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<p style="margin-top: 0pt; margin-bottom: 0pt"><font style="font: bold 11pt Calibri; margin-left: 0px">9</font><font style="font: bold 11pt Calibri">.</font><font style="font: bold 11pt Calibri">       Financial Instruments</font></p>
<p style="margin-top: 0pt; margin-bottom: 0pt"> </p>
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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 loans and restricted cash balances, bearing interest at variable interest rates, approximate their
recorded values as at June 30, 2018 and December 31, 2017.</p>
<p style="margin-top: 0pt; margin-bottom: 0pt"></p>
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<p style="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in">4.       Vessels
and Vessels held for sale</p>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">In October 2017, the Company, through
two of its subsidiaries, had entered into two memoranda of agreement to sell the vessels “March” and “Great”
and the vessels were classified on December 31, 2017 in current assets as held for sale, according to the provisions of ASC 360,
as all criteria required for this classification were met. Furthermore, from February to May 2018, the Company, through certain
of its subsidiaries, entered into four memoranda of agreement to sell the vessels “New Jersey”, “Sagitta”,
“Centaurus” and “Puelo” to unrelated parties. All six vessels were delivered to their new owners from March
to June 2018, and the Company received aggregate proceeds of $73,051, net of expenses. The aggregate loss from the sale of vessels,
including direct to sale expenses, for the six months ended June 30, 2018 amounted to $16,679, while the respective gain, net of
direct to sale expenses, for the six months ended June 30, 2017 amounted to $945, and relates to the sale of the vessel “Doukato”.
The amounts are separately reflected in Loss / (Gain) on vessels’ sale in the accompanying unaudited interim consolidated
statements of operations. The Company used the proceeds from the sales of the vessels to repay indebtedness, according to the respective
terms of the Company’s existing credit agreements (Notes 3 and 5).</p>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Finally, in May 2018, the Company,
through one of its subsidiaries, entered into a memorandum of agreement to sell the vessel “Hamburg” to unrelated parties,
for a gross sale price of $21,000. The vessel, which was delivered to its new owners in July 2018 (Note 10), was classified on
June 30, 2018 in current assets as held for sale, according to the provisions of ASC 360, as all criteria required for this classification
were met. The specific vessel was impaired as of June 30, 2018, since its carrying amount as at the balance sheet date was higher
than its fair value, less cost to sell. The fair value of the vessel was determined through Level 2 inputs of the fair value hierarchy
as determined by management and was measured on a non-recurring basis.</p>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The amounts in the accompanying consolidated
balance sheets are analyzed as follows:</p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"> </p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"> </p>
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<tr style="vertical-align: bottom; background-color: white">
<td style="width: 38%; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">  </font></td>
<td style="width: 3%; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="width: 17%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b>Vessels' Cost</b></font></td>
<td style="width: 3%; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="width: 19%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b>Accumulated Depreciation</b></font></td>
<td style="width: 3%; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="width: 17%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b>Net Book Value</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"><b> </b> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"><b>Balance, December 31, 2017</b></font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 247,327 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> (46,019)</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 201,308 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">- Vessels' disposals </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> (98,236)</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 27,716 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> (70,520)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">- Transfer to vessels held for sale</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> (23,013)</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 3,138 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> (19,875)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">- Depreciation</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> (2,798)</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> (2,798)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">- Impairment charges</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> (15,626)</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt">-</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> (15,626)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"><b>Balance, June 30, 2018</b></font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 110,452 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> (17,963)</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 92,489 </font></td></tr>
</table>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"> </p>
<p style="margin: 0">As at June 30, 2018, all the Company’s vessels, including the one classified as held for sale, were
provided as collateral to secure the loan facility with DSI, discussed in Note 3.</p>
<p style="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in">5. Unrelated Party
Financing</p>
<p style="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"> </p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 6pt 0 12pt; text-align: justify">The amounts of unrelated party financing
shown in the accompanying consolidated balance sheets are analyzed as follows:</p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: bottom; background-color: white">
<td style="width: 25%; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="width: 3%; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="width: 10%; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b>June 30, 2018</b></font></td>
<td style="width: 2%; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="width: 8%; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">Current</font></td>
<td style="width: 7%; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="width: 5%; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">Non-current</font></td>
<td style="width: 3%; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"><b> </b></font></td>
<td style="width: 12%; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b>December 31, 2017</b></font></td>
<td style="width: 3%; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"><b> </b></font></td>
<td style="width: 10%; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">Current</font></td>
<td style="width: 9%; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="width: 3%; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">Non-current</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">Addiewell LTD - Term Loan</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 8,500 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 8,500 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">Discount Premium payable to the lenders</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 3,718 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 3,718 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">less unamortized deferred financing costs</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> (99)</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> (99)</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"><b>Unrelated party financing, net of unamortized deferred financing costs</b></font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 12,119 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 12,119 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"><b> </b></font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td></tr>
</table>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"> </p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><b><i>Addiewell Ltd (“Addiewell”)
– Loan Facility:</i></b> <font style="color: windowtext">On June 30, 2017, the Company partially funded the refinancing of
its then existing loan with the Royal Bank of Scotland Plc (“RBS”), with proceeds under a new secured loan facility
with Addiewell Ltd., an unaffiliated third party, in the amount of $35,000.  The loan, which would mature on December 31,
2018, also provided for an additional $10,000 interest-bearing “discount premium”, which was also payable at maturity
and was recognized in Interest and Finance costs throughout the life of the loan and in Unrelated party financing, net of unamortized
deferred financing costs. Moreover, the loan, which ranked senior to the loan agreement with DSI (Note 3), was secured by first
priority mortgages over all the Company's containerships, bore interest at the rate of 6% per annum for the first twelve months,
scaled to 9% per annum for the next three months and further scaled to 12% per annum for the remaining three months until maturity.
Finally, the loan facility included financial and other covenants which stipulated the repayment of the facility with proceeds
from the sale of assets of the Company, proceeds from the issuance of new equity and proceeds from the exercise of existing warrants
to purchase the Company's Series B Convertible Preferred Shares (Note 7), and prohibited the payment of dividends. During 2018,
the Company has repaid in full the outstanding loan balance and the entire discount premium by making use of warrant proceeds (Note
7) and vessels’ sales proceeds (Note 4), and accordingly, the loan agreement was terminated. </font></p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"> </p>
<p style="margin: 0; text-align: justify"><font style="font: 11pt calibri">For the six months ended June 30, 2018 and 2017, interest
expense incurred in connection with the Addiewell and the RBS loans, amounted to $247 and $2,696, respectively, while the discount
premium amortization for the six months ended June 30, 2018 and 2017, amounted to $6,282 and $20, respectively. Interest expense
and discount premium amortization are included in Interest and finance costs in the accompanying unaudited interim consolidated
statements of operations. Accrued interest as of June 30, 2018 and December 31, 2017, amounted to $0 and $9, respectively, and
is included in Accrued liabilities in the accompanying consolidated balance sheets.</font></p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: bold 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 28.35pt">6.</td><td style="text-align: justify">Commitments and Contingencies</td></tr></table>
<p style="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt"> </p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><b><i>(a)<font style="font: 7pt Times New Roman, Times, Serif">     
</font></i></b>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 claims or contingent liabilities, which should be disclosed, or for which a provision should be established and has not in
the accompanying unaudited interim consolidated financial statements.</p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">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 unaudited interim consolidated financial statements.</p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company’s vessels are covered for
pollution in the amount of $1 billion per vessel per incident, by the protection and indemnity association (“P&I
Association”) in which the Company’s vessels are entered. The Company’s vessels are subject to calls payable
to their P&I Association and may be subject to supplemental calls which are based on estimates of premium income and anticipated
and paid claims. Such estimates are adjusted each year by the Board of Directors of the P&I Association until the closing of
the relevant policy year, which generally occurs within three years from the end of the policy year. Supplemental calls, if any,
are expensed when they are announced and according to the period they relate to. The Company is not aware of any supplemental calls
outstanding in respect of any policy year.</p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><b><i>(b)<font style="font: 7pt Times New Roman, Times, Serif">     
</font></i></b>As at June 30, 2018, all our vessels were operating under time charter agreements. The minimum contractual annual
charter revenues, net of related commissions to third parties, to be generated from the existing as at June 30, 2018, non-cancelable
time charter contracts, are estimated at $9,799, until June 30, 2019.</p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><b>7. Changes in Capital Accounts</b></p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><b><i> </i></b></p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><b><i>(a)<font style="font: 7pt Times New Roman, Times, Serif">  
</font>Issuance of Series B Preferred Stock and Warrants to purchase Series B Preferred Stock: </i></b>On March 21, 2017, the Company
completed a registered direct offering of (i) 3,000 newly-designated Series B-1 convertible preferred shares, par value $0.01 per
share, and common shares underlying such Series B-1 convertible preferred shares, and (ii) warrants to purchase 6,500 of Series
B-1 convertible preferred shares, 6,500 of Series B-1 convertible preferred shares underlying such warrants, and common shares
underlying such Series B-1 convertible preferred shares. Concurrently with the registered direct offering, the Company completed
an offering of warrants to purchase 140,500 of Series B-2 convertible preferred shares in a private placement, in reliance on Regulation
S under the Securities Act. The securities in the registered direct offering and private placement were issued and sold to Kalani
Investments Limited (or “Kalani”), an entity not affiliated with the Company, pursuant to a Securities Purchase Agreement.
In connection with the private placement, the Company entered into a Registration Rights Agreement with Kalani, pursuant to which
the investor was granted certain registration rights with respect to the securities issued and sold in the private placement. The
Series B convertible preferred shares are convertible at any time at the option of the holder into common shares at an initial
conversion price of $7.00 per common share, provided that a certain minimum trading volume of the Company’s common shares
on the conversion date is met. At the option of Kalani, the preferred stock may be alternatively converted into common shares at
a per share price equal to the higher of (i) 92.25% of the lowest daily volume weighted average price on any trading day during
the 5 consecutive trading day period ending on and including the conversion date and (ii) $0.50. Kalani may elect to convert the
preferred stock into shares of common stock at the conversion price or alternate conversion price then in effect, at any time.
The Series B preferred warrants are exercisable into Series B convertible preferred shares at any time at the option of the holder
thereof at an exercise price of $1,000 per Series B convertible preferred share.</p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"> </p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in">The Company in its assessment
for the accounting of the Series B-1 and B-2 convertible preferred shares has taken into consideration ASC 480 “Distinguishing
liabilities from equity” and determined that the preferred shares should be classified as equity instead of liability. Upon
exercise of the warrants, the holder is entitled to receive preferred shares. ASC 480 “Distinguishing liabilities from equity”
requires that a warrant which contains an obligation that may require the issuer to redeem the shares in cash, be classified as
a liability and accounted for at fair value. The Company determined that the fair value of the warrants at inception and at June
30, 2018 is immaterial. As at June 30, 2018, 105,750 warrants remained outstanding.</p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"> </p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in">During the six months ended
June 30, 2018, 11,750 preferred warrants were exercised and the Company received net proceeds, after deducting offering expenses
payable by the Company, of $11,703. In the first six months of 2018, an aggregate of 11,264 Series B convertible preferred shares
were converted to 5,468,205, common shares, thus leaving 775 Series B convertible preferred shares outstanding as of June 30, 2018.</p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"> </p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><b><i>(b)<font style="font: 7pt Times New Roman, Times, Serif">  
</font>Compensation cost on restricted common stock: </i></b>On February 9, 2018, the Company’s board of directors approved
an amendment to the 2015 Equity Incentive Plan, to increase the aggregate number of shares issuable under the plan to 550,000 shares.</p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"> </p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in">On February 9, 2018, the
Company issued 161,700 restricted common shares as an award to the executive management and the non-executive directors, pursuant
to the Company’s board of directors’ decision of February 9, 2017. The fair value of the award is $380 and the number
of shares issued was based on the share closing price of February 9, 2018. One third of the shares vested on February 9, 2018 and
the remainder two thirds will vest ratably over two years from the issuance date.</p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"> </p>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Moreover, on February 15, 2018, the
Company's board of directors approved a one-time award of restricted common stock, which was proposed by the Company's compensation
committee, with an aggregate value of $5,000, to the Company's executive officers and non-executive directors, in recognition of
the successful refinancing of the Company's RBS loan in 2017. The award will be granted on February 15, 2019 and the exact number
of shares for the grantees will be defined based on the share closing price of February 15, 2019. One third of the shares will
vest on the issuance date and the remainder two thirds will vest ratably over two years from the issuance date.</p>
<p style="color: #1D1D1B; font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"> </p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in">During the six months ended
June 30, 2018 and 2017, compensation cost on restricted stock amounted to $683 and $541, respectively, and is included in General
and administrative expenses in the accompanying unaudited interim consolidated statements of operations. At June 30, 2018 and December
31, 2017, the total unrecognized compensation cost relating to restricted share awards was $4,584 and $267, respectively.</p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"> </p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in">During the six months ended
June 30, 2018, the movement of the restricted stock cost was as follows:</p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: bottom; background-color: white">
<td style="width: 11%; padding-right: 5.75pt; padding-left: 5.75pt"> </td>
<td style="width: 53%; padding-right: 5.75pt; padding-left: 5.75pt"> </td>
<td style="width: 2%; padding-right: 5.75pt; padding-left: 5.75pt"> </td>
<td style="width: 14%; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b>Number of Shares</b></font></td>
<td style="width: 3%; padding-right: 5.75pt; padding-left: 5.75pt"> </td>
<td style="width: 17%; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b>Weighted Average Grant Date Price</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"> </td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"><b>Outstanding at December 31, 2017</b></font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"> </td>
<td style="border-bottom: black 2.25pt double; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"> </td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">Granted</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"> </td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 161,700 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 2.35 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"> </td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">Vested</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"> </td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> (53,899)</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 2.35 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"> </td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">Forfeited or expired</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"> </td>
<td style="border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"> </td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"><b>Outstanding at June 30, 2018</b></font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"> </td>
<td style="border-bottom: black 2.25pt double; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 107,801 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 2.35 </font></td></tr>
</table>
<p style="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0"> </p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in">At June 30, 2018, the weighted-average
period over which the total compensation cost related to non-vested awards, as presented above, is expected to be recognized, is
1.11 years.</p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: bold 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 28.35pt">8.</td><td style="text-align: justify">Earnings / (Loss) per Share</td></tr></table>
<p style="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 28.35pt; text-align: justify; text-indent: -28.35pt"> </p>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">All common shares issued (including
the restricted shares issued under the equity incentive plan) are DCI’s common stock and have equal rights to vote and participate
in dividends, subject to forfeiture provisions set forth in the applicable award agreement. Unvested shares granted under the Company's
incentive plan of 107,801 as of June 30, 2018, are entitled to receive dividends which are not refundable, even if such shares
are forfeited, and therefore are considered participating securities for basic earnings per share calculation purposes. 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 as determined in accordance with the antidilution sequencing provisions of ASC 260.
The computation of diluted earnings per share also reflects the potential dilution that could occur if warrants to issue common
stock were exercised, to the extent that they are dilutive, as well as the potential dilution that could occur if convertible preferred
stock were converted. For the six months ended June 30, 2018, and on the basis that the Company incurred losses, the effect of
the incremental shares assumed issued would have been anti-dilutive and therefore basic and diluted losses per share is the same
amount.</p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 9pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 9pt"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 9pt"><b>2018</b></font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 9pt"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 9pt"><b>2017 </b></font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="width: 38%; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 9pt"> </font></td>
<td style="width: 3%; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 9pt"> </font></td>
<td style="width: 12%; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 9pt"><b>Basic LPS</b></font></td>
<td style="width: 3%; border-top: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 9pt"> </font></td>
<td style="width: 12%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 9pt"><b>Diluted LPS</b></font></td>
<td style="width: 3%; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 9pt"> </font></td>
<td style="width: 13%; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 9pt"><b>Basic EPS</b></font></td>
<td style="width: 3%; border-top: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 9pt"> </font></td>
<td style="width: 13%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 9pt"><b>Diluted EPS</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 9pt">Net income/(loss)</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt">$</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> (46,245)</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt">$</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> (46,245)</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt">$</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> 29,124 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt">$</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> 29,124 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 9pt"><b>Net income/(loss) available to common stockholders</b></font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="border-top: black 1pt solid; border-bottom: black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> (46,245)</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="border-top: black 1pt solid; border-bottom: black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> (46,245)</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="border-top: black 1pt solid; border-bottom: black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> 29,124 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="border-top: black 1pt solid; border-bottom: black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> 29,124 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 9pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 9pt">Weighted average number of common shares outstanding</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> 7,068,474 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> 7,068,474 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> 1,856 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> 1,856 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 9pt">Effect of dilutive shares</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> - </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> - </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> - </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> 86 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 9pt">Total shares outstanding</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> 7,068,474 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> 7,068,474 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> 1,856 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> 1,942 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 9pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 9pt"><b>Earnings/(Loss) per common share</b></font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt">$</font></td>
<td style="border-top: black 1pt solid; border-bottom: black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> (6.54)</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt">$</font></td>
<td style="border-top: black 1pt solid; border-bottom: black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> (6.54)</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt">$</font></td>
<td style="border-top: black 1pt solid; border-bottom: black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> 15,691.81 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt">$</font></td>
<td style="border-top: black 1pt solid; border-bottom: black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> 14,996.91 </font></td></tr>
</table>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"> </p>
<p style="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">1. General Information</p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><b> </b></p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The accompanying unaudited interim 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 the Republic of
Marshall Islands for the purpose of engaging in any lawful act or activity under the Marshall Islands Business Corporations Act.</p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">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. 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, 2017 included in the Company’s Annual Report on
Form 20-F filed with the Securities and Exchange Commission on March 16, 2018 and, in the opinion of management, reflect all adjustments,
which include only normal recurring adjustments considered necessary for a fair presentation of the Company's financial position,
results of operations and cash flows for the periods presented. Operating results for the six months ended June 30, 2018 are not
necessarily indicative of the results that might be expected for the fiscal year ending December 31, 2018. A discussion of
the Company’s significant accounting policies can be found in the audited consolidated financial statements for the fiscal
year ended December 31, 2017, as filed on Form 20-F on March 16, 2018.</p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The consolidated balance sheet as of December
31, 2017 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. In September and November 2017, the Company effected, in
addition to previously effected reverse stock splits, two additional reverse stock splits on its issued and outstanding common
stock, of 1-for-3 and 1-for-7, respectively. All share and per share amounts disclosed in the accompanying unaudited interim consolidated
financial statements give effect to these two reverse stock splits retroactively and thus affect the period ended June 30, 2017.</p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">At June 30, 2018, the Company reported a working
capital surplus of $2,843. Since 2017, the Company’s management has implemented a number of actions to manage the Company’s
working capital requirements. As at the date that these unaudited interim consolidated financial statements are issued, the Company
has managed to fully repay its entire outstanding debt, by making use of vessels’ sales proceeds and equity proceeds (Notes
4, 7 and 10) and thus, the Company’s fleet comprises of four unencumbered vessels with zero debt outstanding. The Company
expects that it will fund its operations either with cash on hand, cash generated from operations, bank debt and equity offerings,
or a combination thereof, in the twelve-month period ending one year after the financial statements' issuance and accordingly,
there is no substantial doubt about the Company's ability to continue as a going concern.</p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">The Company is engaged in the
seaborne transportation industry through the ownership of containerships and <font style="line-height: 115%">operates its fleet
through Unitized Ocean Transport Limited, a wholly-owned subsidiary, while Wilhelmsen Ship Management LTD, an unaffiliated third
party, provided management services to the laid-up vessels of the Company's fleet, for a fixed monthly fee for each vessel. The
fees payable to Wilhelmsen Ship Management LTD, amounted to $62 and $485 for the </font>six months ended June 30, <font style="line-height: 115%">2018
and 2017, respectively, and are included in Vessel operating expenses in the accompanying unaudited interim consolidated statements
of operations.</font></p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">As at June 30, 2018, the Company was the sole
owner of all outstanding shares of the following subsidiaries:</p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: bottom; background-color: white">
<td style="width: 5%; border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt"><b>a/a</b></font></td>
<td style="width: 22%; border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt"><b>Company</b></font></td>
<td style="width: 15%; border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt"><b>Place of Incorporation</b></font></td>
<td style="width: 14%; border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt"><b>Vessel</b></font></td>
<td style="width: 12%; border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt"><b>Flag</b></font></td>
<td style="width: 8%; border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt"><b>TEU</b></font></td>
<td style="width: 7%; border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt"><b>Date built</b></font></td>
<td style="width: 10%; border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt"><b>Date acquired</b></font></td>
<td style="width: 7%; border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt"><b>Date sold</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td colspan="9" style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt"><b>Vessel Owning Subsidiaries - Panamax Vessels</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; border-left: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt">1 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 8pt">Rongerik Shipping Company Inc.</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Domingo</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt"> 3,739 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Mar-01</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Feb-12</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">-</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt">2 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 8pt">Dud Shipping Company Inc.</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Pamina</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt"> 5,042 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">May-05</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Nov-14</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">-</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td colspan="9" style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt"><b>Vessel Owning Subsidiaries - Post-Panamax Vessels</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; border-left: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt">3 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 8pt">Oruk Shipping Company Inc.</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Pucon</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt"> 6,541 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Aug-06</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Sep-13</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">-</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; border-left: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt">4 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 8pt">Meck Shipping Company Inc.</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Rotterdam</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt"> 6,494 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Jul-08</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Sep-15</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">-</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; border-left: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt">5 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 8pt">Langor Shipping Company Inc. (Notes 4 and 10)</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Hamburg</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt"> 6,494 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Mar-09</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Nov-15</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Jul-18</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td colspan="9" style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt"><b>Vessel Owning Subsidiaries  - Sold Vessels</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; border-left: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt">6 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 8pt">Kapa Shipping Company Inc.</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Angeles</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt"> 4,923 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Dec-06</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Apr-15</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Nov-16</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; border-left: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt">7 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 8pt">Utirik Shipping Company Inc.</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Doukato</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt"> 3,739 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Feb-02</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Feb-12</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Jun-17</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; border-left: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt">8 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 8pt">Mago Shipping Company Inc. (Note 4)</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">New Jersey</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt"> 4,923 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Nov-06</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Apr-15</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Mar-18</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; border-left: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt">9 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 8pt">Delap Shipping Company Inc. (Note 4)</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">March</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt"> 5,576 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">May-04</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Sep-14</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Mar-18</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; border-left: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt">10 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 8pt">Jabor Shipping Company Inc. (Note 4)</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Great</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt"> 5,576 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Apr-04</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Oct-14</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Mar-18</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; border-left: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt">11 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 8pt">Likiep Shipping Company Inc. (Note 4 )</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Sagitta</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt"> 3,426 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Jun-10</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Jun-10</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Apr-18</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; border-left: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt">12 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 8pt">Orangina Inc. (Note 4)</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Centaurus</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt"> 3,426 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Jul-10</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Jul-10</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">May-18</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; border-left: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt">13 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 8pt">Eluk Shipping Company Inc. (Note 4)</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Puelo</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt"> 6,541 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Nov-06</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Aug-13</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Jun-18</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td colspan="9" style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt"><b>Other Subsidiaries</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; border-left: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt">14 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 8pt">Unitized Ocean Transport Limited</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td colspan="2" style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Management company</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">-</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">-</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">-</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">-</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt">15 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 8pt">Container Carriers (USA) LLC</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Delaware - USA</font></td>
<td colspan="2" style="border-right: black 1pt dotted; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Company's US representative</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">-</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">-</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">-</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">-</font></td></tr>
</table>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"> </p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><b><i>Unitized Ocean Transport
Limited (the “Manager” or “UOT”),</i></b> was established for the purpose of providing the Company and
its vessels with management and administrative services, effective March 1, 2013. The fees payable to UOT pursuant to the respective
management and administrative agreements are eliminated in consolidation as intercompany transactions.</p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"> </p>
<p style="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><b><i>Container Carriers (USA) LLC ("Container
Carriers"),</i></b> was established in July 2014 in the State of Delaware, USA, to act as the Company's authorized representative
in the United States.</p>
<p style="font: 11pt/normal Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">During the six months ended June 30,
2018 and 2017, charterers that accounted for more than 10% of the Company’s hire revenues were as follows:</p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: bottom; background-color: white">
<td style="width: 62%; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"><b>Charterer</b></font></td>
<td style="width: 2%; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="width: 17%; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"><b>2018 </b></font></td>
<td style="width: 2%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"><b> </b></font></td>
<td style="width: 17%; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"><b>2017 </b></font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">A</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt">27%</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt">-</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">B</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt">11%</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt">14%</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">C</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt">14%</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"> </td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt">-</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">D</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt">-</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"> </td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt">11%</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">E</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt">30%</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"> </td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt">14%</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">F</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt">18%</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"> </td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt">40%</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"> </td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: bottom; background-color: white">
<td style="width: 5%; border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt"><b>a/a</b></font></td>
<td style="width: 22%; border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt"><b>Company</b></font></td>
<td style="width: 15%; border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt"><b>Place of Incorporation</b></font></td>
<td style="width: 14%; border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt"><b>Vessel</b></font></td>
<td style="width: 12%; border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt"><b>Flag</b></font></td>
<td style="width: 8%; border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt"><b>TEU</b></font></td>
<td style="width: 7%; border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt"><b>Date built</b></font></td>
<td style="width: 10%; border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt"><b>Date acquired</b></font></td>
<td style="width: 7%; border-top: black 1pt solid; border-right: black 1pt dotted; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt"><b>Date sold</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td colspan="9" style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt"><b>Vessel Owning Subsidiaries - Panamax Vessels</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; border-left: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt">1 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 8pt">Rongerik Shipping Company Inc.</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Domingo</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt"> 3,739 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Mar-01</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Feb-12</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">-</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt">2 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 8pt">Dud Shipping Company Inc.</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Pamina</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt"> 5,042 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">May-05</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Nov-14</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">-</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td colspan="9" style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt"><b>Vessel Owning Subsidiaries - Post-Panamax Vessels</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; border-left: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt">3 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 8pt">Oruk Shipping Company Inc.</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Pucon</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt"> 6,541 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Aug-06</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Sep-13</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">-</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; border-left: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt">4 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 8pt">Meck Shipping Company Inc.</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Rotterdam</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt"> 6,494 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Jul-08</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Sep-15</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">-</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; border-left: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt">5 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 8pt">Langor Shipping Company Inc. (Notes 4 and 10)</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Hamburg</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt"> 6,494 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Mar-09</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Nov-15</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Jul-18</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td colspan="9" style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt"><b>Vessel Owning Subsidiaries  - Sold Vessels</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; border-left: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt">6 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 8pt">Kapa Shipping Company Inc.</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Angeles</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt"> 4,923 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Dec-06</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Apr-15</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Nov-16</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; border-left: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt">7 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 8pt">Utirik Shipping Company Inc.</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Doukato</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt"> 3,739 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Feb-02</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Feb-12</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Jun-17</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; border-left: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt">8 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 8pt">Mago Shipping Company Inc. (Note 4)</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">New Jersey</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt"> 4,923 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Nov-06</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Apr-15</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Mar-18</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; border-left: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt">9 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 8pt">Delap Shipping Company Inc. (Note 4)</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">March</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt"> 5,576 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">May-04</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Sep-14</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Mar-18</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; border-left: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt">10 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 8pt">Jabor Shipping Company Inc. (Note 4)</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Great</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt"> 5,576 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Apr-04</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Oct-14</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Mar-18</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; border-left: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt">11 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 8pt">Likiep Shipping Company Inc. (Note 4 )</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Sagitta</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt"> 3,426 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Jun-10</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Jun-10</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Apr-18</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; border-left: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt">12 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 8pt">Orangina Inc. (Note 4)</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Centaurus</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt"> 3,426 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Jul-10</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Jul-10</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">May-18</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; border-left: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt">13 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 8pt">Eluk Shipping Company Inc. (Note 4)</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Puelo</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt"> 6,541 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Nov-06</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Aug-13</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Jun-18</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td colspan="9" style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt"><b>Other Subsidiaries</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; border-left: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt">14 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 8pt">Unitized Ocean Transport Limited</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Marshall Islands</font></td>
<td colspan="2" style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Management company</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">-</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">-</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">-</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">-</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; border-left: black 1pt dotted; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 8pt">15 </font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 8pt">Container Carriers (USA) LLC</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Delaware - USA</font></td>
<td colspan="2" style="border-right: black 1pt dotted; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">Company's US representative</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">-</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">-</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">-</font></td>
<td style="border-right: black 1pt dotted; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 8pt">-</font></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: bottom; background-color: white">
<td style="width: 62%; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"><b>Charterer</b></font></td>
<td style="width: 2%; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="width: 17%; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"><b>2018 </b></font></td>
<td style="width: 2%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"><b> </b></font></td>
<td style="width: 17%; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"><b>2017 </b></font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">A</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt">27%</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt">-</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">B</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt">11%</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt">14%</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">C</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt">14%</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"> </td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt">-</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">D</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt">-</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"> </td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt">11%</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">E</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt">30%</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"> </td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt">14%</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">F</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt">18%</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"> </td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt">40%</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"> </td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: bottom; background-color: white">
<td style="width: 23%; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="width: 3%; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="width: 9%; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b>June 30, 2018</b></font></td>
<td style="width: 3%; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="width: 10%; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">Current</font></td>
<td style="width: 3%; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="width: 9%; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">Non-current</font></td>
<td style="width: 3%; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"><b> </b></font></td>
<td style="width: 12%; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b>December 31, 2017</b></font></td>
<td style="width: 3%; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"><b> </b></font></td>
<td style="width: 10%; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">Current</font></td>
<td style="width: 3%; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="width: 9%; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">Non-current</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">Diana Shipping Inc - Term Loan</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 33,940 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 33,940 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 82,617 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 82,617 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">Discount Premium payable to the lenders</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 4,532 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 4,532 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 2,292 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 2,292 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">less unamortized deferred financing costs</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> (77)</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> (77)</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"><b>Related party financing, net of unamortized deferred financing costs</b></font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 38,472 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 38,472 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 84,832 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 84,832 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"><b> </b></font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: bottom; background-color: white">
<td style="width: 38%; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">  </font></td>
<td style="width: 3%; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="width: 17%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b>Vessels' Cost</b></font></td>
<td style="width: 3%; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="width: 19%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b>Accumulated Depreciation</b></font></td>
<td style="width: 3%; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="width: 17%; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b>Net Book Value</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"><b> </b> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"><b>Balance, December 31, 2017</b></font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 247,327 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> (46,019)</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 201,308 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">- Vessels' disposals </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> (98,236)</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 27,716 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> (70,520)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">- Transfer to vessels held for sale</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> (23,013)</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 3,138 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> (19,875)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">- Depreciation</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> (2,798)</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> (2,798)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">- Impairment charges</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> (15,626)</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt">-</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> (15,626)</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"><b>Balance, June 30, 2018</b></font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 110,452 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> (17,963)</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 92,489 </font></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: bottom; background-color: white">
<td style="width: 25%; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="width: 3%; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="width: 7%; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b>June 30, 2018</b></font></td>
<td style="width: 3%; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="width: 10%; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">Current</font></td>
<td style="width: 3%; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="width: 9%; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">Non-current</font></td>
<td style="width: 3%; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"><b> </b></font></td>
<td style="width: 12%; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b>December 31, 2017</b></font></td>
<td style="width: 3%; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"><b> </b></font></td>
<td style="width: 10%; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">Current</font></td>
<td style="width: 3%; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="width: 9%; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">Non-current</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">Addiewell LTD - Term Loan</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 8,500 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 8,500 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">Discount Premium payable to the lenders</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 3,718 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 3,718 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">less unamortized deferred financing costs</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> (99)</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> (99)</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"><b>Unrelated party financing, net of unamortized deferred financing costs</b></font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 12,119 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 12,119 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"><b> </b></font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: bottom; background-color: white">
<td style="width: 11%; padding-right: 5.75pt; padding-left: 5.75pt"> </td>
<td style="width: 53%; padding-right: 5.75pt; padding-left: 5.75pt"> </td>
<td style="width: 2%; padding-right: 5.75pt; padding-left: 5.75pt"> </td>
<td style="width: 14%; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b>Number of Shares</b></font></td>
<td style="width: 3%; padding-right: 5.75pt; padding-left: 5.75pt"> </td>
<td style="width: 17%; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b>Weighted Average Grant Date Price</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"> </td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"><b>Outstanding at December 31, 2017</b></font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"> </td>
<td style="border-bottom: black 2.25pt double; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"> </td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">Granted</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"> </td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 161,700 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 2.35 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"> </td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">Vested</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"> </td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> (53,899)</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 2.35 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"> </td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">Forfeited or expired</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"> </td>
<td style="border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"> </td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"><b>Outstanding at June 30, 2018</b></font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"> </td>
<td style="border-bottom: black 2.25pt double; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 107,801 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 2.25pt double; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 2.35 </font></td></tr>
</table>
<table cellspacing="0" cellpadding="0" style="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 9pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 9pt"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 9pt"><b>2018</b></font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 9pt"> </font></td>
<td colspan="3" style="border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 9pt"><b>2017 </b></font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="width: 38%; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 9pt"> </font></td>
<td style="width: 3%; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 9pt"> </font></td>
<td style="width: 12%; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 9pt"><b>Basic LPS</b></font></td>
<td style="width: 3%; border-top: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 9pt"> </font></td>
<td style="width: 12%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 9pt"><b>Diluted LPS</b></font></td>
<td style="width: 3%; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 9pt"> </font></td>
<td style="width: 13%; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 9pt"><b>Basic EPS</b></font></td>
<td style="width: 3%; border-top: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 9pt"> </font></td>
<td style="width: 13%; border-top: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 9pt"><b>Diluted EPS</b></font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 9pt">Net income/(loss)</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt">$</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> (46,245)</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt">$</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> (46,245)</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt">$</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> 29,124 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt">$</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> 29,124 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 9pt"><b>Net income/(loss) available to common stockholders</b></font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="border-top: black 1pt solid; border-bottom: black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> (46,245)</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="border-top: black 1pt solid; border-bottom: black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> (46,245)</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="border-top: black 1pt solid; border-bottom: black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> 29,124 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="border-top: black 1pt solid; border-bottom: black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> 29,124 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 9pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 9pt">Weighted average number of common shares outstanding</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> 7,068,474 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> 7,068,474 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> 1,856 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> 1,856 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 9pt">Effect of dilutive shares</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> - </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> - </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> - </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> 86 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 9pt">Total shares outstanding</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> 7,068,474 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> 7,068,474 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> 1,856 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> 1,942 </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 9pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 9pt"><b>Earnings/(Loss) per common share</b></font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt">$</font></td>
<td style="border-top: black 1pt solid; border-bottom: black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> (6.54)</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt">$</font></td>
<td style="border-top: black 1pt solid; border-bottom: black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> (6.54)</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt">$</font></td>
<td style="border-top: black 1pt solid; border-bottom: black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> 15,691.81 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt">$</font></td>
<td style="border-top: black 1pt solid; border-bottom: black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 9pt"> 14,996.91 </font></td></tr>
</table>
<p style="margin: 0"></p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><u>Recent Accounting Pronouncements Adopted</u></p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><b> </b></p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><b><i>a)<font style="font: 7pt Times New Roman, Times, Serif">              
</font></i></b>In May 2014, FASB issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts
with Customers”, clarifying the method used to determine the timing and requirements for revenue recognition on the statements
of income. Under the new standard, an entity must identify the performance obligations in a contract, the transaction price and
allocate the price to specific performance obligations to recognize the revenue when the obligation is completed. The amendments
in this update also require disclosure of sufficient information to allow users to understand the nature, amount, timing and uncertainty
of revenue and cash flow arising from contracts. In August 2015, FASB issued ASU No. 2015-14 "Revenue from Contracts with Customers
(Topic 606): Deferral of the Effective Date," which deferred the effective date of ASU 2014-09 for all entities by one year.
The standard is effective for public entities for annual reporting periods beginning after December 15, 2017 and interim periods
therein. In May and April 2016, the FASB issued two Updates with respect to Topic 606: ASU 2016-10, “Revenue from Contracts
with Customers (Topic 606): Identifying Performance Obligations and Licensing” and ASU 2016-12, “Revenue from Contracts
with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients.” The Company has evaluated the impact of
the standard after reviewing historical contracts and has determined that all of the Company’s agreements are considered
leases.</p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><b><i>(b)<font style="font: 7pt Times New Roman, Times, Serif">            
</font></i></b>In November 2016, the FASB issued ASU No. 2016-18—Statement of Cash Flows (Topic 230) - Restricted Cash which
addresses the requirement that a statement of cash flows explain the change during the period in the total of cash, cash equivalents,
and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted
cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period
and end-of-period total amounts shown on the statement of cash flows. The amendments in this Update apply to all entities that
have restricted cash or restricted cash equivalents and are required to present a statement of cash flows under Topic 230. ASU
2016-18 is effective for fiscal years beginning after December 15, 2017 including interim periods within that reporting period,
however early adoption is permitted. The Company has adopted the standard in the first quarter of 2018 and the adoption of the
new standard did not have a material impact on its consolidated financial statements and notes disclosures.</p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><u>Recent Accounting Pronouncements Not Yet
Adopted</u></p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in">In February 2016, the FASB issued ASU No. 2016-02 - Leases (ASC 842), and as amended, which requires lessees
to recognize most leases on the balance sheet. This is expected to increase both reported assets and liabilities. The new lease
standard does not substantially change lessor accounting. For public companies, the standard will be effective for the first interim
reporting period within annual periods beginning after December 15, 2018, although early adoption is permitted. Lessees and lessors
will be required to apply the new standard at the beginning of the earliest period presented in the financial statements in which
they first apply the new guidance, using a modified retrospective transition method. In July 2018, the FASB issued ASU No. 2018-10
Codification Improvements to Topic 842, Leases, and No. 2018-11, Leases (ASC 842) – Targeted Improvements. The amendments
in these Updates: (i) provide entities with an additional (and optional) transition method to adopt the new leases standard, under
which an entity initially applies the new leases standard at the adoption date and recognizes a cumulative-effect adjustment to
the opening balance of retained earnings in the period of adoption consistent with preparers' requests and (ii) provide lessors
with a practical expedient, by class of underlying asset, to not separate non-lease components from the associated lease component
and, instead, to account for those components as a single component if both of the following are met: (a) The timing and pattern
of transfer of the non-lease component(s) and associated lease component are the same and (b) The lease component, if accounted
for separately, would be classified as an operating lease. If the non-lease component or components associated with the lease
component are the predominant component of the combined component, an entity is required to account for the combined component
in accordance with ASC 606. Otherwise, the entity should account for the combined component as an operating lease in accordance
with ASC 842. Under ASC 842, lessees and lessors will be required to apply the new standard at the beginning of the earliest period
presented in the financial statements in which they first apply the new guidance, using a modified retrospective transition method.
The requirements of this standard include a significant increase in required disclosures. The Company has elected to use this
new optional transitional period and the practical expedient of combining the lease and non-lease component(s) as a single component
since the time and pattern of transfer of the non-lease component(s) and associated component are the same and the lease components
are classified as operating leases. The Company is currently assessing whether it will adopt ASU 2016-02 during 2018 or on January
1, 2019. The Company expects that the adoption of ASU 2016-02, ASU 2018-10 and ASU 2018-11 will not have a material impact on
the consolidated results of operations, financial condition, or cash flows.</p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><b>2. Recent Accounting Pronouncements</b></p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><b> </b></p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><b></b></p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><u>Recent Accounting Pronouncements Adopted</u></p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><b></b></p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><b> </b></p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"></p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><b><i>a)<font style="font: 7pt Times New Roman, Times, Serif">              
</font></i></b>In May 2014, FASB issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from
Contracts with Customers”, clarifying the method used to determine the timing and requirements for revenue recognition on
the statements of income. Under the new standard, an entity must identify the performance obligations in a contract, the transaction
price and allocate the price to specific performance obligations to recognize the revenue when the obligation is completed. The
amendments in this update also require disclosure of sufficient information to allow users to understand the nature, amount, timing
and uncertainty of revenue and cash flow arising from contracts. In August 2015, FASB issued ASU No. 2015-14 "Revenue from
Contracts with Customers (Topic 606): Deferral of the Effective Date," which deferred the effective date of ASU 2014-09 for
all entities by one year. The standard is effective for public entities for annual reporting periods beginning after December 15,
2017 and interim periods therein. In May and April 2016, the FASB issued two Updates with respect to Topic 606: ASU 2016-10, “Revenue
from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing” and ASU 2016-12, “Revenue
from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients.” The Company has evaluated
the impact of the standard after reviewing historical contracts and has determined that all of the Company’s agreements are
considered leases.</p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><b><i>(b)<font style="font: 7pt Times New Roman, Times, Serif">            
</font></i></b>In November 2016, the FASB issued ASU No. 2016-18—Statement of Cash Flows (Topic 230) - Restricted Cash which
addresses the requirement that a statement of cash flows explain the change during the period in the total of cash, cash equivalents,
and amounts generally described as restricted cash or restricted cash equivalents. Therefore, amounts generally described as restricted
cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period
and end-of-period total amounts shown on the statement of cash flows. The amendments in this Update apply to all entities that
have restricted cash or restricted cash equivalents and are required to present a statement of cash flows under Topic 230. ASU
2016-18 is effective for fiscal years beginning after December 15, 2017 including interim periods within that reporting period,
however early adoption is permitted.</p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in">The Company has adopted the standard in the first quarter of 2018 and the adoption of the
new standard did not have a material impact on its consolidated financial statements and notes disclosures.</p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"> </p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><u>Recent Accounting Pronouncements Not Yet
Adopted</u></p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><font style="font-size: 11pt">In February 2016, the FASB issued ASU
No. 2016-02 - Leases (ASC 842), and as amended, which requires lessees to recognize most leases on the balance sheet. This is
expected to increase both reported assets and liabilities. The new lease standard does not substantially change lessor accounting.
For public companies, the standard will be effective for the first interim reporting period within annual periods beginning after
December 15, 2018, although early adoption is permitted. Lessees and lessors will be required to apply the new standard at the
beginning of the earliest period presented in the financial statements in which they first apply the new guidance, using a modified
retrospective transition method. In July 2018, the FASB issued ASU No. 2018-10 Codification Improvements to Topic 842, Leases,
and No. 2018-11, Leases (ASC 842) – Targeted Improvements. The amendments in these Updates: (i) provide entities with an
additional (and optional) transition method to adopt the new leases standard, under which an entity initially applies the new
leases standard at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings
in the period of adoption consistent with preparers' requests and (ii) provide lessors with a practical expedient, by class of
underlying asset, to not separate non-lease components from the associated lease component and, instead, to account for those
components as a single component if both of the following are met: (a) The timing and pattern of transfer of the non-lease component(s)
and associated lease component are the same and (b) The lease component, if accounted for separately, would be classified as an
operating lease. If the non-lease component or components associated with the lease component are the predominant component of
the combined component, an entity is required to account for the combined component in accordance with ASC 606. Otherwise, the
entity should account for the combined component as an operating lease in accordance with ASC 842. Under ASC 842, lessees and
lessors will be required to apply the new standard at the beginning of the earliest period presented in the financial statements
in which they first apply the new guidance, using a modified retrospective transition method. The requirements of this standard
include a significant increase in required disclosures. The Company has elected to use this new optional transitional period and
the practical expedient of combining the lease and non-lease component(s) as a single component since the time and pattern of
transfer of the non-lease component(s) and associated component are the same and the lease components are classified as operating
leases. The Company is currently assessing whether it will adopt ASU 2016-02 during 2018 or on January 1, 2019. The Company expects
that the adoption of ASU 2016-02, ASU 2018-10 and ASU 2018-11 will not have a material impact on the consolidated results of operations,
financial condition, or cash flows.</font></p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"> </p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></p>
<p style="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 28.35pt; text-indent: -28.35pt">3. Transactions with Related
Parties</p>
<p style="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 28.35pt; text-indent: -28.35pt"> </p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><b><i>(a)<font style="font: 7pt Times New Roman, Times, Serif">  
</font>Altair Travel Agency S.A (“Altair”): </i></b>The Company uses the services of an affiliated travel agent, Altair,
which is controlled by the Company’s CEO and Chairman of the Board. Travel expenses for the six months ended June 30, 2018
and 2017 were $356 and $339 respectively, and are included in Operating expenses, in General and administrative expenses and in
Loss / (gain) on vessels’ sale in the accompanying unaudited interim consolidated statements of operations. As at June 30,
2018 and December 31, 2017, an amount of $43 and $21, respectively, was payable to Altair and is included in Due to related parties,
current in the accompanying consolidated balance sheets.</p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><b><i> </i></b></p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><b><i>(b)<font style="font: 7pt Times New Roman, Times, Serif">  
</font>Steamship Shipbroking Enterprises Inc. (“Steamship Shipbroking”):</i></b> Steamship Shipbroking, a company controlled
by the Company’s CEO and Chairman of the Board, provides brokerage services to DCI, pursuant to a Brokerage Services Agreement
for a fixed fee. For the six months ended June 30, 2018 and 2017, total brokerage fees to Steamship Shipbroking amounted to $840
and $840 respectively, and are included in General and administrative expenses in the accompanying unaudited interim consolidated
statements of operations. As at June 30, 2018 and December 31, 2017 there was no amount due from or due to Steamship Shipbroking.
As at December 31, 2017, an amount of $420 has been accrued for in connection with bonuses approved to Steamship Shipbroking and
is included in Accrued liabilities in the accompanying consolidated balance sheets.</p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"> </p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"><b><i>(c)<font style="font: 7pt Times New Roman, Times, Serif">   
</font>Diana Shipping Inc. (“DSI”): </i></b>The amounts of related party loans shown in the accompanying consolidated
balance sheets are analyzed as follows:</p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"> </p>
<p style="font: 11pt/0.2pt Calibri, Helvetica, Sans-Serif; margin: 0"> </p>
<table cellspacing="0" cellpadding="0" style="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
<tr style="vertical-align: bottom; background-color: white">
<td style="width: 23%; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="width: 3%; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="width: 9%; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b>June 30, 2018</b></font></td>
<td style="width: 3%; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="width: 10%; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">Current</font></td>
<td style="width: 3%; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="width: 9%; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">Non-current</font></td>
<td style="width: 3%; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"><b> </b></font></td>
<td style="width: 12%; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt"><b>December 31, 2017</b></font></td>
<td style="width: 3%; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"><b> </b></font></td>
<td style="width: 10%; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">Current</font></td>
<td style="width: 3%; padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="width: 9%; border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: center"><font style="font-size: 10pt">Non-current</font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">Diana Shipping Inc - Term Loan</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 33,940 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 33,940 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 82,617 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 82,617 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">Discount Premium payable to the lenders</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 4,532 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 4,532 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 2,292 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 2,292 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">less unamortized deferred financing costs</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> (77)</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> (77)</font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="border-bottom: black 1pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"><b>Related party financing, net of unamortized deferred financing costs</b></font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 38,472 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 38,472 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 84,832 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> 84,832 </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt">$</font></td>
<td style="border-bottom: black 1.5pt solid; padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> - </font></td></tr>
<tr style="vertical-align: bottom; background-color: white">
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"><b> </b></font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt"><font style="font-size: 10pt"> </font></td>
<td style="padding-right: 5.75pt; padding-left: 5.75pt; text-align: right"><font style="font-size: 10pt"> </font></td></tr>
</table>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"> </p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in">On May 20, 2013, the Company,
through its subsidiary Eluk Shipping Company Inc., entered into an unsecured loan agreement of up to $50,000 with Diana Shipping
Inc., to be used to fund vessel acquisitions and for general corporate purposes. The loan was guaranteed by the Company and initially
bore interest at a rate of LIBOR plus a margin of 5.0% per annum and a fee of 1.25% per annum (“back-end fee”) on any
amounts repaid upon any repayment or voluntary prepayment dates. In August 2013, the full amount was drawn down under the loan
agreement, which was repayable on August 20, 2017. Under an amendment signed on September 9, 2015, the maturity of the loan was
extended until March 15, 2022, and the agreement provided for annual repayments of $5,000, plus a balloon instalment at the final
maturity date, and bore interest at LIBOR plus margin of 3.0% per annum. The Company also agreed to pay at the date of the amendment
the accumulated back-end fee, amounting to $1,302, and that no additional back-end fee would be charged thereafter. Furthermore,
the Company agreed to pay at the final maturity date a flat fee of $200. Following another amendment on September 12, 2016, the
loan was undertaken by Kapa Shipping Company Inc. and its repayment was immediately suspended and deferred to a later date. Finally,
the margin was revised to 3.35% per annum until December 31, 2018, thereafter reverting to 3.0% per annum until maturity.</p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"> </p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in">On May 30, 2017, the Company
issued 100 shares of its newly-designated Series C Preferred Stock, par value $0.01 per share, to DSI, in exchange for a reduction
of $3,000 in the principal amount of the Company's outstanding loan, thus leaving an outstanding principal balance of $42,417.</p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"> </p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in">On June 30, 2017, the Company
refinanced the above loan. The principal amount of the new secured loan is $82,617 and includes the $42,417 outstanding principal
balance as of June 30, 2017, increased by the flat fee of $200 which was payable at maturity, and an additional $40,000. The amount
of $40,000 was drawn to partially repay the Company’s then existing loan with The Royal Bank of Scotland plc (“RBS”),
whose settlement resulted in a net gain of $42,185 for the Company, which is reflected in Gain from bank debt write off in the
accompanying unaudited interim consolidated statements of operations. The new loan matures on December 31, 2018 and provides for
an additional $5,000 interest-bearing “discount premium<font style="color: windowtext">”, which is payable at maturity
and is recognized in Interest and Finance costs throughout the life of the loan and in Related party financing, net of unamortized
deferred financing costs.</font> Until the full repayment of the Addiewell loan (Note 5), the DSI loan was subordinated to the
Addiewell loan and was secured by second priority mortgages over all the Company's containerships. After the full repayment of
the Addiewell loan in May 2018, the DSI loan is secured by first priority mortgages over all the Company's containerships. It also
bears interest at the rate of 6% per annum for the first twelve months, scaled to 9% per annum for the next three months and further
scaled to 12% per annum for the remaining three months until maturity, includes financial and other covenants which stipulate the
repayment with proceeds from the sale of assets of the Company, proceeds from the issuance of new equity and proceeds from the
exercise of existing warrants to purchase the Company's Series B Convertible Preferred Shares (Note 7) and prohibits the payment
of dividends. <font style="color: windowtext">During the first six months of 2018, the Company repaid $48,677 of its outstanding
loan balance, by making use of warrant proceeds and vessels’ sales proceeds, according to the respective terms of the loan
agreement. As at June 30, 2018, the Company has classified an amount of $19,443 as Restricted Cash, representing cash collected
on June 29, 2018 upon the sale of the vessel “Puelo” (Note 4), which was immediately repayable to the lenders, according
to the terms of the loan agreement. </font>In July 2018, the Company repaid its entire outstanding loan balance and the discount
premium due to DSI, using the proceeds from the sale of the vessels “Puelo” and “Hamburg”, and accordingly,
the loan agreement was terminated (Notes 4 and 10).</p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"> </p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in">For the six months ended
June 30, 2018 and 2017, interest expense incurred under the loan agreements with DSI amounted to $1,943 and $968, respectively,
while the discount premium amortization for the six months ended June 30, 2018 and 2017, amounted to $2,240 and $9, respectively.
<font style="color: windowtext">Interest expense and discount premium amortization are included in Interest and finance costs in
the accompanying unaudited interim consolidated statements of operations. </font>Accrued interest as of June 30, 2018 and December
31, 2017 amounted to $16 and $44, respectively, and is included in Due to related parties, current in the accompanying consolidated
balance sheets.</p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0"><b>10. Subsequent Events</b></p>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0in"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><b><i>(a)</i></b></td><td style="text-align: justify"><b><i>Sale of the vessel classified as held for sale</i></b>: The vessel “Hamburg”
was delivered to her new owners on July 20, 2018, (Note 4), and the proceeds were used to fully repay the Company’s existing
indebtedness (see (b) below).</td></tr></table>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-align: justify; text-indent: 0in"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><b><i>(b)</i></b></td><td style="text-align: justify"><b><i>Repayment of related party loan: </i></b>In July 2018, the Company repaid its entire
outstanding loan balance and the entire discount premium due to DSI, using the proceeds from the sale of the vessels
“Puelo” and “Hamburg”, and accordingly, the loan agreement was terminated (Notes 3 and 4).</td></tr></table>
<p style="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in"> </p>
<table cellpadding="0" cellspacing="0" style="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><tr style="vertical-align: top">
<td style="width: 0"></td><td style="width: 0.25in"><b><i>(c)</i></b></td><td style="text-align: justify"><b><i>Issuance and Conversion of Series B Preferred Shares: </i></b>Subsequent to the
balance sheet date and up to September 13, 2018,
the 775 Series B-2 convertible preferred shares outstanding on June 30, 2018 were
converted to common stock (Note 7). Additionally, the Company received $1,000 of gross proceeds from the exercise of
1,000 Series B-2 preferred warrants to purchase an equal number of Series B-2 convertible preferred shares. In aggregate,
subsequent to the balance sheet date, 1,365 Series B-2 convertible preferred shares were converted to 978,356 common
shares, thus leaving 410 Series B-2 convertible preferred shares outstanding on September 13, 2018.</td></tr></table>
4
6
P1Y1M9D
410
775
1000000
1365
0
0.66
247000
2696000