; text-align:left;border-color:#000000;min-width:257px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 166px; text-align:left;border-color:#000000;min-width:166px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 166px; text-align:left;border-color:#000000;min-width:166px;"> </td></tr><tr style="height: 17px"><td style="width: 257px; text-align:left;border-color:#000000;min-width:257px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 166px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:166px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2013</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 166px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:166px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2012</font></td></tr><tr style="height: 17px"><td style="width: 257px; text-align:left;border-color:#000000;min-width:257px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Management fees, including capitalized fees</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 166px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:166px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 305</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 166px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:166px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 804</font></td></tr><tr style="height: 17px"><td style="width: 257px; text-align:left;border-color:#000000;min-width:257px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Commissions</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 166px; text-align:right;border-color:#000000;min-width:166px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 127</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 166px; text-align:right;border-color:#000000;min-width:166px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 323</font></td></tr><tr style="height: 17px"><td style="width: 257px; text-align:left;border-color:#000000;min-width:257px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Administrative fees</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 166px; text-align:right;border-color:#000000;min-width:166px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 20</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 166px; text-align:right;border-color:#000000;min-width:166px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 60</font></td></tr><tr style="height: 17px"><td style="width: 257px; text-align:left;border-color:#000000;min-width:257px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Brokerage fees</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 166px; text-align:right;border-color:#000000;min-width:166px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 217</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 166px; text-align:right;border-color:#000000;min-width:166px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 650</font></td></tr></table></div>
121000
The agreement has a term of thirteen months and the fees are payable quarterly in advance, effective April 1, 2013.
700000
650000
0
114000
445000
0
612000
83000
2013-05-20
50000000
5
Libor
0.05
0.0125
fourth anniversary of the first drawdown date
0
721000
0
2000
119000
13
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;font-weight:bold;margin-left:0px;">3.</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">       Vessels</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">On February 19, 2013</font><font style="font-family:Calibri;font-size:11pt;">, </font><font style="font-family:Calibri;font-size:11pt;">the Company, through its newly</font><font style="font-family:Calibri;font-size:11pt;">-established </font><font style="font-family:Calibri;font-size:11pt;">subsidiary Nauru,</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">entered into a memorandum of agreement with a third party company to acquire</font><font style="font-family:Calibri;font-size:11pt;"> the container vessel “</font><font style="font-family:Calibri;font-size:11pt;">Hanjin</font><font style="font-family:Calibri;font-size:11pt;"> Malta</font><font style="font-family:Calibri;font-size:11pt;">” for the purc</font><font style="font-family:Calibri;font-size:11pt;">hase price of $22,000</font><font style="font-family:Calibri;font-size:11pt;">. The vessel </font><font style="font-family:Calibri;font-size:11pt;">was</font><font style="font-family:Calibri;font-size:11pt;"> acquired</font><font style="font-family:Calibri;font-size:11pt;"> with time charter attached (N</font><font style="font-family:Calibri;font-size:11pt;">ote 4)</font><font style="font-family:Calibri;font-size:11pt;"> and </font><font style="font-family:Calibri;font-size:11pt;">was </font><font style="font-family:Calibri;font-size:11pt;">delivered to the Company </font><font style="font-family:Calibri;font-size:11pt;">on March 15, 2013</font><font style="font-family:Calibri;font-size:11pt;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">As at March 31, 2013</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> t</font><font style="font-family:Calibri;font-size:11pt;">he Company has individually assessed for recoverability</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">the carrying values of each of the</font><font style="font-family:Calibri;font-size:11pt;"> fleet's</font><font style="font-family:Calibri;font-size:11pt;"> vessels. In performing its assessment</font><font style="font-family:Calibri;font-size:11pt;"> for the </font><font style="font-family:Calibri;font-size:11pt;">vessels </font><font style="font-family:Calibri;font-size:11pt;">“</font><font style="font-family:Calibri;font-size:11pt;">Maersk Madrid</font><font style="font-family:Calibri;font-size:11pt;">”</font><font style="font-family:Calibri;font-size:11pt;">, </font><font style="font-family:Calibri;font-size:11pt;">“</font><font style="font-family:Calibri;font-size:11pt;">Maersk </font><font style="font-family:Calibri;font-size:11pt;">Merlion</font><font style="font-family:Calibri;font-size:11pt;">”</font><font style="font-family:Calibri;font-size:11pt;"> and </font><font style="font-family:Calibri;font-size:11pt;">“</font><font style="font-family:Calibri;font-size:11pt;">Maersk Malacca</font><font style="font-family:Calibri;font-size:11pt;">”</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> and taking into account the vessels' age and</font><font style="font-family:Calibri;font-size:11pt;"> the current market conditions,</font><font style="font-family:Calibri;font-size:11pt;"> the Company calculated </font><font style="font-family:Calibri;font-size:11pt;">weighted undiscounted</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">future cash flows </font><font style="font-family:Calibri;font-size:11pt;">under different scenarios, including that </font><font style="font-family:Calibri;font-size:11pt;">the vessels </font><font style="font-family:Calibri;font-size:11pt;">would</font><font style="font-family:Calibri;font-size:11pt;"> be sold immediately after the termina</font><font style="font-family:Calibri;font-size:11pt;">tion of their employment</font><font style="font-family:Calibri;font-size:11pt;"> in </font><font style="font-family:Calibri;font-size:11pt;">May 2013</font><font style="font-family:Calibri;font-size:11pt;">. This </font><font style="font-family:Calibri;font-size:11pt;">assessment</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">concluded</font><font style="font-family:Calibri;font-size:11pt;"> that the carrying v</font><font style="font-family:Calibri;font-size:11pt;">alues were not recoverable and </font><font style="font-family:Calibri;font-size:11pt;">the Company has recognized </font><font style="font-family:Calibri;font-size:11pt;">as of March 31, 2013 </font><font style="font-family:Calibri;font-size:11pt;">an impairment loss fo</font><font style="font-family:Calibri;font-size:11pt;">r each one of the three vessels,</font><font style="font-family:Calibri;font-size:11pt;"> being the difference</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">between their carrying and fair values</font><font style="font-family:Calibri;font-size:11pt;">. The fair value</font><font style="font-family:Calibri;font-size:11pt;">s</font><font style="font-family:Calibri;font-size:11pt;"> of the vessels as at March 31, 2013 were</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">determined through Level </font><font style="font-family:Calibri;font-size:11pt;">3</font><font style="font-family:Calibri;font-size:11pt;"> inputs of the fair value hierarchy</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">as determined by management</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">making use of </font><font style="font-family:Calibri;font-size:11pt;">available market data relating to the vessel</font><font style="font-family:Calibri;font-size:11pt;">s</font><font style="font-family:Calibri;font-size:11pt;"> and similar vessels and management assumptions for the sale price of these vessels</font><font style="font-family:Calibri;font-size:11pt;">. </font><font style="font-family:Calibri;font-size:11pt;">The </font><font style="font-family:Calibri;font-size:11pt;">aggregate</font><font style="font-family:Calibri;font-size:11pt;"> impairment loss </font><font style="font-family:Calibri;font-size:11pt;">recognized </font><font style="font-family:Calibri;font-size:11pt;">was </font><font style="font-family:Calibri;font-size:11pt;">$32,626</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">and is separately reflected in the accompanying unaudited i</font><font style="font-family:Calibri;font-size:11pt;">nter</font><font style="font-family:Calibri;font-size:11pt;">im statements of </font><font style="font-family:Calibri;font-size:11pt;">operations. </font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">In April and May </font><font style="font-family:Calibri;font-size:11pt;">2013, </font><font style="font-family:Calibri;font-size:11pt;">the Company </font><font style="font-family:Calibri;font-size:11pt;">sold</font><font style="font-family:Calibri;font-size:11pt;"> the </font><font style="font-family:Calibri;font-size:11pt;">vessels “Maersk Madrid”, “Maersk </font><font style="font-family:Calibri;font-size:11pt;">Merlion</font><font style="font-family:Calibri;font-size:11pt;">” and “Maersk Malacca” </font><font style="font-family:Calibri;font-size:11pt;">to unrelated </font><font style="font-family:Calibri;font-size:11pt;">parties </font><font style="font-family:Calibri;font-size:11pt;">for demolition</font><font style="font-family:Calibri;font-size:11pt;">, for </font><font style="font-family:Calibri;font-size:11pt;">the aggregate</font><font style="font-family:Calibri;font-size:11pt;"> sale price </font><font style="font-family:Calibri;font-size:11pt;">of </font><font style="font-family:Calibri;font-size:11pt;">$</font><font style="font-family:Calibri;font-size:11pt;">28,134</font><font style="font-family:Calibri;font-size:11pt;">, net of </font><font style="font-family:Calibri;font-size:11pt;">address </font><font style="font-family:Calibri;font-size:11pt;">commission</font><font style="font-family:Calibri;font-size:11pt;">s</font><font style="font-family:Calibri;font-size:11pt;">.</font><font style="font-family:Calibri;font-size:11pt;"> At the dates at which the three Memoranda of Agreement were signed, the Company classified the vessels as “held for sale” and the</font><font style="font-family:Calibri;font-size:11pt;">ir</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">aggregate net book value on those</font><font style="font-family:Calibri;font-size:11pt;"> dates amounted to $29,907.</font><font style="font-family:Calibri;font-size:11pt;"> In</font><font style="font-family:Calibri;font-size:11pt;"> May </font><font style="font-family:Calibri;font-size:11pt;">and June</font><font style="font-family:Calibri;font-size:11pt;"> 2013, the</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">vessel</font><font style="font-family:Calibri;font-size:11pt;">s were delivered to thei</font><font style="font-family:Calibri;font-size:11pt;">r new owners.</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">The aggregate </font><font style="font-family:Calibri;font-size:11pt;">loss from</font><font style="font-family:Calibri;font-size:11pt;"> the</font><font style="font-family:Calibri;font-size:11pt;"> sale of </font><font style="font-family:Calibri;font-size:11pt;">the </font><font style="font-family:Calibri;font-size:11pt;">three </font><font style="font-family:Calibri;font-size:11pt;">vessels</font><font style="font-family:Calibri;font-size:11pt;">, including direct to sale expenses,</font><font style="font-family:Calibri;font-size:11pt;"> amounted</font><font style="font-family:Calibri;font-size:11pt;"> to </font><font style="font-family:Calibri;font-size:11pt;">$4,271</font><font style="font-family:Calibri;font-size:11pt;">, </font><font style="font-family:Calibri;font-size:11pt;">and is</font><font style="font-family:Calibri;font-size:11pt;"> separately reflected in the accompanying unaudited interim statements of operations.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">The amounts in the accompanying consolidated balance sheets are analyzed as follows:</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 34px"><td style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; text-align:center;border-color:#000000;min-width:131px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Vessels' Cost</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; text-align:center;border-color:#000000;min-width:131px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Accumulated Depreciation</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; text-align:center;border-color:#000000;min-width:131px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Net Book Value</font></td></tr><tr style="height: 6px"><td style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> </font><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> </font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; text-align:right;border-color:#000000;min-width:131px;"> </td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; text-align:right;border-color:#000000;min-width:131px;"> </td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; text-align:right;border-color:#000000;min-width:131px;"> </td></tr><tr style="height: 20px"><td style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Balance, December 31, 2012</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 131px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 280,812</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 131px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (19,867)</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 131px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 260,945</font></td></tr><tr style="height: 20px"><td style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">- Acquisitions and other vessels' costs (Note 4)</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$13,607</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 13,607</font></td></tr><tr style="height: 20px"><td style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">- Vessels' disposals </font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (40,126)</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 10,219</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (29,907)</font></td></tr><tr style="height: 20px"><td style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">- Depreciation for the period</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (5,669)</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (5,669)</font></td></tr><tr style="height: 20px"><td style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">- Impairment charge</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (32,626)</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">-</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (32,626)</font></td></tr><tr style="height: 17px"><td style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Balance, June 30, 2013</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 131px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 221,667</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 131px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (15,317)</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 131px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 206,350</font></td></tr><tr style="height: 21px"><td style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:131px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:131px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:131px;"> </td></tr></table></div><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">As at June 30, 2013</font><font style="font-family:Calibri;font-size:11pt;">, </font><font style="font-family:Calibri;font-size:11pt;">a</font><font style="font-family:Calibri;font-size:11pt;">cquisitions</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">and other vessel's costs </font><font style="font-family:Calibri;font-size:11pt;">include</font><font style="font-family:Calibri;font-size:11pt;"> capitalized costs of</font><font style="font-family:Calibri;font-size:11pt;"> $107</font><font style="font-family:Calibri;font-size:11pt;">. </font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">As at June 30, 2013, </font><font style="font-family:Calibri;font-size:11pt;">certain of </font><font style="font-family:Calibri;font-size:11pt;">the Company</font><font style="font-family:Calibri;font-size:11pt;">'s</font><font style="font-family:Calibri;font-size:11pt;"> vessels</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> having a total carrying value of $175,851</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> were provided as collateral to secure the revolving credit facility with the Royal Bank of Scotland</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">plc</font><font style="font-family:Calibri;font-size:11pt;">, discussed in Note 5.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">As </font><font style="font-family:Calibri;font-size:11pt;">at</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">June 30</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">2013</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">all</font><font style="font-family:Calibri;font-size:11pt;"> vessels were operating under time charter agreements.</font><font style="font-family:Calibri;font-size:11pt;"> </font></p>
<div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 34px"><td style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; text-align:center;border-color:#000000;min-width:131px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Vessels' Cost</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; text-align:center;border-color:#000000;min-width:131px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Accumulated Depreciation</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; text-align:center;border-color:#000000;min-width:131px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Net Book Value</font></td></tr><tr style="height: 6px"><td style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> </font><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> </font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; text-align:right;border-color:#000000;min-width:131px;"> </td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; text-align:right;border-color:#000000;min-width:131px;"> </td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; text-align:right;border-color:#000000;min-width:131px;"> </td></tr><tr style="height: 20px"><td style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Balance, December 31, 2012</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 131px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 280,812</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 131px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (19,867)</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 131px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 260,945</font></td></tr><tr style="height: 20px"><td style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">- Acquisitions and other vessels' costs (Note 4)</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$13,607</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 13,607</font></td></tr><tr style="height: 20px"><td style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">- Vessels' disposals </font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (40,126)</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 10,219</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (29,907)</font></td></tr><tr style="height: 20px"><td style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">- Depreciation for the period</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (5,669)</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (5,669)</font></td></tr><tr style="height: 20px"><td style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">- Impairment charge</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (32,626)</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">-</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (32,626)</font></td></tr><tr style="height: 17px"><td style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Balance, June 30, 2013</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 131px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 221,667</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 131px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (15,317)</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 131px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 206,350</font></td></tr><tr style="height: 21px"><td style="width: 278px; text-align:left;border-color:#000000;min-width:278px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:131px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:131px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-top-style:double;border-top-width:3px;text-align:left;border-color:#000000;min-width:131px;"> </td></tr></table></div>
13607000
107000
22000000
5669000
-10219000
40126000
28134000
-29907000
175851000
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;font-weight:bold;margin-left:0px;">4</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">.</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;"> </font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">Prepaid Charter Revenue</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:10pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">The amounts presented as P</font><font style="font-family:Calibri;font-size:11pt;">repaid charter revenue in the accompanying consolidated balance sheets as of June 30, 2013 a</font><font style="font-family:Calibri;font-size:11pt;">nd December 31, 2012 comprise</font><font style="font-family:Calibri;font-size:11pt;"> (a) </font><font style="font-family:Calibri;font-size:11pt;">the unamortized balance of an asset associated with the vessels “Cap Domingo”, “Cap </font><font style="font-family:Calibri;font-size:11pt;">Doukato</font><font style="font-family:Calibri;font-size:11pt;">”, “APL Sardonyx”, “APL Spinel”, “APL Garnet” and “</font><font style="font-family:Calibri;font-size:11pt;">Hanjin</font><font style="font-family:Calibri;font-size:11pt;"> Mal</font><font style="font-family:Calibri;font-size:11pt;">ta”</font><font style="font-family:Calibri;font-size:11pt;">, which were </font><font style="font-family:Calibri;font-size:11pt;">acquired with time charters attached</font><font style="font-family:Calibri;font-size:11pt;"> at values above their </font><font style="font-family:Calibri;font-size:11pt;">charter-free </font><font style="font-family:Calibri;font-size:11pt;">fair market values at the time of acquisition</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">which</font><font style="font-family:Calibri;font-size:11pt;"> is amortized to revenue over the period of the res</font><font style="font-family:Calibri;font-size:11pt;">pective time charter agreements, </font><font style="font-family:Calibri;font-size:11pt;">and (b)</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">a deferred asset resulting from the charter agreements of the vessels “Cap Domingo” and “Cap </font><font style="font-family:Calibri;font-size:11pt;">Doukato</font><font style="font-family:Calibri;font-size:11pt;">” providing for varying charter rates over their term, for which revenue is recognized on a straight-line basis at their average rates</font><font style="font-family:Calibri;font-size:11pt;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">As at June 30, 2013, </font><font style="font-family:Calibri;font-size:11pt;">and December 31, 2012 </font><font style="font-family:Calibri;font-size:11pt;">the balance of the account was analyzed as follows:</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 17px"><td style="width: 323px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:323px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Description</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 138px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:138px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">June 30, 2013</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 138px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:138px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">December 31, 2012</font></td></tr><tr style="height: 17px"><td style="width: 323px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:323px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Prepaid charter revenue</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 138px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:138px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">28,586</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 138px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:138px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">29,796</font></td></tr><tr style="height: 17px"><td style="width: 323px; text-align:left;border-color:#000000;min-width:323px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Deferred asset from varying charter rates</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 138px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:138px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">161</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 138px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:138px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">122</font></td></tr><tr style="height: 17px"><td style="width: 323px; text-align:left;border-color:#000000;min-width:323px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> Total</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 138px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:138px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">28,747</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 138px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:138px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">29,918</font></td></tr></table></div><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:10pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">In March 2013, the vessel “</font><font style="font-family:Calibri;font-size:11pt;">Hanjin</font><font style="font-family:Calibri;font-size:11pt;"> Malta” was delivered to the Company (Note 3) and was chartered back to her sellers. As a result, an asset of $8,500 was reco</font><font style="font-family:Calibri;font-size:11pt;">gnized</font><font style="font-family:Calibri;font-size:11pt;"> as prepaid charter revenue, in addition to the </font><font style="font-family:Calibri;font-size:11pt;">asset of $</font><font style="font-family:Calibri;font-size:11pt;">42,000 reco</font><font style="font-family:Calibri;font-size:11pt;">gnized</font><font style="font-family:Calibri;font-size:11pt;"> in 2012 for the vessels “Cap Domingo”, “Cap </font><font style="font-family:Calibri;font-size:11pt;">Doukato</font><font style="font-family:Calibri;font-size:11pt;">”, “APL Sardonyx”, “APL Spinel” and “APL Garnet”. As of June 30, 2013 and December 31, 2012 the balance of the </font><font style="font-family:Calibri;font-size:11pt;">respective asset</font><font style="font-family:Calibri;font-size:11pt;">, net o</font><font style="font-family:Calibri;font-size:11pt;">f accumulated amortization of $</font><font style="font-family:Calibri;font-size:11pt;">21,914</font><font style="font-family:Calibri;font-size:11pt;"> and $12,204</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> wa</font><font style="font-family:Calibri;font-size:11pt;">s $28,586</font><font style="font-family:Calibri;font-size:11pt;"> and $29,796</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> respectively. </font><font style="font-family:Calibri;font-size:11pt;">The amortization to revenues for the </font><font style="font-family:Calibri;font-size:11pt;">six months ended June 30, 2013 and 2012 </font><font style="font-family:Calibri;font-size:11pt;">was $9,710</font><font style="font-family:Calibri;font-size:11pt;"> and $4,926</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> respectively</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> and is included in Time charter revenues, net of prepaid charter revenue amortization in the accompanying unaudited interim consolidated statements of operations.</font></p><p style='margin-top:0pt; margin-bottom:10pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">The expected </font><font style="font-family:Calibri;font-size:11pt;">aggregate </font><font style="font-family:Calibri;font-size:11pt;">amortization of the prepaid charter revenue from vessel acquisition</font><font style="font-family:Calibri;font-size:11pt;">s</font><font style="font-family:Calibri;font-size:11pt;"> with time-charter attached for each of the succeeding years is as follows:</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 17px"><td style="width: 376px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:376px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Period</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 117px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:117px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Amount</font></td></tr><tr style="height: 17px"><td style="width: 376px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:376px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Year 1</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 117px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:117px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$16,431</font></td></tr><tr style="height: 17px"><td style="width: 376px; text-align:left;border-color:#000000;min-width:376px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Year 2</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 117px; text-align:right;border-color:#000000;min-width:117px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$9,418</font></td></tr><tr style="height: 17px"><td style="width: 376px; text-align:left;border-color:#000000;min-width:376px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Year 3</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 117px; text-align:right;border-color:#000000;min-width:117px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$2,737</font></td></tr></table></div>
<div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 17px"><td style="width: 323px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:323px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Description</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 138px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:138px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">June 30, 2013</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 138px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:138px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">December 31, 2012</font></td></tr><tr style="height: 17px"><td style="width: 323px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:323px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Prepaid charter revenue</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 138px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:138px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">28,586</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 138px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:138px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">29,796</font></td></tr><tr style="height: 17px"><td style="width: 323px; text-align:left;border-color:#000000;min-width:323px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Deferred asset from varying charter rates</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 138px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:138px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">161</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 138px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:138px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">122</font></td></tr><tr style="height: 17px"><td style="width: 323px; text-align:left;border-color:#000000;min-width:323px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> Total</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 138px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:138px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">28,747</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 138px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:138px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">29,918</font></td></tr></table></div>
21914000
12204000
42000000
8500000
28586000
161000
122000
29796000
<div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 17px"><td style="width: 376px; border-bottom-style:solid;border-bottom-width:1px;text-align:left;border-color:#000000;min-width:376px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Period</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 117px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:117px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Amount</font></td></tr><tr style="height: 17px"><td style="width: 376px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:376px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Year 1</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 117px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:117px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$16,431</font></td></tr><tr style="height: 17px"><td style="width: 376px; text-align:left;border-color:#000000;min-width:376px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Year 2</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 117px; text-align:right;border-color:#000000;min-width:117px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$9,418</font></td></tr><tr style="height: 17px"><td style="width: 376px; text-align:left;border-color:#000000;min-width:376px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Year 3</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 117px; text-align:right;border-color:#000000;min-width:117px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$2,737</font></td></tr></table></div>
16431000
9418000
2737000
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;font-weight:bold;margin-left:0px;">5.</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">       Long-Term Debt</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:6pt; margin-bottom:12pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">The amount</font><font style="font-family:Calibri;font-size:11pt;">s</font><font style="font-family:Calibri;font-size:11pt;"> of long-term debt shown in the accompanying consolidated balance sheet</font><font style="font-family:Calibri;font-size:11pt;">s</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">are</font><font style="font-family:Calibri;font-size:11pt;"> analyzed as follows:</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 20px"><td style="width: 411px; text-align:left;border-color:#000000;min-width:411px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:131px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">June 30, 2013</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:131px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">December 31, 2012</font></td></tr><tr style="height: 20px"><td style="width: 411px; text-align:left;border-color:#000000;min-width:411px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Royal Bank of Scotland - Revolving credit facility</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 131px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 92,700</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 131px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 92,700</font></td></tr><tr style="height: 20px"><td style="width: 411px; text-align:left;border-color:#000000;min-width:411px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Less related deferred financing costs </font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (697)</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (794)</font></td></tr><tr style="height: 20px"><td style="width: 411px; text-align:left;border-color:#000000;min-width:411px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> Total </font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 131px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 92,003</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 131px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 91,906</font></td></tr></table></div><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0px;">The Royal Bank of Scotland plc.:</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">On December 16, 2011, the Company entered into a revolving credit facility with the Royal Bank of Scotland </font><font style="font-family:Calibri;font-size:11pt;">plc</font><font style="font-family:Calibri;font-size:11pt;"> (“RBS”), where t</font><font style="font-family:Calibri;font-size:11pt;">he lenders have agreed to make available to </font><font style="font-family:Calibri;font-size:11pt;">it</font><font style="font-family:Calibri;font-size:11pt;"> a revolving credit facility of up to </font><font style="font-family:Calibri;font-size:11pt;">$100</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;">0</font><font style="font-family:Calibri;font-size:11pt;">00</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">in order</font><font style="font-family:Calibri;font-size:11pt;"> to refinance </font><font style="font-family:Calibri;font-size:11pt;">part of the acquisition cost of the vessels</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">m/v </font><font style="font-family:Calibri;font-size:11pt;">“</font><font style="font-family:Calibri;font-size:11pt;">Sagitta</font><font style="font-family:Calibri;font-size:11pt;">” and </font><font style="font-family:Calibri;font-size:11pt;">m/v </font><font style="font-family:Calibri;font-size:11pt;">“</font><font style="font-family:Calibri;font-size:11pt;">Centaurus</font><font style="font-family:Calibri;font-size:11pt;">” and </font><font style="font-family:Calibri;font-size:11pt;">finance </font><font style="font-family:Calibri;font-size:11pt;">part of the</font><font style="font-family:Calibri;font-size:11pt;"> acquisition </font><font style="font-family:Calibri;font-size:11pt;">costs </font><font style="font-family:Calibri;font-size:11pt;">of additional</font><font style="font-family:Calibri;font-size:11pt;"> containerships (“</font><font style="font-family:Calibri;font-size:11pt;">Additional Ship</font><font style="font-family:Calibri;font-size:11pt;">s”)</font><font style="font-family:Calibri;font-size:11pt;">.</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">During 2012, an amount of $92,700 was drawn down under the credit facility, leaving an unused amount at </font><font style="font-family:Calibri;font-size:11pt;">June 30</font><font style="font-family:Calibri;font-size:11pt;">, 201</font><font style="font-family:Calibri;font-size:11pt;">3</font><font style="font-family:Calibri;font-size:11pt;"> of $7,300.</font><font style="font-family:Calibri;font-size:11pt;"> The Company pays commitment commissions of 0.99% on the available commitment</font><font style="font-family:Calibri;font-size:11pt;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">The facility will be available for five years with the maximum available amount (the “Available Facility Limit”) reducing based on the age of the financed vessels and being assessed on a yearly basis, as well as, at the date in which the age of any Additional Ship exceeds the 20 years. In the event that the amounts outstanding at that time exceed the revised Available Facility Limit the Company shall repay such part of the loan that exceeds the Available Facility Limit.</font><font style="font-family:Calibri;font-size:11pt;"> Based on the age of the currently financed vessels the full amount of the facility will be repaid at the end of its availability period on January 17, 2017.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">The</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">credit</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">facility</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">bear</font><font style="font-family:Calibri;font-size:11pt;">s</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">interest</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">at</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">Libor</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">plus</font><font style="font-family:Calibri;font-size:11pt;"> a </font><font style="font-family:Calibri;font-size:11pt;">margin</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">of</font><font style="font-family:Calibri;font-size:11pt;"> 2.75% </font><font style="font-family:Calibri;font-size:11pt;">and</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">is</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">secured</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">by</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">first</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">priority</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">mortgages</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">over</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">the</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">financed</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">fleet</font><font style="font-family:Calibri;font-size:11pt;">, </font><font style="font-family:Calibri;font-size:11pt;">general</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">assignments</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">of</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">earnings</font><font style="font-family:Calibri;font-size:11pt;">, </font><font style="font-family:Calibri;font-size:11pt;">insurances</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">and</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">requisition</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">compensation</font><font style="font-family:Calibri;font-size:11pt;">, </font><font style="font-family:Calibri;font-size:11pt;">specific</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">assignments</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">of</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">any</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">charters</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">exceeding</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">durations</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">of</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">twelve</font><font style="font-family:Calibri;font-size:11pt;"> months, </font><font style="font-family:Calibri;font-size:11pt;">pledge</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">of</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">shares</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">of</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">the</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">guarantors</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">which</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">will</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">be</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">the</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">ship</font><font style="font-family:Calibri;font-size:11pt;">-</font><font style="font-family:Calibri;font-size:11pt;">owning</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">companies</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">of</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">the</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">mortgaged</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">vessels</font><font style="font-family:Calibri;font-size:11pt;">, </font><font style="font-family:Calibri;font-size:11pt;">manager's</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">undertakings</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">and</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">minimum</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">security</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">hull</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">value</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">depending</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">on</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">the</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">average</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">age</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">of</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">the</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">mortgaged</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">vessel</font><font style="font-family:Calibri;font-size:11pt;">s</font><font style="font-family:Calibri;font-size:11pt;">. </font><font style="font-family:Calibri;font-size:11pt;">The credit facility also includes restrictions as to changes in management and employment of vessels, and requires minimum cash of 10% of the drawings under the revolving facility, but not less than $5,000, to be held by the borrower. </font><font style="font-family:Calibri;font-size:11pt;">Furthermore</font><font style="font-family:Calibri;font-size:11pt;">, the financial covenants require that the Company maintains minimum ratios of consolidated net debt to market adjusted assets, EBITDA to interest costs and forward looking operating cash flows to forward looking interest costs. </font><font style="font-family:Calibri;font-size:11pt;">Finally, the Company is not permitted to pay any dividends that would result in a breach of the financial covenants of the facility.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">During the </font><font style="font-family:Calibri;font-size:11pt;">six</font><font style="font-family:Calibri;font-size:11pt;"> months ended </font><font style="font-family:Calibri;font-size:11pt;">June</font><font style="font-family:Calibri;font-size:11pt;"> 3</font><font style="font-family:Calibri;font-size:11pt;">0</font><font style="font-family:Calibri;font-size:11pt;">, 2013</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> the Company obtained Lender's consent for the change of the vessel</font><font style="font-family:Calibri;font-size:11pt;">s'</font><font style="font-family:Calibri;font-size:11pt;"> M</font><font style="font-family:Calibri;font-size:11pt;">anager </font><font style="font-family:Calibri;font-size:11pt;">from DSS to UOT,</font><font style="font-family:Calibri;font-size:11pt;"> as well as for entering into a new loan agreement with DSI</font><font style="font-family:Calibri;font-size:11pt;"> in May 2013</font><font style="font-family:Calibri;font-size:11pt;"> (</font><font style="font-family:Calibri;font-size:11pt;">Note 2</font><font style="font-family:Calibri;font-size:11pt;">)</font><font style="font-family:Calibri;font-size:11pt;">.</font><font style="font-family:Calibri;font-size:11pt;"> </font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">On July</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">22</font><font style="font-family:Calibri;font-size:11pt;">, 2013,</font><font style="font-family:Calibri;font-size:11pt;"> and </font><font style="font-family:Calibri;font-size:11pt;">in relation with </font><font style="font-family:Calibri;font-size:11pt;">lenders</font><font style="font-family:Calibri;font-size:11pt;">'</font><font style="font-family:Calibri;font-size:11pt;"> consent to the loan agreement between the Company and Diana Shipping Inc</font><font style="font-family:Calibri;font-size:11pt;">., </font><font style="font-family:Calibri;font-size:11pt;">the Company entered into a supplemental loan agreement with the Royal Bank of Scotland </font><font style="font-family:Calibri;font-size:11pt;">plc</font><font style="font-family:Calibri;font-size:11pt;">, to amend certain terms of the </font><font style="font-family:Calibri;font-size:11pt;">existing</font><font style="font-family:Calibri;font-size:11pt;"> loan agreement</font><font style="font-family:Calibri;font-size:11pt;"> (Note 11</font><font style="font-family:Calibri;font-size:11pt;">)</font><font style="font-family:Calibri;font-size:11pt;">.</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">During the six months ended June 30, 2013 and 2012, t</font><font style="font-family:Calibri;font-size:11pt;">otal interest incurred on long-term debt</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> amounted to $1,403</font><font style="font-family:Calibri;font-size:11pt;"> and $1,241</font><font style="font-family:Calibri;font-size:11pt;">, respectively, </font><font style="font-family:Calibri;font-size:11pt;">and is included in Interest and finance costs in the accompanying </font><font style="font-family:Calibri;font-size:11pt;">unaudited interim </font><font style="font-family:Calibri;font-size:11pt;">consolidated statements </font><font style="font-family:Calibri;font-size:11pt;">of operations</font><font style="font-family:Calibri;font-size:11pt;">.</font><font style="font-family:Calibri;font-size:11pt;"> Commitment fees incurred during the six months ended June 30, 2013 and 2012 amounted to $36</font><font style="font-family:Calibri;font-size:11pt;"> and $113</font><font style="font-family:Calibri;font-size:11pt;">, respectively, </font><font style="font-family:Calibri;font-size:11pt;">and </font><font style="font-family:Calibri;font-size:11pt;">are</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">also </font><font style="font-family:Calibri;font-size:11pt;">included in Interest and finance costs in the accompanying</font><font style="font-family:Calibri;font-size:11pt;"> unaudited interim </font><font style="font-family:Calibri;font-size:11pt;">consolidated statements </font><font style="font-family:Calibri;font-size:11pt;">of operations. </font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'> </p>
<div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 20px"><td style="width: 411px; text-align:left;border-color:#000000;min-width:411px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:131px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">June 30, 2013</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:131px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">December 31, 2012</font></td></tr><tr style="height: 20px"><td style="width: 411px; text-align:left;border-color:#000000;min-width:411px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Royal Bank of Scotland - Revolving credit facility</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 131px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 92,700</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 131px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 92,700</font></td></tr><tr style="height: 20px"><td style="width: 411px; text-align:left;border-color:#000000;min-width:411px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Less related deferred financing costs </font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (697)</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"> </td><td style="width: 131px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (794)</font></td></tr><tr style="height: 20px"><td style="width: 411px; text-align:left;border-color:#000000;min-width:411px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> Total </font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 131px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 92,003</font></td><td style="width: 12px; text-align:right;border-color:#000000;min-width:12px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 131px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:131px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 91,906</font></td></tr></table></div>
92700000
697000
92003000
100000000
first priority mortgages over the financed fleet
0.0099
20 years
2011-12-16
0.0275
5 years
5000000
minimum cash of 10% of the drawings under the revolving credit facility, but not less than $5,000
0.10
92700000
7300000
The Company is not permitted to pay any dividends that would result in a breach of the financial covenants of the facility.
2017-01-17
Libor
92700000
91906000
794000
1403000
1241000
113000
36000
The Company obtained Lender's consent for the change of the vessels' Manager from DSS to UOT, as well as for entering into a new loan agreement with DSI in May 2013.
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;font-weight:bold;margin-left:0px;">6</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">.</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">       Deferred revenue, current and non-current</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">The amounts presented as current and non-current deferred revenue in the accompanying consolidated balance sheets as of June 30, 2013 and </font><font style="font-family:Calibri;font-size:11pt;">December 31, </font><font style="font-family:Calibri;font-size:11pt;">2012 reflect (a) cash received prior to the balance sheet date for which all criteria to recognize as revenue have not been met, (b) deferred revenue resulting from free quantities of lubricants provided to the vessels as a benefit from the suppliers for entering into</font><font style="font-family:Calibri;font-size:11pt;"> long term contracts with them. </font><font style="font-family:Calibri;font-size:11pt;">Deferred revenue under (b) above</font><font style="font-family:Times New Roman;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">is amortized to Operating expenses </font><font style="font-family:Calibri;font-size:11pt;">according to the terms </font><font style="font-family:Calibri;font-size:11pt;">of the respective contracts.</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">For </font><font style="font-family:Calibri;font-size:11pt;">the </font><font style="font-family:Calibri;font-size:11pt;">six months ended June 30</font><font style="font-family:Calibri;font-size:11pt;">, </font><font style="font-family:Calibri;font-size:11pt;">2013</font><font style="font-family:Calibri;font-size:11pt;"> and</font><font style="font-family:Calibri;font-size:11pt;"> 2012</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">amortization</font><font style="font-family:Calibri;font-size:11pt;"> of the deferred revenue from free lubricants</font><font style="font-family:Calibri;font-size:11pt;"> amounted to $50 and $46 respectively.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 20px"><td style="width: 25px; text-align:left;border-color:#000000;min-width:25px;"> </td><td style="width: 206px; text-align:left;border-color:#000000;min-width:206px;"> </td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"> </td><td style="width: 136px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:136px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">June 30, 2013</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"> </td><td style="width: 123px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:123px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">December 31, 2012</font></td></tr><tr style="height: 20px"><td colspan="2" style="width: 231px; text-align:left;border-color:#000000;min-width:231px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Hires collected in advance </font></td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 136px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:136px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,227</font></td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 123px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:123px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,157</font></td></tr><tr style="height: 20px"><td colspan="2" style="width: 231px; text-align:left;border-color:#000000;min-width:231px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Deferred revenue from lubricants</font></td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"> </td><td style="width: 136px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:136px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 328</font></td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"> </td><td style="width: 123px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:123px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 378</font></td></tr><tr style="height: 20px"><td style="width: 25px; text-align:left;border-color:#000000;min-width:25px;"> </td><td style="width: 206px; text-align:left;border-color:#000000;min-width:206px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Total </font></td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 136px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:136px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,555</font></td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 123px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:123px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,535</font></td></tr><tr style="height: 20px"><td colspan="2" style="width: 231px; text-align:left;border-color:#000000;min-width:231px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Less current portion </font></td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 136px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:136px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (1,334)</font></td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 123px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:123px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (1,264)</font></td></tr><tr style="height: 20px"><td style="width: 25px; text-align:left;border-color:#000000;min-width:25px;"> </td><td style="width: 206px; text-align:left;border-color:#000000;min-width:206px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Non-current portion </font></td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 136px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:136px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 221</font></td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 123px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:123px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 271</font></td></tr></table></div>
<div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 20px"><td style="width: 25px; text-align:left;border-color:#000000;min-width:25px;"> </td><td style="width: 206px; text-align:left;border-color:#000000;min-width:206px;"> </td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"> </td><td style="width: 136px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:136px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">June 30, 2013</font></td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"> </td><td style="width: 123px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:123px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">December 31, 2012</font></td></tr><tr style="height: 20px"><td colspan="2" style="width: 231px; text-align:left;border-color:#000000;min-width:231px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Hires collected in advance </font></td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 136px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:136px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,227</font></td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 123px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:123px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,157</font></td></tr><tr style="height: 20px"><td colspan="2" style="width: 231px; text-align:left;border-color:#000000;min-width:231px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Deferred revenue from lubricants</font></td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"> </td><td style="width: 136px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:136px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 328</font></td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"> </td><td style="width: 123px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:123px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 378</font></td></tr><tr style="height: 20px"><td style="width: 25px; text-align:left;border-color:#000000;min-width:25px;"> </td><td style="width: 206px; text-align:left;border-color:#000000;min-width:206px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Total </font></td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 136px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:136px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,555</font></td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 123px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:123px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 1,535</font></td></tr><tr style="height: 20px"><td colspan="2" style="width: 231px; text-align:left;border-color:#000000;min-width:231px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Less current portion </font></td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 136px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:136px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (1,334)</font></td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 123px; border-top-style:solid;border-top-width:2px;border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:123px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (1,264)</font></td></tr><tr style="height: 20px"><td style="width: 25px; text-align:left;border-color:#000000;min-width:25px;"> </td><td style="width: 206px; text-align:left;border-color:#000000;min-width:206px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Non-current portion </font></td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 136px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:136px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 221</font></td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">$</font></td><td style="width: 123px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:123px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 271</font></td></tr></table></div>
1227000
328000
378000
1535000
1555000
1157000
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;font-weight:bold;margin-left:0px;">7</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">.</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">       </font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">Commitments and </font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">Contingencies</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'></p><ul><li style="margin-left:18px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;">Various claims, suits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may arise from disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Company's vessels. Currently, management is not aware of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying </font><font style="font-family:Calibri;font-size:11pt;">unaudited interim </font><font style="font-family:Calibri;font-size:11pt;">consolidated financial statements.</font><p> </p><p><font style="font-family:Calibri;font-size:11pt;margin-left:28.35px;">The Company accrues for the cost of environmental liabilities when management becomes aware that a liability is probable and is able to reasonably estimate the probable exposure. Currently, management is not aware of any such claims or contingent liabilities, which should be disclosed, or for which a provision should be established in the accompanying </font><font style="font-family:Calibri;font-size:11pt;">unaudited interim </font><font style="font-family:Calibri;font-size:11pt;">consolidated financial statements. </font></p><p> </p><p><font style="font-family:Calibri;font-size:11pt;margin-left:28.35px;">The Company's vessels are covered </font><font style="font-family:Calibri;font-size:11pt;">for pollution in the amount of $1 </font><font style="font-family:Calibri;font-size:11pt;">billion per vessel per incident,</font><font style="font-family:Calibri;font-size:11pt;"> by the P&I Association in which the Company's vessels are entered.</font><font style="font-family:Calibri;font-size:11pt;"> The Company's vessels </font><font style="font-family:Calibri;font-size:11pt;">are</font><font style="font-family:Calibri;font-size:11pt;"> subject to calls payable to the</font><font style="font-family:Calibri;font-size:11pt;">ir P&I</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">A</font><font style="font-family:Calibri;font-size:11pt;">ssociation </font><font style="font-family:Calibri;font-size:11pt;">and may be subject to</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">s</font><font style="font-family:Calibri;font-size:11pt;">upplemental calls </font><font style="font-family:Calibri;font-size:11pt;">which are </font><font style="font-family:Calibri;font-size:11pt;">based on estimates of premium income and anticipated and paid claims</font><font style="font-family:Calibri;font-size:11pt;">. S</font><font style="font-family:Calibri;font-size:11pt;">uch estimates are adjusted each year by the Board of Directors of the P&I Association until the closing of the relevant policy year, which generally occurs within three years from the end of the policy year. </font><font style="font-family:Calibri;font-size:11pt;">Supplemental calls, if any, are expensed when they are announced and according to the period they relate to. </font><font style="font-family:Calibri;font-size:11pt;">The Company is not aware of any supplemental calls in respect of </font><font style="font-family:Calibri;font-size:11pt;">any policy year</font><font style="font-family:Calibri;font-size:11pt;">. </font></p><p> </p></li><li style="margin-left:18px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;">As </font><font style="font-family:Calibri;font-size:11pt;">at</font><font style="font-family:Calibri;font-size:11pt;"> June 30</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> 2013</font><font style="font-family:Calibri;font-size:11pt;">, </font><font style="font-family:Calibri;font-size:11pt;">the minimum contractual </font><font style="font-family:Calibri;font-size:11pt;">annual </font><font style="font-family:Calibri;font-size:11pt;">charter revenues, net of related commissions, to be generated from the existing non-cancelable time charter contracts until their expiration, are estimated at </font><font style="font-family:Calibri;font-size:11pt;">$47,733</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">until June 30, 2014</font><font style="font-family:Calibri;font-size:11pt;">, </font><font style="font-family:Calibri;font-size:11pt;">$27,264</font><font style="font-family:Calibri;font-size:11pt;"> until June 30, 2</font><font style="font-family:Calibri;font-size:11pt;">015</font><font style="font-family:Calibri;font-size:11pt;"> and at </font><font style="font-family:Calibri;font-size:11pt;">$8,284</font><font style="font-family:Calibri;font-size:11pt;"> until June 30, 2016</font><font style="font-family:Calibri;font-size:11pt;">.</font></li></ul>
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;font-weight:bold;margin-left:0px;">8</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">. </font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;"> </font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">Change</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">s</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;"> in Capital A</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">ccounts</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'></p><ul><li style="margin-left:36px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Compensation cost on </font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">restricted common stock</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">:</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">During </font><font style="font-family:Calibri;font-size:11pt;">the </font><font style="font-family:Calibri;font-size:11pt;">six months ended June 30,</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">2013</font><font style="font-family:Calibri;font-size:11pt;"> and</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">2012</font><font style="font-family:Calibri;font-size:11pt;">, </font><font style="font-family:Calibri;font-size:11pt;">compensation cost on restricted stock amounted </font><font style="font-family:Calibri;font-size:11pt;">to </font><font style="font-family:Calibri;font-size:11pt;">$322</font><font style="font-family:Calibri;font-size:11pt;"> and</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">$447</font><font style="font-family:Calibri;font-size:11pt;">, respectively, </font><font style="font-family:Calibri;font-size:11pt;">and is included </font><font style="font-family:Calibri;font-size:11pt;">in General and administrative expenses. </font><font style="font-family:Calibri;font-size:11pt;">At </font><font style="font-family:Calibri;font-size:11pt;">June 30,</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">2013 </font><font style="font-family:Calibri;font-size:11pt;">and</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">December 31, </font><font style="font-family:Calibri;font-size:11pt;">2012</font><font style="font-family:Calibri;font-size:11pt;">, the total unrecognized </font><font style="font-family:Calibri;font-size:11pt;">compensation </font><font style="font-family:Calibri;font-size:11pt;">cost relating to restricted share awards was </font><font style="font-family:Calibri;font-size:11pt;">$94 </font><font style="font-family:Calibri;font-size:11pt;">and </font><font style="font-family:Calibri;font-size:11pt;">$416</font><font style="font-family:Calibri;font-size:11pt;">, </font><font style="font-family:Calibri;font-size:11pt;">respectively. At </font><font style="font-family:Calibri;font-size:11pt;">June 30,</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">2013</font><font style="font-family:Calibri;font-size:11pt;">, the weighted-average period over which the total compensation cost related to non-vested awards not yet recognized is expected to be recognized </font><font style="font-family:Calibri;font-size:11pt;">is 0.96</font><font style="font-family:Calibri;font-size:11pt;"> years.</font><font style="font-family:Calibri;font-size:11pt;"> </font></li></ul><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:13.5px;"> </font><font style="font-family:Calibri;font-size:11pt;">D</font><font style="font-family:Calibri;font-size:11pt;">uring </font><font style="font-family:Calibri;font-size:11pt;">the </font><font style="font-family:Calibri;font-size:11pt;">six months ended June 30,</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">2013</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">and the year ended </font><font style="font-family:Calibri;font-size:11pt;">December 31, </font><font style="font-family:Calibri;font-size:11pt;">2012, </font><font style="font-family:Calibri;font-size:11pt;">the movement of restricted stock cost was as follows:</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 35px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 276px; text-align:left;border-color:#000000;min-width:276px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 82px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:82px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Number of Shares</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td colspan="2" style="width: 96px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:96px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Weighted Average Grant Date Price</font></td></tr><tr style="height: 20px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 276px; text-align:left;border-color:#000000;min-width:276px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Outstanding at December 31, 2011</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 82px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 146,662</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 82px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 12.95</font></td></tr><tr style="height: 20px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 276px; text-align:left;border-color:#000000;min-width:276px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Granted</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 82px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> -</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"> </td><td style="width: 82px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> -</font></td></tr><tr style="height: 20px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 276px; text-align:left;border-color:#000000;min-width:276px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Vested</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 82px; text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> (66,664)</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"> </td><td style="width: 82px; text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 13.50</font></td></tr><tr style="height: 20px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 276px; text-align:left;border-color:#000000;min-width:276px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Forfeited or expired</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 82px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> -</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"> </td><td style="width: 82px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> -</font></td></tr><tr style="height: 20px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 276px; text-align:left;border-color:#000000;min-width:276px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Outstanding at December 31, 2012</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 82px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 79,998</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 82px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 12.50</font></td></tr><tr style="height: 20px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 276px; text-align:left;border-color:#000000;min-width:276px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Granted</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 82px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> -</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"> </td><td style="width: 82px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> -</font></td></tr><tr style="height: 20px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 276px; text-align:left;border-color:#000000;min-width:276px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Vested</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 82px; text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> (66,664)</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"> </td><td style="width: 82px; text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 13.50</font></td></tr><tr style="height: 20px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 276px; text-align:left;border-color:#000000;min-width:276px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Forfeited or expired</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 82px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> -</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"> </td><td style="width: 82px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> -</font></td></tr><tr style="height: 20px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 276px; text-align:left;border-color:#000000;min-width:276px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Outstanding at June 30, 2013</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 82px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 13,334</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 82px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 7.50</font></td></tr></table></div><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'></p><ul><li style="margin-left:22.5px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">A</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">TM</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;"> offering: </font><font style="font-family:Calibri;font-size:11pt;">On </font><font style="font-family:Calibri;font-size:11pt;">May 21, 2013, the Company</font><font style="font-family:Calibri;font-size:11pt;"> filed a prospectus supplement pursuant to Rule 424(b) relating to the offer and sale of an aggregate of up to $40.0 million i</font><font style="font-family:Calibri;font-size:11pt;">n gross proceeds of its </font><font style="font-family:Calibri;font-size:11pt;">common stock </font><font style="font-family:Calibri;font-size:11pt;">under an at-the market offering</font><font style="font-family:Calibri;font-size:11pt;">. As of June 30, 2013, an amount of </font><font style="font-family:Calibri;font-size:11pt;">1,286,494</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">shares of the Company's common stock with par value $0.01 were issued. The net proceeds, after deducting</font><font style="font-family:Calibri;font-size:11pt;"> underwriting commissions and offering expenses payable by the Company</font><font style="font-family:Calibri;font-size:11pt;">, amounted to </font><font style="font-family:Calibri;font-size:11pt;">$6,534</font><font style="font-family:Calibri;font-size:11pt;">.</font></li></ul>
<div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 35px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 276px; text-align:left;border-color:#000000;min-width:276px;"> </td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 82px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:82px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Number of Shares</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td colspan="2" style="width: 96px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:96px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Weighted Average Grant Date Price</font></td></tr><tr style="height: 20px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 276px; text-align:left;border-color:#000000;min-width:276px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Outstanding at December 31, 2011</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 82px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 146,662</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 82px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 12.95</font></td></tr><tr style="height: 20px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 276px; text-align:left;border-color:#000000;min-width:276px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Granted</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 82px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> -</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"> </td><td style="width: 82px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> -</font></td></tr><tr style="height: 20px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 276px; text-align:left;border-color:#000000;min-width:276px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Vested</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 82px; text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> (66,664)</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"> </td><td style="width: 82px; text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 13.50</font></td></tr><tr style="height: 20px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 276px; text-align:left;border-color:#000000;min-width:276px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Forfeited or expired</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 82px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> -</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 14px; text-align:center;border-color:#000000;min-width:14px;"> </td><td style="width: 82px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> -</font></td></tr><tr style="height: 20px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 276px; text-align:left;border-color:#000000;min-width:276px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Outstanding at December 31, 2012</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 82px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 79,998</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 82px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 12.50</font></td></tr><tr style="height: 20px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 276px; text-align:left;border-color:#000000;min-width:276px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Granted</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 82px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> -</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"> </td><td style="width: 82px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> -</font></td></tr><tr style="height: 20px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 276px; text-align:left;border-color:#000000;min-width:276px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Vested</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 82px; text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> (66,664)</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"> </td><td style="width: 82px; text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 13.50</font></td></tr><tr style="height: 20px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 276px; text-align:left;border-color:#000000;min-width:276px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Forfeited or expired</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 82px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> -</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"> </td><td style="width: 82px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> -</font></td></tr><tr style="height: 20px"><td style="width: 64px; text-align:left;border-color:#000000;min-width:64px;"> </td><td style="width: 276px; text-align:left;border-color:#000000;min-width:276px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Outstanding at June 30, 2013</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 82px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 13,334</font></td><td style="width: 12px; text-align:left;border-color:#000000;min-width:12px;"> </td><td style="width: 14px; text-align:left;border-color:#000000;min-width:14px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">$</font></td><td style="width: 82px; border-top-style:solid;border-top-width:1px;border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:82px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;"> 7.50</font></td></tr></table></div>
79998
-66664
13334
12.50
13.50
7.50
146662
-66664
12.95
13.50
1286494
40000000
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;font-weight:bold;margin-left:0px;">9</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">.</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">       </font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">Earnings</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;"> / (loss)</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;"> </font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">per Share</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">All shares issued (including the restricted shares issued under</font><font style="font-family:Calibri;font-size:11pt;"> the</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">equity incentive plan</font><font style="font-family:Calibri;font-size:11pt;">) are </font><font style="font-family:Calibri;font-size:11pt;">DCI</font><font style="font-family:Calibri;font-size:11pt;">'s </font><font style="font-family:Calibri;font-size:11pt;">common stock and have equal rights to vote and participate in dividends</font><font style="font-family:Calibri;font-size:11pt;">, subject to forfeiture provisions set forth in the applicable award agreement. </font><font style="font-family:Calibri;font-size:11pt;">Unvested shares granted under the Company's incentive plan</font><font style="font-family:Calibri;font-size:11pt;"> of 13,334 as at June 30, 2013 and 79,998 </font><font style="font-family:Calibri;font-size:11pt;">as at June 30, 2012,</font><font style="font-family:Calibri;font-size:11pt;"> receive</font><font style="font-family:Calibri;font-size:11pt;">d</font><font style="font-family:Calibri;font-size:11pt;"> dividends which are not refundable, </font><font style="font-family:Calibri;font-size:11pt;">even </font><font style="font-family:Calibri;font-size:11pt;">if such shares are forfeited, and therefore are considered participating securities for basic earnings per share calculation purposes. </font><font style="font-family:Calibri;font-size:11pt;">Dividends</font><font style="font-family:Calibri;font-size:11pt;"> declared </font><font style="font-family:Calibri;font-size:11pt;">and paid </font><font style="font-family:Calibri;font-size:11pt;">during </font><font style="font-family:Calibri;font-size:11pt;">the </font><font style="font-family:Calibri;font-size:11pt;">six months ended June 30,</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">2013</font><font style="font-family:Calibri;font-size:11pt;"> and 2012</font><font style="font-family:Calibri;font-size:11pt;"> amounted to</font><font style="font-family:Calibri;font-size:11pt;"> $19,447</font><font style="font-family:Calibri;font-size:11pt;"> and $9,231</font><font style="font-family:Calibri;font-size:11pt;">, respectively</font><font style="font-family:Calibri;font-size:11pt;">.</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">The calculation of basic earnings/ (loss) per share does not consider the non-vested shares as outstanding until the time-based vesting restrictions have lapsed. For the purpose of calculating diluted earnings per share the weighted average number of diluted shares outstanding includes the incremental shares assumed issued determined in accordance with the </font><font style="font-family:Calibri;font-size:11pt;">antidilution</font><font style="font-family:Calibri;font-size:11pt;"> sequencing provisions of ASC 260. </font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">For the period ended </font><font style="font-family:Calibri;font-size:11pt;">June</font><font style="font-family:Calibri;font-size:11pt;"> 3</font><font style="font-family:Calibri;font-size:11pt;">0</font><font style="font-family:Calibri;font-size:11pt;">, </font><font style="font-family:Calibri;font-size:11pt;">2013</font><font style="font-family:Calibri;font-size:11pt;">, </font><font style="font-family:Calibri;font-size:11pt;">and on the basis that the Company incurred losses, </font><font style="font-family:Calibri;font-size:11pt;">the effect of the incremental shares </font><font style="font-family:Calibri;font-size:11pt;">would </font><font style="font-family:Calibri;font-size:11pt;">have </font><font style="font-family:Calibri;font-size:11pt;">be</font><font style="font-family:Calibri;font-size:11pt;">en</font><font style="font-family:Calibri;font-size:11pt;"> anti-dilutive and therefore basic and diluted losses per share are the same amount.</font><font style="font-family:Calibri;font-size:11pt;"> For the </font><font style="font-family:Calibri;font-size:11pt;">six months ended June 30,</font><font style="font-family:Calibri;font-size:11pt;"> 2012, the effect of the incremental shares </font><font style="font-family:Calibri;font-size:11pt;">assumed issued, determined in accordance with the </font><font style="font-family:Calibri;font-size:11pt;">antidilution</font><font style="font-family:Calibri;font-size:11pt;"> sequencing provision</font><font style="font-family:Calibri;font-size:11pt;">s of ASC 260, was antidilutive</font><font style="font-family:Calibri;font-size:11pt;">.</font></p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 17px"><td style="width: 267px; text-align:left;border-color:#000000;min-width:267px;"> </td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;"> </td><td colspan="3" style="width: 162px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:162px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2013</font></td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;"> </td><td colspan="3" style="width: 163px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:163px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2012</font></td></tr><tr style="height: 17px"><td style="width: 267px; text-align:left;border-color:#000000;min-width:267px;"> </td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:78px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Basic LPS</font></td><td style="width: 6px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:78px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Diluted LPS</font></td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:78px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Basic EPS</font></td><td style="width: 6px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:6px;"> </td><td style="width: 79px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:79px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Diluted EPS</font></td></tr><tr style="height: 34px"><td style="width: 267px; text-align:left;border-color:#000000;min-width:267px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Net income / (loss)</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 78px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (36,844)</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 78px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (36,844)</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 78px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">4,107</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 79px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:79px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">4,107</font></td></tr><tr style="height: 34px"><td style="width: 267px; text-align:left;border-color:#000000;min-width:267px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Less distributed earnings allocated to restricted shares</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">(14)</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 79px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:79px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">-</font></td></tr><tr style="height: 17px"><td style="width: 267px; text-align:left;border-color:#000000;min-width:267px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Net income / (loss) available to common stockholders</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (36,844)</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (36,844)</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 4,093</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 79px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:79px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 4,107</font></td></tr><tr style="height: 8px"><td style="width: 267px; text-align:left;border-color:#000000;min-width:267px;"> </td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:78px;"> </td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:78px;"> </td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:78px;"> </td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 79px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:79px;"> </td></tr><tr style="height: 17px"><td style="width: 267px; text-align:left;border-color:#000000;min-width:267px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Weighted average number of common shares, basic and diluted</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 32,273,274</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 32,273,274</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">22,947,082</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 79px; text-align:right;border-color:#000000;min-width:79px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">22,947,082</font></td></tr><tr style="height: 6px"><td style="width: 267px; text-align:left;border-color:#000000;min-width:267px;"> </td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:78px;"> </td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:78px;"> </td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:78px;"> </td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 79px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:79px;"> </td></tr><tr style="height: 17px"><td style="width: 267px; text-align:left;border-color:#000000;min-width:267px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Earnings / (loss) per common share, basic and diluted</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 78px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (1.14)</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 78px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (1.14)</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 78px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 0.18</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 79px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:79px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 0.18</font></td></tr></table></div>
<div><table style="border-collapse:collapse;margin-top:20px;"><tr style="height: 17px"><td style="width: 267px; text-align:left;border-color:#000000;min-width:267px;"> </td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;"> </td><td colspan="3" style="width: 162px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:162px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2013</font></td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;"> </td><td colspan="3" style="width: 163px; border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:163px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">2012</font></td></tr><tr style="height: 17px"><td style="width: 267px; text-align:left;border-color:#000000;min-width:267px;"> </td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:78px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Basic LPS</font></td><td style="width: 6px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:78px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Diluted LPS</font></td><td style="width: 6px; text-align:left;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:78px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Basic EPS</font></td><td style="width: 6px; border-top-style:solid;border-top-width:1px;text-align:left;border-color:#000000;min-width:6px;"> </td><td style="width: 79px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:1px;text-align:center;border-color:#000000;min-width:79px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: center;">Diluted EPS</font></td></tr><tr style="height: 34px"><td style="width: 267px; text-align:left;border-color:#000000;min-width:267px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Net income / (loss)</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 78px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (36,844)</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 78px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (36,844)</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 78px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">4,107</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 79px; border-top-style:solid;border-top-width:1px;text-align:right;border-color:#000000;min-width:79px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">4,107</font></td></tr><tr style="height: 34px"><td style="width: 267px; text-align:left;border-color:#000000;min-width:267px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Less distributed earnings allocated to restricted shares</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> -</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">(14)</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 79px; border-bottom-style:solid;border-bottom-width:1px;text-align:right;border-color:#000000;min-width:79px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">-</font></td></tr><tr style="height: 17px"><td style="width: 267px; text-align:left;border-color:#000000;min-width:267px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Net income / (loss) available to common stockholders</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (36,844)</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (36,844)</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 4,093</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 79px; border-top-style:solid;border-top-width:1px;border-bottom-style:solid;border-bottom-width:2px;text-align:right;border-color:#000000;min-width:79px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 4,107</font></td></tr><tr style="height: 8px"><td style="width: 267px; text-align:left;border-color:#000000;min-width:267px;"> </td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:78px;"> </td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:78px;"> </td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:78px;"> </td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 79px; border-top-style:solid;border-top-width:2px;text-align:right;border-color:#000000;min-width:79px;"> </td></tr><tr style="height: 17px"><td style="width: 267px; text-align:left;border-color:#000000;min-width:267px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Weighted average number of common shares, basic and diluted</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 32,273,274</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 32,273,274</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">22,947,082</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 79px; text-align:right;border-color:#000000;min-width:79px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">22,947,082</font></td></tr><tr style="height: 6px"><td style="width: 267px; text-align:left;border-color:#000000;min-width:267px;"> </td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:78px;"> </td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:78px;"> </td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 78px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:78px;"> </td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"> </td><td style="width: 79px; border-top-style:double;border-top-width:3px;text-align:right;border-color:#000000;min-width:79px;"> </td></tr><tr style="height: 17px"><td style="width: 267px; text-align:left;border-color:#000000;min-width:267px;"><font style="FONT-WEIGHT: bold;FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;">Earnings / (loss) per common share, basic and diluted</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 78px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (1.14)</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 78px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> (1.14)</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 78px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:78px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 0.18</font></td><td style="width: 6px; text-align:right;border-color:#000000;min-width:6px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;">$</font></td><td style="width: 79px; border-bottom-style:double;border-bottom-width:3px;text-align:right;border-color:#000000;min-width:79px;"><font style="FONT-FAMILY: Calibri;FONT-SIZE: 10pt;COLOR: #000000;TEXT-ALIGN: right;"> 0.18</font></td></tr></table></div>
-36844000
0
-36844000
-36844000
4107000
4093000
0
14000
-36844000
4107000
0
4107000
32273274
32273274
22947082
22947082
-1.14
-1.14
0.18
0.18
<p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;font-weight:bold;margin-left:0px;">10</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">.</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">       Financial Instruments</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;margin-left:0px;">The carrying values of temporary cash investments, accounts receivable and accounts payable approximate their fair value due to the short-term nature of these financial instruments. The fair value of long-term bank loan and compensating cash balances, bearing interest at variable interest rates, approximate their recorded values as at </font><font style="font-family:Calibri;font-size:11pt;">June 30</font><font style="font-family:Calibri;font-size:11pt;">, 2013</font><font style="font-family:Calibri;font-size:11pt;">.</font></p>
<p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top: 0pt; margin-bottom: 0pt;'></p><p style='margin-top:12pt; margin-bottom:0pt'><font style="font-family:Calibri;font-size:11pt;font-weight:bold;margin-left:0px;">11</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;">. </font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;"> Subsequent Events</font></p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'></p><ul><li style="margin-left:40.5px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">ATM transactions: </font><font style="font-family:Calibri;font-size:11pt;">Subsequent to June 30, 2013</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">the Company sold</font><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;"> </font><font style="font-family:Calibri;font-size:11pt;">279,230 shares of common stock </font><font style="font-family:Calibri;font-size:11pt;">pursuant to </font><font style="font-family:Calibri;font-size:11pt;">the Company's ATM program discussed in </font><font style="font-family:Calibri;font-size:11pt;">Note</font><font style="font-family:Calibri;font-size:11pt;"> 8 above</font><font style="font-family:Calibri;font-size:11pt;">,</font><font style="font-family:Calibri;font-size:11pt;"> and the</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">net proceeds</font><font style="font-family:Calibri;font-size:11pt;"> received amounted to</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">$1,348</font><font style="font-family:Calibri;font-size:11pt;">.</font><p> </p></li><li style="margin-left:40.5px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Supplemental Agreement with RBS: </font><font style="font-family:Calibri;font-size:11pt;">On July </font><font style="font-family:Calibri;font-size:11pt;">22</font><font style="font-family:Calibri;font-size:11pt;">, 2013, the Company entered into a supplemental loan agreement with the Royal Bank of Scotland </font><font style="font-family:Calibri;font-size:11pt;">plc</font><font style="font-family:Calibri;font-size:11pt;">, in relation with its consent to the loan agreement between the Company and Diana Shipping Inc</font><font style="font-family:Calibri;font-size:11pt;">.</font><font style="font-family:Calibri;font-size:11pt;">, to amend certain terms of the existing loan agreement. The supplemental agreement provides for an increased margin of 3.10%, effective June 1, 2013, </font><font style="font-family:Calibri;font-size:11pt;">changes in the definition of </font><font style="font-family:Calibri;font-size:11pt;">tangible </font><font style="font-family:Calibri;font-size:11pt;">assets </font><font style="font-family:Calibri;font-size:11pt;">in the calculation </font><font style="font-family:Calibri;font-size:11pt;">of </font><font style="font-family:Calibri;font-size:11pt;">financial covenants</font><font style="font-family:Calibri;font-size:11pt;">, </font><font style="font-family:Calibri;font-size:11pt;">a</font><font style="font-family:Calibri;font-size:11pt;">s well as </font><font style="font-family:Calibri;font-size:11pt;">for </font><font style="font-family:Calibri;font-size:11pt;">security interest</font><font style="font-family:Calibri;font-size:11pt;"> on the minimum cash held by the borrower </font><font style="font-family:Calibri;font-size:11pt;">in favour of the lenders. The agreement also restricts</font><font style="font-family:Calibri;font-size:11pt;"> any security interest over the Company's assets i</font><font style="font-family:Calibri;font-size:11pt;">n favour of Diana Shipping Inc.</font><p> </p></li><li style="margin-left:40.5px;list-style:lower-alpha;"><font style="font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;">Declaration of dividends: </font><font style="font-family:Calibri;font-size:11pt;">On </font><font style="font-family:Calibri;font-size:11pt;">July</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">29</font><font style="font-family:Calibri;font-size:11pt;">, 2013, the Company declared dividends amounting to </font><font style="font-family:Calibri;font-size:11pt;">$</font><font style="font-family:Calibri;font-size:11pt;">0.15</font><font style="font-family:Calibri;font-size:11pt;"> per share, payable on or around </font><font style="font-family:Calibri;font-size:11pt;">September 3</font><font style="font-family:Calibri;font-size:11pt;">, 2013 to stockholders of record as of </font><font style="font-family:Calibri;font-size:11pt;">August</font><font style="font-family:Calibri;font-size:11pt;"> </font><font style="font-family:Calibri;font-size:11pt;">14,</font><font style="font-family:Calibri;font-size:11pt;"> 2013.</font></li></ul><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:10pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'> </p><p style='margin-top:0pt; margin-bottom:0pt'> </p>
2013-07-29
0.15
2013-09-03
2013-08-14
2013-07-22
0.0310
1348000
279230