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18661000

350000

327000

18000

27500 27500 20400 20400 36900 36900 35000 35000 500000 200000 20400 20400 850000 245000 0.0125 0 200000 3100000

0.25

20400 590000 0 100000 0.005 27500 20400 35000 36300 575000 575000

197000

114000

20113000

20923000

2389000

1518000

2038000

1386000

420000

345000

5617000 5345000 5404000

5705000

3387000

9519000

9799000

10199000

7405000 6580000 6532000

520000

750000 0

20147000

20169000

19480000

21271000 21420000 21420000 20934000 20934000 102213000

125000

1000000

5 years

32600000

13000000

8922000

-364000

17136000

3 one-year option periods

65965000

51980000

29382000

0.0545

P2Y11M23D

21428000

15408000

11599000

102550000

79300000

64433000

61070000

8191000

24573000

3145000

26613000

62500000

1544551000

1544622000

1544551000

1607122000

10255000

11521000

1534296000

1595601000

238351000 163870000

2838000

3286000

0.0441

0.0421

0.0347

238351000

224044000

164367000

347775000

250978000

319036000

2007 2009 2010 2010 2010 2011 2011 2011 2014 2014 2014 2014 2014 2015 2015 2015 2015 2015 2015 2016 2016 2016

40000000

39000000

43924000

42100000

48000000

48650000

73600000

42000000

193239000

40400000

78744000

39954000

35190000

39900000

82775000

46217000

44800000

309824000

33104000

18125000

2500000

1606000

6406000

2800000

8476000

1341000

4669000

2497000

1955000

2199000

3627000

10347000

4622000

3200000

21502000

2546000

1812000

18750000

16900000

18181000

21300000

24000000

25948000

73672000

30800000

169120000

36377000

72925000

37457000

31280000

30792000

29019000

56908000

32351000

36800000

252433000

21996000

10875000

16250000

67266000

33394000

68256000

34960000

29325000

28593000

25392000

46561000

27729000

33600000

230931000

494368000

156645000

2017 2017

85000000

122500000

79333000

92314000

5667000

15594000

73666000

76720000

-400294000

51720000

2018 2018 2018 2018 2018

80000000

180000000

44000000

48650000

82752000

7490000

23122000

68765000

127892000

39300000

42569000

56892000

76255000

151014000

44000000

48650000

5172000

120000000

62500000

-62500000 -16900000 -16575000 -21300000 -24000000 -25948000 -28000000 -127250000 -35036000 -19450000 -9063000

4700000

6081000

2018

62500000

3000000

59500000

2019

88150000

-14272000

4358000

69520000

2019

38250000

3187000

2019

26000000

2019

56352000

6979000

2019 2019 2019 2019 2019

54387000

72000000

71036000

36000000

35000000

6733000

72000000

71036000

1341000

36000000

35000000

35063000

26000000

6979000

6733000

72000000

69695000

36000000

35000000

The loan agreements include, among other covenants, covenants requiring the Company to obtain the lenders’ prior consent in order to incur or issue any financial indebtedness, additional borrowings, pay dividends provided no event of default has occurred, sell vessels and assets, and change the beneficial ownership or management of the vessels. Also, the covenants require the Company to maintain a minimum liquidity, not legally restricted, of $104,979 at December 31, 2019 and $99,154 at December 31, 2018, a minimum consolidated leverage ratio, a minimum hull value in connection with the vessels’ outstanding loans and insurance coverage of the vessels against all customary risks. Two loan agreements require the Company to maintain throughout the security period, an aggregate credit balance in a deposit account of $3,700. Four loan agreements require a monthly pro rata transfer to retention account of any principal due but unpaid.

As at December 31, 2019, the Company and its wholly owned subsidiaries had twenty-nine loan agreements, totaling $1,544,551. The Company fulfilled its requirements in respect of the financial covenants of all of its loan agreements, as at December 31, 2019.

3700000

1544551000

2019-02-28

104979000

99154000

semi-annual

0.0513

0.0345

LIBOR

2020-07-31

2030-05-31

56892000

82752000

semi-annual

1149.30

22987000

62500000

P5Y

semi-annual

3000000

32500000

88150000

P6Y

semi-annual

5200000

25750000

62500000

25500000

38250000

P5Y

semi-annual

3187000

6375000

26000000

P4Y

semi-annual

2600000

6979000

56352000

P7Y

semi-annual

1408.8

36629000

12750000

72000000

P7Y

semi-annual

2400000

38400000

6733000

54387000

P10Y

semi-annual

1510.7

24172000

71036000

P5Y

semi-annual

1200000

19200000

2 10

semi-annual

1341000

21626000

36000000

P5Y

35000000

P5Y

P8Y

25860000

9062000

16575000

19448000

64825000

31212000

35036000

31212000

28000000

-14272000 10

semi-annual

1200000

24000000

semi-annual

1591000

19090000

1018000

252000

69980000

72191000

68962000

71939000

477000

1469000 -9857000 240000 405000

770000

-10807000

62343000

445000

61898000

3685000

-2547000 0 0 216000 164000

3359000

2 1602000

2020-07-31

2027-10-31

481998000

0.024

six-month LIBOR

-14832000

-5000000

-45000

1 3 147000 350000

-203000

25 -2850000

1122000

-3264000

232000

-3972000

-10999000

785000

1470000

-149000

455998000

-86000

-187000

-38000

4511000

265993

0.5

3500000

33984000

130%

170%

875000

2916666

6000000

144280000

0.095

three-month LIBOR plus a spread of 6.54%

On February 1, 2021, or, if earlier, the delivery date of the last of the Company’s newbuilding conventional tankers i.e. Hull 8042, (the “Redemption Date”), subject to certain limitations, outstanding Series G Preferred Shares having a redemption price of up to $35,000 will be mandatorily exchanged for preferred shares (the “Shyris Shipping Preferred Shares”) to be issued by the subsidiary of the Company that will own such crude oil tankers after receipt of requisite approvals (Shyris Shipping). The redemption price at which the Series G Preferred Shares will be exchanged will be the higher of 95% of the as-converted value of the Series G Preferred Shares, based on a six-month volume weighted average price (“VWAP ”) of the Company’s common shares, or a price providing for a return of 7.75% per annum on an actual/360-day basis on the Series G Preferred Shares, taking into account all dividends actually received on the Series G Preferred Shares.

35000000

2000000

All or a portion of the Series G Preferred Shares will automatically convert into common shares at the conversion rate if the trading price of the Company’s common shares exceed certain levels between 130% and 170% of the conversion price. The holders, however, will be prohibited from converting the Series G Preferred Shares into common shares to the extent that, as a result of such conversion, the holder would own more than 9.99% of the total number common shares then issued and outstanding, unless a 61-day’ notice is delivered to the Company.

0.95

4600000

110496000

0.0925

three-month LIBOR plus a spread of 6.881%

110000

500000

10853000

533000

24803

16552000

2750000

4557296

0.0999

0.51

0.062 0.075

0.49

0.095 10408000 10000000 20408000 3000000 4000000 4438000 4438000 7492000 7492000 10637000 10637000 4000000 4437000 7479000 7860000 14250000 7196000 0 583000 0 0

3100457

213165000

133127000

96426000

210100000

959535000

306717000

188792000

134539000

2 1

323331000

184835000

204763000

12935000 15763000

1000000

1544551000

1607122000

131000

520000

147000

217000

3024000

30000

755000

260000

27000

12199000

4970000

2642000

3972000

391000

15223000

5000000

1085000

350000

18807000

9010000

-9938000

-4316000

189000

56000

772000

-245000

-961000

-149000

-39000

1122000 -1142000 -699000 -950000

-15019000

-5038000

-2850000 -3972000 147000 350000

-17722000

-8660000

-3692000

189000

2511000

-2700000

5903000 -1672000 231000 -213000 5690000

133000

121000

18000

66000

20000

-9938000

-4316000

-3692000

694000

3584000

4010000

350000

-18353000

-8660000

0.55469

0.59375

0.54687

0.57812

0.08875

0.0875

5 years

10000

0.095

0.0925

0.05

2020-06-30

50000000

9250000

2020-04-30

2425000

2020-04-06

15500000

561136

33333

4000000

0.55469

0.59375

<div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:301.1pt; vertical-align:bottom">Year </td><td style="width:58.9pt; padding-left:7.2pt; vertical-align:bottom">Amount  </td></tr><tr><td style="width:301.1pt; vertical-align:top">2020</td><td style="width:58.9pt; padding-left:7.2pt; vertical-align:bottom">238,351 </td></tr><tr><td style="width:301.1pt; vertical-align:top">2021</td><td style="width:58.9pt; padding-left:7.2pt; vertical-align:bottom">224,044 </td></tr><tr><td style="width:301.1pt; vertical-align:top">2022</td><td style="width:58.9pt; padding-left:7.2pt; vertical-align:bottom">164,367 </td></tr><tr><td style="width:301.1pt; vertical-align:top">2023</td><td style="width:58.9pt; padding-left:7.2pt; vertical-align:bottom">347,775 </td></tr><tr><td style="width:301.1pt; vertical-align:top">2024</td><td style="width:58.9pt; padding-left:7.2pt; vertical-align:bottom">250,978 </td></tr><tr><td style="width:301.1pt; vertical-align:top">2025 and thereafter</td><td style="width:58.9pt; padding-left:7.2pt; vertical-align:bottom">319,036 </td></tr><tr><td style="width:293.9pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:58.9pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:293.9pt; padding-left:7.2pt; vertical-align:top"> </td><td style="width:58.9pt; padding-left:7.2pt; vertical-align:bottom">1,544,551 </td></tr><tr><td style="width:293.9pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:58.9pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr></table></div> </div>

<div class="Section1"> <div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:540pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:7.65pt"><td style="width:150.6pt; vertical-align:bottom">Loan </td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">Origination Date  </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">Original Amount  </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">Balance at January 1, 2019  </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">New Loans  </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">Prepaid  </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">Repaid  </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">Balance at December 31, 2019  </td></tr><tr><td style="width:150.6pt; vertical-align:top">Credit facility</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2007 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">120,000 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">62,500 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">62,500 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">— </td></tr><tr><td style="width:150.6pt; vertical-align:top">12-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2009 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">40,000 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">18,750 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">2,500 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">16,250 </td></tr><tr><td style="width:150.6pt; vertical-align:top">10-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2010 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">39,000 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">16,900 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">16,900 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">— </td></tr><tr><td style="width:150.6pt; vertical-align:top">10-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2010 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">43,924 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">18,181 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">16,575 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">1,606 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">— </td></tr><tr><td style="width:150.6pt; vertical-align:top">9-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2010 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">42,100 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">21,300 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">21,300 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">— </td></tr><tr><td style="width:150.6pt; vertical-align:top">10-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2011 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">48,000 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">24,000 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">24,000 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">— </td></tr><tr><td style="width:150.6pt; vertical-align:top">9-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2011 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">48,650 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">25,948 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">25,948 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">— </td></tr><tr><td style="width:150.6pt; vertical-align:top">8-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2011 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">73,600 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">73,672 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">6,406 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">67,266 </td></tr><tr><td style="width:150.6pt; vertical-align:top">7-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2014 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">42,000 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">30,800 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">28,000 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">2,800 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">— </td></tr><tr><td style="width:150.6pt; vertical-align:top">6-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2014 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">193,239 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">169,120 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">127,250 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">8,476 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">33,394 </td></tr><tr><td style="width:150.6pt; vertical-align:top">7-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2014 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">40,400 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">36,377 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">35,036 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">1,341 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">— </td></tr><tr><td style="width:150.6pt; vertical-align:top">6-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2014 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">78,744 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">72,925 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">4,669 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">68,256 </td></tr><tr><td style="width:150.6pt; vertical-align:top">6-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2014 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">39,954 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">37,457 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">2,497 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">34,960 </td></tr><tr><td style="width:150.6pt; vertical-align:top">5-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2015 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">35,190 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">31,280 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">1,955 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">29,325 </td></tr><tr><td style="width:150.6pt; vertical-align:top">7-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2015 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">35,190 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">30,792 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">2,199 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">28,593 </td></tr><tr><td style="width:150.6pt; vertical-align:top">7-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2015 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">39,900 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">29,019 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">3,627 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">25,392 </td></tr><tr><td style="width:150.6pt; vertical-align:top">5-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2015 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">82,775 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">56,908 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">10,347 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">46,561 </td></tr><tr><td style="width:150.6pt; vertical-align:top">6-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2015 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">46,217 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">32,351 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">4,622 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">27,729 </td></tr><tr><td style="width:150.6pt; vertical-align:top">7-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2015 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">44,800 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">36,800 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">3,200 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">33,600 </td></tr><tr><td style="width:150.6pt; vertical-align:top">12-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2016 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">309,824 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">252,433 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">21,502 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">230,931 </td></tr><tr><td style="width:150.6pt; vertical-align:top">5-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2016 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">33,104 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">21,996 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">19,450 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">2,546 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">— </td></tr><tr><td style="width:150.6pt; vertical-align:top">4-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2016 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">18,125 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">10,875 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">9,063 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">1,812 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">— </td></tr><tr><td style="width:150.6pt; vertical-align:top">71/2-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2017 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">85,000 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">79,333 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">5,667 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">73,666 </td></tr><tr><td style="width:150.6pt; vertical-align:top">4-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2017 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">122,500 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">92,314 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">15,594 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">76,720 </td></tr><tr><td style="width:150.6pt; vertical-align:top">6-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2018 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">80,000 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">76,255 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">7,490 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">68,765 </td></tr><tr><td style="width:150.6pt; vertical-align:top">5-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2018 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">180,000 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">151,014 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">23,122 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">127,892 </td></tr><tr><td style="width:150.6pt; vertical-align:top">5-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2018 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">44,000 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">44,000 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">4,700 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">39,300 </td></tr><tr><td style="width:150.6pt; vertical-align:top">5-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2018 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">48,650 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">48,650 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">6,081 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">42,569 </td></tr><tr><td style="width:150.6pt; vertical-align:top">8-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2018 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">82,752 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">5,172 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">51,720 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">56,892 </td></tr><tr><td style="width:150.6pt; vertical-align:top">5-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2018 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">62,500 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">62,500 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">3,000 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">59,500 </td></tr><tr><td style="width:150.6pt; vertical-align:top">6-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2019 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">88,150 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">88,150 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">14,272 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">4,358 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">69,520 </td></tr><tr><td style="width:150.6pt; vertical-align:top">5-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2019 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">38,250 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">38,250 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">3,187 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">35,063 </td></tr><tr><td style="width:150.6pt; vertical-align:top">4-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2019 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">26,000 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">26,000 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">26,000 </td></tr><tr><td style="width:150.6pt; vertical-align:top">7-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2019 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">56,352 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">6,979 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">6,979 </td></tr><tr><td style="width:150.6pt; vertical-align:top">10-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2019 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">54,387 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">6,733 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">6,733 </td></tr><tr><td style="width:150.6pt; vertical-align:top">7-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2019 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">72,000 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">72,000 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">72,000 </td></tr><tr><td style="width:150.6pt; vertical-align:top">5-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2019 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">71,036 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">71,036 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">1,341 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">69,695 </td></tr><tr><td style="width:150.6pt; vertical-align:top">5-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2019 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">36,000 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">36,000 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">36,000 </td></tr><tr><td style="width:150.6pt; vertical-align:top">5-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2019 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">35,000 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">35,000 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">35,000 </td></tr><tr><td style="width:143.4pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:150.6pt; vertical-align:top">Total</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">1,607,122 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">494,368 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">400,294 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">156,645 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">1,544,551 </td></tr><tr><td style="width:143.4pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr></table></div> </div>

<div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:453.6pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:398.35pt; vertical-align:top">Year ended December 31, 2019</td><td style="width:48.05pt; padding-left:7.2pt; vertical-align:bottom">4.41% </td></tr><tr><td style="width:398.35pt; vertical-align:top">Year ended December 31, 2018</td><td style="width:48.05pt; padding-left:7.2pt; vertical-align:bottom">4.21% </td></tr><tr><td style="width:398.35pt; vertical-align:top">Year ended December 31, 2017</td><td style="width:48.05pt; padding-left:7.2pt; vertical-align:bottom">3.47% </td></tr></table></div> </div> <div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:455.1pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:324pt; vertical-align:bottom">Facility </td><td colspan="2" style="width:58.35pt; padding-left:7.2pt; vertical-align:bottom">2019  </td><td colspan="2" style="width:58.35pt; padding-left:7.2pt; vertical-align:bottom">2018  </td></tr><tr><td style="width:324pt; vertical-align:top">(a) Credit Facilities</td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td colspan="2" style="width:58.35pt; padding-left:7.2pt; vertical-align:bottom">62,500 </td><td style="vertical-align:top"></td></tr><tr><td style="width:324pt; vertical-align:top">(b) Term Bank Loans</td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">1,544,551 </td><td colspan="2" style="width:58.35pt; padding-left:7.2pt; vertical-align:bottom">1,544,622 </td><td style="vertical-align:top"></td></tr><tr><td style="width:316.8pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:58.35pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="vertical-align:top"></td></tr><tr><td style="width:324pt; vertical-align:top">Total</td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">1,544,551 </td><td colspan="2" style="width:58.35pt; padding-left:7.2pt; vertical-align:bottom">1,607,122 </td><td style="vertical-align:top"></td></tr><tr><td style="width:324pt; vertical-align:top">Less loan costs, net</td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">(10,255)</td><td colspan="2" style="width:58.35pt; padding-left:7.2pt; vertical-align:bottom">(11,521)</td><td style="vertical-align:top"></td></tr><tr><td style="width:324pt; vertical-align:top">Total long-term debt</td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">1,534,296 </td><td colspan="2" style="width:58.35pt; padding-left:7.2pt; vertical-align:bottom">1,595,601 </td><td style="vertical-align:top"></td></tr><tr><td style="width:324pt; vertical-align:top">Less current portion of debt</td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">(238,351)</td><td colspan="2" style="width:58.35pt; padding-left:7.2pt; vertical-align:bottom">(163,870)</td><td style="vertical-align:top"></td></tr><tr><td style="width:324pt; vertical-align:top">Add deferred finance costs, current portion</td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">2,838 </td><td colspan="2" style="width:58.35pt; padding-left:7.2pt; vertical-align:bottom">3,286 </td><td style="vertical-align:top"></td></tr><tr><td style="width:316.8pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:58.35pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="vertical-align:top"></td></tr><tr><td style="width:324pt; vertical-align:top">Total long-term portion, net of current portion and deferred finance costs</td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">1,298,783 </td><td colspan="2" style="width:58.35pt; padding-left:7.2pt; vertical-align:bottom">1,435,017 </td><td style="vertical-align:top"></td></tr><tr><td style="width:316.8pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:58.35pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:58.35pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr style="height:0pt"><td style="width:324pt"></td><td style="width:63pt"></td><td style="width:2.55pt"></td><td style="width:63pt"></td><td style="width:2.55pt"></td></tr></table></div> </div>

<div class="Section1">6.Long –Term Debt  <div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:455.1pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:324pt; vertical-align:bottom"><a name="DM_MAP_503e86e02bc64a0aa861954833fbee17">Facility</a> </td><td colspan="2" style="width:58.35pt; padding-left:7.2pt; vertical-align:bottom">2019  </td><td colspan="2" style="width:58.35pt; padding-left:7.2pt; vertical-align:bottom">2018  </td></tr><tr><td style="width:324pt; vertical-align:top">(a) Credit Facilities</td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">— </td><td colspan="2" style="width:58.35pt; padding-left:7.2pt; vertical-align:bottom">62,500 </td><td style="vertical-align:top"></td></tr><tr><td style="width:324pt; vertical-align:top">(b) Term Bank Loans</td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">1,544,551 </td><td colspan="2" style="width:58.35pt; padding-left:7.2pt; vertical-align:bottom">1,544,622 </td><td style="vertical-align:top"></td></tr><tr><td style="width:316.8pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:58.35pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="vertical-align:top"></td></tr><tr><td style="width:324pt; vertical-align:top">Total</td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">1,544,551 </td><td colspan="2" style="width:58.35pt; padding-left:7.2pt; vertical-align:bottom">1,607,122 </td><td style="vertical-align:top"></td></tr><tr><td style="width:324pt; vertical-align:top">Less loan costs, net</td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">(10,255)</td><td colspan="2" style="width:58.35pt; padding-left:7.2pt; vertical-align:bottom">(11,521)</td><td style="vertical-align:top"></td></tr><tr><td style="width:324pt; vertical-align:top">Total long-term debt</td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">1,534,296 </td><td colspan="2" style="width:58.35pt; padding-left:7.2pt; vertical-align:bottom">1,595,601 </td><td style="vertical-align:top"></td></tr><tr><td style="width:324pt; vertical-align:top">Less current portion of debt</td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">(238,351)</td><td colspan="2" style="width:58.35pt; padding-left:7.2pt; vertical-align:bottom">(163,870)</td><td style="vertical-align:top"></td></tr><tr><td style="width:324pt; vertical-align:top">Add deferred finance costs, current portion</td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">2,838 </td><td colspan="2" style="width:58.35pt; padding-left:7.2pt; vertical-align:bottom">3,286 </td><td style="vertical-align:top"></td></tr><tr><td style="width:316.8pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:58.35pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="vertical-align:top"></td></tr><tr><td style="width:324pt; vertical-align:top">Total long-term portion, net of current portion and deferred finance costs</td><td style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">1,298,783 </td><td colspan="2" style="width:58.35pt; padding-left:7.2pt; vertical-align:bottom">1,435,017 </td><td style="vertical-align:top"></td></tr><tr><td style="width:316.8pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:58.35pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:58.35pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr style="height:0pt"><td style="width:324pt"></td><td style="width:63pt"></td><td style="width:2.55pt"></td><td style="width:63pt"></td><td style="width:2.55pt"></td></tr></table></div> (a)Credit facilities As at December 31, 2018, the Company had one open reducing revolving credit facility which matured in February 2019. (b)Term bank loans Term loan balances outstanding at December 31, 2019, amounted to $1,544,551. These bank loans are payable in U.S. Dollars in semi-annual installments with balloon payments mainly due at maturity between July 2020 and May 2030. Interest rates on the outstanding loans as at December 31, 2019, are based on London interbank offered rate (“LIBOR”) plus a spread.  On December 6, 2018, the Company signed a new eight-year loan agreement for $82,752 relating to the pre- and post-delivery financing of the aframax tankers under construction, Mediterranean Voyager and Caribbean Voyager. The loan is repayable in sixteen equal consecutive semi-annual installments of $1,149.3, commencing six months after the delivery of each vessel, plus a balloon of $22,987 payable together with the last installment for each vessel. The amount of $56,892 was drawn up to December 31, 2019 and the remaining amount of $25,860 was drawn on January 2, 2020, with the delivery of the second aframax tanker Caribbean Voyager (Note 10).On December 28, 2018, the Company signed a new five-year loan agreement for $62,500 relating to the refinancing of the LNG carrier Neo Energy. On January 10, 2019, the Company repaid the amount of $62,500 which was outstanding at the refinancing date and drew down $62,500 on the same date. The new loan is repayable in ten semi-annual installments of $3,000, commencing six months after the drawdown date, plus a balloon of $32,500 payable with the last installment. On January 28, 2019, the Company signed a new six-year loan agreement for $88,150 relating to the refinancing of the debt approaching maturity of the suezmax tankers, Spyros K and Dimitris P, the aframax tanker Uraga Princess and the panamax tanker Salamina. The loan was drawn on January 30, 2019 and is repayable in twelve semi-annual installments of $5,200, commencing six months after the drawdown date, plus a balloon of $25,750 payable together with the last installment. Part of the loan, for the vessel Salamina, amounting to $14,272 was prepaid on June 17, 2019. On May 31, 2019, the Company signed a new five-year loan agreement amounting to $38,250 to refinance the existing loans of four vessels, the panamax tankers, Maya, Inca, Selini and Salamina. On May 31, 2019 and June 13, 2019, the Company drew down the amount of $25,500 and $12,750, respectively. On May 31, 2019 and June 3, 2019, the Company repaid the old loan amounts of $9,062 for Maya and Inca and $16,575 for Selini. The loan is repayable in ten semi-annual installments of $3,187, commencing six months after the drawdown date, plus a balloon of $6,375 payable together with the last installment. On July 12, 2019, the Company signed a new four-year loan agreement amounting to $26,000 for the refinancing of three handysize vessels, Amphitrite, Arion and Andromeda. On July 17, 2019, the Company drew down $26,000 and on the same date, repaid the old loan amounting to $19,448. The new loan is repayable in ten semi-annual installments of $2,600. On July 12, 2019, the Company signed a new seven-year loan agreement amounting to $56,352 relating to the pre- and post-delivery financing of the first suezmax tanker under contruction (Hull 8041). The first drawdown of $6,979 was made on July 31, 2019, for the payment of the second installment to the ship building yard. The loan is repayable in fourteen consecutive semi-annual installments of $1,408.8, commencing six months after the delivery of the vessel, plus a balloon of $36,629 payable together with the last installment.On August 5, 2019, the Company signed a new seven-year loan agreement amounting to $72,000 for the refinancing of two aframax tankers, Thomas Zafiras and Leontios H. The loan was drawn on August 8, 2019 and is repayable in fourteen semi-annual installments of $2,400 plus a balloon payment of $38,400 payable together with the last installment. On August 9, 2019, the Company prepaid the old loan amounting to $64,825. On August 7, 2019, the Company signed a new ten-year loan agreement amounting to $54,387 relating to pre- and post-delivery financing of the second suezmax tanker under construction (Hull 8042). The first drawdown of $6,733 was made on August 9, 2019, for the payment of the second installment to the ship building yard. The loan is repayable in twenty consecutive semi-annual installments of $1,510.7, commencing six months after the delivery of the vessel, plus a balloon of $24,172 payable together with the last installment.On August 21, 2019, the Company signed a new five-year loan agreement amounting to $71,036 for the refinancing of two aframax tankers, Elias Tsakos and Oslo TS. The loan was drawn in two tranches on August 27, 2019 and August 28, 2019, repayable in fourteen semi-annual installments of $1,200 plus a balloon of $19,200 and ten semi-annual installments of $1,341 plus a balloon of $21,626 payable with last installment, respectively. On August 27, 2019 and August 28, 2019, the Company prepaid the old loans amounting to $31,212 and $35,036, respectively. <a name="_Hlk29992733">On December 6, 2019, the Company signed a new five-year loan agreement amounting to $36,000 for the refinancing of the aframax tanker Parthenon TS. The loan was drawn on December 10, 2019 and on the same date prepaid the old loan amounting to $31,212</a>. The loan is repayable in ten semi-annual installments of $1,200 plus a balloon of $24,000 payable with last installment.On December 18, 2019, the Company signed a new five-year loan agreement amounting to $35,000 for the refinancing of the aframax tanker Eurovision. The loan was drawn on December 19, 2019 and on the same date the Company prepaid the old loan amounting to $28,000. The loan is repayable in ten semi-annual installments of $1,591 plus a balloon of $19,090 payable with the last installment.At December 31, 2019, interest rates on these term bank loans ranged from 3.45% to 5.13%. The weighted-average interest rates on the above executed loans for the applicable periods were:  <a name="DM_MAP_2d54cb633f0347caae79196e6fccbcb2"></a><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:453.6pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:398.35pt; vertical-align:top">Year ended December 31, 2019</td><td style="width:48.05pt; padding-left:7.2pt; vertical-align:bottom">4.41% </td></tr><tr><td style="width:398.35pt; vertical-align:top">Year ended December 31, 2018</td><td style="width:48.05pt; padding-left:7.2pt; vertical-align:bottom">4.21% </td></tr><tr><td style="width:398.35pt; vertical-align:top">Year ended December 31, 2017</td><td style="width:48.05pt; padding-left:7.2pt; vertical-align:bottom">3.47% </td></tr></table></div> Loan movements for credit facilities and term loans throughout 2019: <a name="DM_MAP_3feeecb6823a4f6db21298051773789f"> </a><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:540pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:7.65pt"><td style="width:150.6pt; vertical-align:bottom">Loan </td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">Origination Date  </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">Original Amount  </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">Balance at January 1, 2019  </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">New Loans  </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">Prepaid  </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">Repaid  </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">Balance at December 31, 2019  </td></tr><tr><td style="width:150.6pt; vertical-align:top">Credit facility</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2007 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">120,000 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">62,500 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">62,500 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">— </td></tr><tr><td style="width:150.6pt; vertical-align:top">12-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2009 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">40,000 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">18,750 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">2,500 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">16,250 </td></tr><tr><td style="width:150.6pt; vertical-align:top">10-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2010 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">39,000 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">16,900 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">16,900 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">— </td></tr><tr><td style="width:150.6pt; vertical-align:top">10-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2010 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">43,924 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">18,181 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">16,575 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">1,606 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">— </td></tr><tr><td style="width:150.6pt; vertical-align:top">9-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2010 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">42,100 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">21,300 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">21,300 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">— </td></tr><tr><td style="width:150.6pt; vertical-align:top">10-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2011 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">48,000 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">24,000 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">24,000 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">— </td></tr><tr><td style="width:150.6pt; vertical-align:top">9-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2011 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">48,650 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">25,948 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">25,948 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">— </td></tr><tr><td style="width:150.6pt; vertical-align:top">8-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2011 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">73,600 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">73,672 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">6,406 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">67,266 </td></tr><tr><td style="width:150.6pt; vertical-align:top">7-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2014 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">42,000 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">30,800 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">28,000 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">2,800 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">— </td></tr><tr><td style="width:150.6pt; vertical-align:top">6-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2014 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">193,239 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">169,120 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">127,250 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">8,476 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">33,394 </td></tr><tr><td style="width:150.6pt; vertical-align:top">7-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2014 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">40,400 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">36,377 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">35,036 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">1,341 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">— </td></tr><tr><td style="width:150.6pt; vertical-align:top">6-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2014 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">78,744 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">72,925 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">4,669 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">68,256 </td></tr><tr><td style="width:150.6pt; vertical-align:top">6-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2014 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">39,954 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">37,457 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">2,497 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">34,960 </td></tr><tr><td style="width:150.6pt; vertical-align:top">5-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2015 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">35,190 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">31,280 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">1,955 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">29,325 </td></tr><tr><td style="width:150.6pt; vertical-align:top">7-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2015 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">35,190 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">30,792 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">2,199 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">28,593 </td></tr><tr><td style="width:150.6pt; vertical-align:top">7-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2015 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">39,900 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">29,019 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">3,627 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">25,392 </td></tr><tr><td style="width:150.6pt; vertical-align:top">5-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2015 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">82,775 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">56,908 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">10,347 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">46,561 </td></tr><tr><td style="width:150.6pt; vertical-align:top">6-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2015 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">46,217 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">32,351 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">4,622 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">27,729 </td></tr><tr><td style="width:150.6pt; vertical-align:top">7-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2015 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">44,800 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">36,800 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">3,200 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">33,600 </td></tr><tr><td style="width:150.6pt; vertical-align:top">12-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2016 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">309,824 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">252,433 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">21,502 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">230,931 </td></tr><tr><td style="width:150.6pt; vertical-align:top">5-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2016 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">33,104 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">21,996 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">19,450 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">2,546 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">— </td></tr><tr><td style="width:150.6pt; vertical-align:top">4-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2016 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">18,125 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">10,875 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">9,063 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">1,812 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">— </td></tr><tr><td style="width:150.6pt; vertical-align:top">71/2-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2017 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">85,000 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">79,333 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">5,667 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">73,666 </td></tr><tr><td style="width:150.6pt; vertical-align:top">4-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2017 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">122,500 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">92,314 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">15,594 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">76,720 </td></tr><tr><td style="width:150.6pt; vertical-align:top">6-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2018 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">80,000 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">76,255 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">7,490 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">68,765 </td></tr><tr><td style="width:150.6pt; vertical-align:top">5-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2018 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">180,000 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">151,014 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">23,122 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">127,892 </td></tr><tr><td style="width:150.6pt; vertical-align:top">5-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2018 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">44,000 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">44,000 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">4,700 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">39,300 </td></tr><tr><td style="width:150.6pt; vertical-align:top">5-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2018 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">48,650 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">48,650 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">6,081 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">42,569 </td></tr><tr><td style="width:150.6pt; vertical-align:top">8-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2018 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">82,752 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">5,172 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">51,720 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">56,892 </td></tr><tr><td style="width:150.6pt; vertical-align:top">5-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2018 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">62,500 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">62,500 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">3,000 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">59,500 </td></tr><tr><td style="width:150.6pt; vertical-align:top">6-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2019 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">88,150 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">88,150 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">14,272 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">4,358 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">69,520 </td></tr><tr><td style="width:150.6pt; vertical-align:top">5-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2019 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">38,250 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">38,250 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">3,187 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">35,063 </td></tr><tr><td style="width:150.6pt; vertical-align:top">4-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2019 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">26,000 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">26,000 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">26,000 </td></tr><tr><td style="width:150.6pt; vertical-align:top">7-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2019 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">56,352 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">6,979 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">6,979 </td></tr><tr><td style="width:150.6pt; vertical-align:top">10-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2019 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">54,387 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">6,733 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">6,733 </td></tr><tr><td style="width:150.6pt; vertical-align:top">7-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2019 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">72,000 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">72,000 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">72,000 </td></tr><tr><td style="width:150.6pt; vertical-align:top">5-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2019 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">71,036 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">71,036 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">1,341 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">69,695 </td></tr><tr><td style="width:150.6pt; vertical-align:top">5-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2019 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">36,000 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">36,000 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">36,000 </td></tr><tr><td style="width:150.6pt; vertical-align:top">5-year term loan</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom">2019 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">35,000 </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">35,000 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">35,000 </td></tr><tr><td style="width:143.4pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:150.6pt; vertical-align:top">Total</td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom">1,607,122 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">494,368 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">400,294 </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom">156,645 </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom">1,544,551 </td></tr><tr><td style="width:143.4pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:51pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:52pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:44pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:60pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr></table></div> The above term bank loans are secured by first priority mortgages on all vessels owned by the Company’s subsidiaries, by assignments of earnings and insurances of the respectively mortgaged vessels, and by corporate guarantees of the relevant ship-owning subsidiaries and in certain cases of the parent company as well. The loan agreements include, among other covenants, covenants requiring the Company to obtain the lenders’ prior consent in order to incur or issue any financial indebtedness, additional borrowings, pay dividends provided no event of default has occurred, sell vessels and assets, and change the beneficial ownership or management of the vessels. Also, the covenants require the Company to maintain a minimum liquidity, not legally restricted, of $104,979 at December 31, 2019 and $99,154 at December 31, 2018, a minimum consolidated leverage ratio, a minimum hull value in connection with the vessels’ outstanding loans and insurance coverage of the vessels against all customary risks. Two loan agreements require the Company to maintain throughout the security period, an aggregate credit balance in a deposit account of $3,700. Four loan agreements require a monthly pro rata transfer to retention account of any principal due but unpaid. As at December 31, 2019, the Company and its wholly owned subsidiaries had twenty-nine loan agreements, totaling $1,544,551. The Company fulfilled its requirements in respect of the financial covenants of all of its loan agreements, as at December 31, 2019. The Company’s liquidity requirements relate primarily to servicing its debt, funding the equity portion of investments in vessels and funding expected capital expenditures on dry-dockings and working capital. The annual principal payments, including balloon payments on loan maturity, required to be made after December 31, 2019, are as follows:  <div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:301.1pt; vertical-align:bottom"><a name="DM_MAP_1bcf1b1d0ecc4c768905da62e4fc7f90">Year</a> </td><td style="width:58.9pt; padding-left:7.2pt; vertical-align:bottom">Amount  </td></tr><tr><td style="width:301.1pt; vertical-align:top">2020</td><td style="width:58.9pt; padding-left:7.2pt; vertical-align:bottom">238,351 </td></tr><tr><td style="width:301.1pt; vertical-align:top">2021</td><td style="width:58.9pt; padding-left:7.2pt; vertical-align:bottom">224,044 </td></tr><tr><td style="width:301.1pt; vertical-align:top">2022</td><td style="width:58.9pt; padding-left:7.2pt; vertical-align:bottom">164,367 </td></tr><tr><td style="width:301.1pt; vertical-align:top">2023</td><td style="width:58.9pt; padding-left:7.2pt; vertical-align:bottom">347,775 </td></tr><tr><td style="width:301.1pt; vertical-align:top">2024</td><td style="width:58.9pt; padding-left:7.2pt; vertical-align:bottom">250,978 </td></tr><tr><td style="width:301.1pt; vertical-align:top">2025 and thereafter</td><td style="width:58.9pt; padding-left:7.2pt; vertical-align:bottom">319,036 </td></tr><tr><td style="width:293.9pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:58.9pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:293.9pt; padding-left:7.2pt; vertical-align:top"> </td><td style="width:58.9pt; padding-left:7.2pt; vertical-align:bottom">1,544,551 </td></tr><tr><td style="width:293.9pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:58.9pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr></table></div> </div>

<div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:496.8pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:330.9pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">2019  </td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">2018  </td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">2017  </td></tr><tr><td style="width:338.1pt; vertical-align:top">Interest expense</td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">69,980 </td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">72,191 </td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">62,343 </td></tr><tr><td style="width:338.1pt; vertical-align:top">    Less: Interest capitalized</td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">(1,018)</td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">(252)</td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">(445)</td></tr><tr><td style="width:330.9pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:338.1pt; vertical-align:top">Interest expense, net</td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">68,962 </td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">71,939 </td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">61,898 </td></tr><tr><td style="width:338.1pt; vertical-align:top">Interest swaps termination cash settlements</td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">(477)</td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">(3,685)</td></tr><tr><td style="width:338.1pt; vertical-align:top">Bunkers swap and call options cash settlements</td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">1,469 </td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">(9,857)</td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">(2,547)</td></tr><tr><td style="width:338.1pt; vertical-align:top">Bunker call options premium</td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">—   </td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">216 </td></tr><tr><td style="width:338.1pt; vertical-align:top">Amortization of loan costs</td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">4,822 </td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">3,992 </td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">4,152 </td></tr><tr><td style="width:338.1pt; vertical-align:top">Bank charges</td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">240 </td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">405 </td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">164 </td></tr><tr><td style="width:338.1pt; vertical-align:top">Change in fair value of non-hedging financial instruments</td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">(770)</td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">10,807 </td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">(3,359)</td></tr><tr><td style="width:330.9pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:338.1pt; vertical-align:top">Net total</td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">74,723 </td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">76,809 </td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">56,839 </td></tr><tr><td style="width:330.9pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr></table></div> </div>

<div class="Section1">7.Interest and Finance Costs, net  <div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:496.8pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:330.9pt; padding-left:7.2pt; vertical-align:bottom"><a name="DM_MAP_30d99953e2994c4fa72a9bbcf1b4ce15"> </a></td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">2019  </td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">2018  </td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">2017  </td></tr><tr><td style="width:338.1pt; vertical-align:top">Interest expense</td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">69,980 </td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">72,191 </td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">62,343 </td></tr><tr><td style="width:338.1pt; vertical-align:top">    Less: Interest capitalized</td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">(1,018)</td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">(252)</td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">(445)</td></tr><tr><td style="width:330.9pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:338.1pt; vertical-align:top">Interest expense, net</td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">68,962 </td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">71,939 </td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">61,898 </td></tr><tr><td style="width:338.1pt; vertical-align:top">Interest swaps termination cash settlements</td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">(477)</td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">(3,685)</td></tr><tr><td style="width:338.1pt; vertical-align:top">Bunkers swap and call options cash settlements</td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">1,469 </td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">(9,857)</td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">(2,547)</td></tr><tr><td style="width:338.1pt; vertical-align:top">Bunker call options premium</td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">—   </td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">216 </td></tr><tr><td style="width:338.1pt; vertical-align:top">Amortization of loan costs</td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">4,822 </td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">3,992 </td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">4,152 </td></tr><tr><td style="width:338.1pt; vertical-align:top">Bank charges</td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">240 </td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">405 </td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">164 </td></tr><tr><td style="width:338.1pt; vertical-align:top">Change in fair value of non-hedging financial instruments</td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">(770)</td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">10,807 </td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">(3,359)</td></tr><tr><td style="width:330.9pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:338.1pt; vertical-align:top">Net total</td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">74,723 </td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">76,809 </td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom">56,839 </td></tr><tr><td style="width:330.9pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:45.7pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr></table></div>At December 31, 2019, the Company was committed to nine floating-to-fixed interest rate swaps with major financial institutions covering notional amounts aggregating to $481,998, maturing from July 2020 through October 2027, on which it pays fixed rates averaging 2.40% and receives floating rates based on the six-month LIBOR (Note 14). At December 31, 2019, the Company held eight of the nine interest rate swap agreements, designated and qualifying as cash flow hedges, in order to hedge its exposure to interest rate fluctuations associated with its debt covering notional amounts aggregating to $455,998. The fair values of such financial instruments as of December 31, 2019 and 2018, in aggregate amounted to $14,832 (negative) and $5,000 (negative), respectively. The net amount of cash flow hedge losses at December 31, 2019, that is estimated to be reclassified into earnings within the next twelve months is $45. At December 31, 2019, the Company held one interest rate swap that did not meet hedge accounting criteria. On December 20, 2018, the Company discontinued as a cash flow hedge one hedging interest rate swap. This interest rate swap associated with a secured term loan facility, which was part of the refinancing of debt approaching maturity relating to the vessels Euro and Sakura Princess. Upon completion of the refinancing on December 20, 2018, the hedge no longer met the criteria for hedge accounting as it was no longer highly effective, and it was determined by management that the future cash flows associated with the repayment of the new financing were not probable of occurring. The fair value of the non-hedging swap as of December 31, 2019 and 2018, amounted to $187 (negative) and $38 (negative), respectively. As such, the changes in its fair value during 2019 and 2018 amounting to $149 (negative) and $86 (negative), respectively, have been included in Change in fair value of non-hedging financial instruments in the above table. In November 2018, the Company entered into two call option agreements, with an exercise date in 2019 and through 2020, for a total premium of $1,602. At December 31, 2019 and 2018, the Company held one and three, respectively, call option agreements in order to hedge its exposure to bunker price fluctuations associated with the consumption of bunkers by its vessels. The value of the call options at December 31, 2019 and 2018 was $147 (positive) and $350 (positive), respectively. The changes in their fair value during 2019 and 2018 amounting to $203 (negative) and $232 (positive), respectively, have been included in Change in fair value of non-hedging financial instruments in the above table.  In 2019 and 2018, the Company held twenty-five and nineteen bunker swap agreements, respectively, in order to hedge its exposure to bunker price fluctuations associated with the consumptions of bunkers by its vessels. The fair value of bunker swap agreements at December 31, 2019 and December 31, 2018 were $2,850 (negative) and $3,972 (negative), respectively. The change in the fair values as of December 31, 2019 and December 31, 2018, was $1,122 (positive) and $10,999 (negative), respectively. During 2016, the Company entered into three bunker swap agreements in order to hedge its exposure to bunker price fluctuations associated with the consumption of bunkers by the vessel Ulysses. In November 2018, the Company entered into early termination agreements of the three bunker swap agreements with expiring dates September 2019 and October 2019. Total cash received from those swaps’ terminations amounted to $1,470. The change in their fair value during 2018 and 2017 were $3,264 (negative) and $785 (positive) respectively.</div>

<div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:301.1pt; vertical-align:bottom">Year </td><td style="width:58.9pt; padding-left:7.2pt; vertical-align:bottom">Amount  </td></tr><tr><td style="width:301.1pt; vertical-align:top">2020</td><td style="width:58.9pt; padding-left:7.2pt; vertical-align:bottom">$306,717 </td></tr><tr><td style="width:301.1pt; vertical-align:top">2021</td><td style="width:58.9pt; padding-left:7.2pt; vertical-align:bottom">213,165 </td></tr><tr><td style="width:301.1pt; vertical-align:top">2022</td><td style="width:58.9pt; padding-left:7.2pt; vertical-align:bottom">133,127 </td></tr><tr><td style="width:301.1pt; vertical-align:top">2023</td><td style="width:58.9pt; padding-left:7.2pt; vertical-align:bottom">96,426 </td></tr><tr><td style="width:301.1pt; vertical-align:top">2024 to 2028</td><td style="width:58.9pt; padding-left:7.2pt; vertical-align:bottom">210,100 </td></tr><tr><td style="width:293.9pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:58.9pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:301.1pt; vertical-align:top">Minimum charter revenues</td><td style="width:58.9pt; padding-left:7.2pt; vertical-align:bottom">$959,535 </td></tr><tr><td style="width:293.9pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:58.9pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr></table></div> </div>

<div class="Section1">10.Loss per Common Share  The Company calculates basic and diluted net loss per share in conformity with the two-class method required for companies with participating securities. The Company considered all series of redeemable convertible preferred shares to have been participating securities as the holders were entitled to receive non-cumulative dividends on a pari passu basis in the event that a dividend was paid on common shares. Under the two-class method, the net loss attributable to common stockholders is not allocated to the redeemable convertible preferred shares as the holders of redeemable convertible preferred shares do not have a contractual obligation to share in losses. Under the two-class method, basic net loss per share is calculated by dividing the net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed by giving effect to all potentially dilutive common share equivalents outstanding for the period.  The following table sets forth the computation of basic and diluted net loss per share:Numerator <a name="DM_MAP_fb532bcb0c034a08a9e7965eeb21c261"></a> <div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:465.95pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:2.75pt"><td style="width:229.55pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:69.2pt; padding-left:7.2pt; vertical-align:bottom">2019  </td><td style="width:69.2pt; padding-left:7.2pt; vertical-align:bottom">2018  </td><td style="width:69.2pt; padding-left:7.2pt; vertical-align:bottom">2017  </td></tr><tr style="height:25.65pt"><td style="width:236.75pt; vertical-align:top">Net income (loss) attributable to Tsakos Energy Navigation Limited</td><td style="width:69.2pt; padding-left:7.2pt; vertical-align:bottom">$15,126 </td><td style="width:69.2pt; padding-left:7.2pt; vertical-align:bottom">$(99,203)</td><td style="width:69.2pt; padding-left:7.2pt; vertical-align:bottom">$7,612 </td></tr><tr style="height:8.15pt"><td style="width:236.75pt; vertical-align:top">Preferred share dividends, Series B</td><td style="width:69.2pt; padding-left:7.2pt; vertical-align:bottom">(3,000)</td><td style="width:69.2pt; padding-left:7.2pt; vertical-align:bottom">(4,000)</td><td style="width:69.2pt; padding-left:7.2pt; vertical-align:bottom">(4,000)</td></tr><tr style="height:8.15pt"><td style="width:236.75pt; vertical-align:top">Preferred share dividends, Series C</td><td style="width:69.2pt; padding-left:7.2pt; vertical-align:bottom">(4,438)</td><td style="width:69.2pt; padding-left:7.2pt; vertical-align:bottom">(4,438)</td><td style="width:69.2pt; padding-left:7.2pt; vertical-align:bottom">(4,437)</td></tr><tr style="height:8.7pt"><td style="width:236.75pt; vertical-align:top">Preferred share dividends, Series D</td><td style="width:69.2pt; padding-left:7.2pt; vertical-align:bottom">(7,492)</td><td style="width:69.2pt; padding-left:7.2pt; vertical-align:bottom">(7,492)</td><td style="width:69.2pt; padding-left:7.2pt; vertical-align:bottom">(7,479)</td></tr><tr style="height:8.15pt"><td style="width:236.75pt; vertical-align:top">Preferred share dividends, Series E</td><td style="width:69.2pt; padding-left:7.2pt; vertical-align:bottom">(10,637)</td><td style="width:69.2pt; padding-left:7.2pt; vertical-align:bottom">(10,637)</td><td style="width:69.2pt; padding-left:7.2pt; vertical-align:bottom">(7,860)</td></tr><tr style="height:8.15pt"><td style="width:236.75pt; vertical-align:top">Preferred share dividends, Series F</td><td style="width:69.2pt; padding-left:7.2pt; vertical-align:bottom">(14,250)</td><td style="width:69.2pt; padding-left:7.2pt; vertical-align:bottom">(7,196)</td><td style="width:69.2pt; padding-left:7.2pt; vertical-align:bottom">— </td></tr><tr style="height:8.7pt"><td style="width:236.75pt; vertical-align:top">Preferred share dividends, convertible Series G</td><td style="width:69.2pt; padding-left:7.2pt; vertical-align:bottom">(583)</td><td style="width:69.2pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:69.2pt; padding-left:7.2pt; vertical-align:bottom">— </td></tr><tr style="height:8.15pt"><td style="width:236.75pt; vertical-align:top">Deemed dividend on Series B preferred shares</td><td style="width:69.2pt; padding-left:7.2pt; vertical-align:bottom">(2,750)</td><td style="width:69.2pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:69.2pt; padding-left:7.2pt; vertical-align:bottom">— </td></tr><tr style="height:8.15pt"><td style="width:236.75pt; vertical-align:top">Net loss attributable to common stockholders</td><td style="width:69.2pt; padding-left:7.2pt; vertical-align:bottom">(28,024)</td><td style="width:69.2pt; padding-left:7.2pt; vertical-align:bottom">(132,966)</td><td style="width:69.2pt; padding-left:7.2pt; vertical-align:bottom">(16,164)</td></tr><tr style="height:4.1pt"><td style="width:229.55pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:69.2pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:69.2pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:69.2pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr style="height:7.65pt"><td style="width:236.75pt; vertical-align:top">Denominator</td><td style="width:69.2pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:69.2pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:69.2pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr style="height:8.7pt"><td style="width:236.75pt; vertical-align:top">Weighted average common shares outstanding</td><td style="width:69.2pt; padding-left:7.2pt; vertical-align:bottom">88,757,923 </td><td style="width:69.2pt; padding-left:7.2pt; vertical-align:bottom">87,111,636 </td><td style="width:69.2pt; padding-left:7.2pt; vertical-align:bottom">84,713,572 </td></tr><tr style="height:2.45pt"><td style="width:229.55pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:69.2pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:69.2pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:69.2pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr style="height:15.85pt"><td style="width:236.75pt; vertical-align:top">Basic and diluted loss per common share</td><td style="width:69.2pt; padding-left:7.2pt; vertical-align:bottom">$                (0.32)              </td><td style="width:69.2pt; padding-left:7.2pt; vertical-align:bottom">$(1.53)</td><td style="width:69.2pt; padding-left:7.2pt; vertical-align:bottom">$(0.19)</td></tr><tr style="height:15.85pt"><td style="width:236.75pt; vertical-align:top"> </td><td style="width:69.2pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:69.2pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:69.2pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr></table></div>For purposes of this calculation, potential redeemable convertible preferred shares of 3,100,457 for the year ended December 31, 2019, are considered common shares equivalents but have been excluded from the calculation of diluted net loss per share as their effect is anti-dilutive. Basic and diluted net loss per share was the same for each period presented.</div>

<div class="Section1"><table cellspacing="0" cellpadding="0" style="width:496.8pt; border-collapse:collapse"><tr><td style="width:156.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td rowspan="3" style="width:156.75pt; padding-left:7.2pt; vertical-align:bottom"> Gain (Loss) Recognized inAccumulated Other ComprehensiveLoss on Derivative (Effective Portion) Location </td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td rowspan="2" style="width:163.95pt; vertical-align:bottom">Derivative </td><td colspan="3" style="width:161.7pt; padding-left:7.2pt; vertical-align:bottom">Amount  </td></tr><tr><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom">2019  </td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom">2018  </td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom">2017  </td></tr><tr><td style="width:163.95pt; vertical-align:top">Interest rate swaps</td><td style="width:156.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom">(9,938)</td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom">(4,316)</td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom">(3,692)</td></tr><tr><td style="width:156.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:156.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:163.95pt; vertical-align:top">Total</td><td style="width:156.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom">(9,938)</td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom">(4,316)</td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom">(3,692)</td></tr><tr><td style="width:156.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:156.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr></table>  </div>

<div class="Section1"><table cellspacing="0" cellpadding="0" style="width:496.8pt; margin-right:9pt; margin-left:9pt; border-collapse:collapse; float:left"><tr><td style="width:156.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td rowspan="3" style="width:156.75pt; padding-left:7.2pt; vertical-align:bottom">Loss Reclassified fromAccumulated Other Comprehensive Loss into Income (Effective Portion)Location </td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td rowspan="2" style="width:163.95pt; vertical-align:bottom">Derivative </td><td colspan="3" style="width:161.7pt; padding-left:7.2pt; vertical-align:bottom">Amount  </td></tr><tr><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom">2019  </td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom">2018  </td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom">2017  </td></tr><tr><td style="width:163.95pt; vertical-align:top">Interest rate swaps</td><td style="width:163.95pt; vertical-align:bottom">Depreciation expense</td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom">(189)</td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom">(189)</td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom">(189)</td></tr><tr><td style="width:163.95pt; vertical-align:top">Interest rate swaps</td><td style="width:163.95pt; vertical-align:bottom">Interest and finance costs, net</td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom">(56)</td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom">(772)</td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom">(2,511)</td></tr><tr><td style="width:156.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:156.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:163.95pt; vertical-align:top">Total</td><td style="width:156.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom">(245)</td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom">(961)</td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom">(2,700)</td></tr><tr><td style="width:156.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:156.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr></table> </div>

<div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:556.45pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:88.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:199.05pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="4" style="width:123.9pt; padding-left:7.2pt; vertical-align:bottom">Asset Derivatives  </td><td colspan="4" style="width:115.95pt; padding-left:7.2pt; vertical-align:bottom">Liability Derivatives  </td></tr><tr><td style="width:88.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:199.05pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:59.6pt; padding-left:7.2pt; vertical-align:bottom">December 31, 2019 </td><td colspan="2" style="width:57.1pt; padding-left:7.2pt; vertical-align:bottom">December 31, 2018  </td><td colspan="2" style="width:55.75pt; padding-left:7.2pt; vertical-align:bottom">December 31, 2019  </td><td colspan="2" style="width:53pt; padding-left:7.2pt; vertical-align:bottom">December 31, 2018  </td></tr><tr><td style="width:95.95pt; vertical-align:bottom">Derivative </td><td colspan="2" style="width:199.05pt; padding-left:7.2pt; vertical-align:bottom">Balance Sheet Location </td><td colspan="2" style="width:59.6pt; padding-left:7.2pt; vertical-align:bottom">Fair Value  </td><td colspan="2" style="width:57.1pt; padding-left:7.2pt; vertical-align:bottom">Fair Value  </td><td colspan="2" style="width:55.75pt; padding-left:7.2pt; vertical-align:bottom">Fair Value  </td><td colspan="2" style="width:53pt; padding-left:7.2pt; vertical-align:bottom">Fair Value  </td></tr><tr><td colspan="7" style="width:433.3pt; vertical-align:top">Derivatives designated as hedging instruments</td><td colspan="2" style="width:55.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:53pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr style="height:6pt"><td style="width:95.95pt"> </td><td colspan="2" style="width:206.25pt"> </td><td colspan="2" style="width:66.8pt"> </td><td colspan="2" style="width:64.3pt"> </td><td colspan="2" style="width:62.95pt"> </td><td colspan="2" style="width:60.2pt"> </td></tr><tr><td style="width:95.95pt; vertical-align:top">Interest rate swaps</td><td colspan="2" style="width:206.25pt; vertical-align:bottom">Current portion of financial instruments—Fair value</td><td colspan="2" style="width:59.6pt; padding-left:7.2pt; vertical-align:bottom">131 </td><td colspan="2" style="width:57.1pt; padding-left:7.2pt; vertical-align:bottom">—   </td><td colspan="2" style="width:55.75pt; padding-left:7.2pt; vertical-align:bottom">3,024 </td><td colspan="2" style="width:53pt; padding-left:7.2pt; vertical-align:bottom">30 </td></tr><tr style="height:6pt"><td style="width:95.95pt"> </td><td colspan="2" style="width:206.25pt"> </td><td colspan="2" style="width:66.8pt"> </td><td colspan="2" style="width:64.3pt"> </td><td colspan="2" style="width:62.95pt"> </td><td colspan="2" style="width:60.2pt"> </td></tr><tr><td style="width:88.75pt; padding-left:7.2pt; vertical-align:top"> </td><td colspan="2" style="width:206.25pt; vertical-align:bottom">Financial instruments—Fair Value, net of current portion</td><td colspan="2" style="width:59.6pt; padding-left:7.2pt; vertical-align:bottom">260 </td><td colspan="2" style="width:57.1pt; padding-left:7.2pt; vertical-align:bottom">—   </td><td colspan="2" style="width:55.75pt; padding-left:7.2pt; vertical-align:bottom">12,199 </td><td colspan="2" style="width:53pt; padding-left:7.2pt; vertical-align:bottom">4,970 </td></tr><tr><td style="width:88.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:199.05pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:59.6pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:57.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:55.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:53pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:95.95pt; vertical-align:top">Subtotal</td><td colspan="2" style="width:199.05pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:59.6pt; padding-left:7.2pt; vertical-align:bottom">391 </td><td colspan="2" style="width:57.1pt; padding-left:7.2pt; vertical-align:bottom">—   </td><td colspan="2" style="width:55.75pt; padding-left:7.2pt; vertical-align:bottom">15,223 </td><td colspan="2" style="width:53pt; padding-left:7.2pt; vertical-align:bottom">5,000 </td></tr><tr><td style="width:88.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:199.05pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:59.6pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:57.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:55.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:53pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr style="height:12pt"><td style="width:95.95pt"> </td><td colspan="2" style="width:206.25pt"> </td><td colspan="4" style="width:131.1pt"> </td><td colspan="4" style="width:123.15pt"> </td></tr><tr><td style="width:88.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:199.05pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="4" style="width:123.9pt; padding-left:7.2pt; vertical-align:bottom">Asset Derivatives  </td><td colspan="4" style="width:115.95pt; padding-left:7.2pt; vertical-align:bottom">Liability Derivatives  </td></tr><tr><td style="width:88.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:184.85pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:60.3pt; padding-left:7.2pt; vertical-align:bottom">December 31, 2019 </td><td colspan="2" style="width:64.8pt; padding-left:7.2pt; vertical-align:bottom">December 31, 2018  </td><td colspan="2" style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">December 31, 2019  </td><td colspan="2" style="width:53pt; padding-left:7.2pt; vertical-align:bottom">December 31, 2018  </td><td style="vertical-align:top"></td></tr><tr><td style="width:95.95pt; vertical-align:bottom">Derivative </td><td colspan="2" style="width:199.05pt; padding-left:7.2pt; vertical-align:bottom">Balance Sheet Location </td><td colspan="2" style="width:59.6pt; padding-left:7.2pt; vertical-align:bottom">Fair Value  </td><td colspan="2" style="width:57.1pt; padding-left:7.2pt; vertical-align:bottom">Fair Value  </td><td colspan="2" style="width:55.75pt; padding-left:7.2pt; vertical-align:bottom">Fair Value  </td><td colspan="2" style="width:53pt; padding-left:7.2pt; vertical-align:bottom">Fair Value  </td></tr><tr><td colspan="7" style="width:433.3pt; vertical-align:top">Derivatives not designated as hedging instruments</td><td colspan="2" style="width:55.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:53pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr style="height:6pt"><td style="width:95.95pt"> </td><td colspan="2" style="width:206.25pt"> </td><td colspan="2" style="width:66.8pt"> </td><td colspan="2" style="width:64.3pt"> </td><td colspan="2" style="width:62.95pt"> </td><td colspan="2" style="width:60.2pt"> </td></tr><tr><td style="width:95.95pt; vertical-align:top">Interest rate swaps</td><td colspan="2" style="width:206.25pt; vertical-align:bottom">Current portion of financial instruments—Fair value</td><td colspan="2" style="width:59.6pt; padding-left:7.2pt; vertical-align:bottom">— </td><td colspan="2" style="width:57.1pt; padding-left:7.2pt; vertical-align:bottom">—   </td><td colspan="2" style="width:55.75pt; padding-left:7.2pt; vertical-align:bottom">121 </td><td colspan="2" style="width:53pt; padding-left:7.2pt; vertical-align:bottom">18 </td></tr><tr style="height:6pt"><td style="width:95.95pt"> </td><td colspan="2" style="width:206.25pt"> </td><td colspan="2" style="width:66.8pt"> </td><td colspan="2" style="width:64.3pt"> </td><td colspan="2" style="width:62.95pt"> </td><td colspan="2" style="width:60.2pt"> </td></tr><tr><td style="width:88.75pt; padding-left:7.2pt; vertical-align:top"> </td><td colspan="2" style="width:206.25pt; vertical-align:bottom">Financial instruments—Fair Value, net of current portion</td><td colspan="2" style="width:59.6pt; padding-left:7.2pt; vertical-align:bottom">— </td><td colspan="2" style="width:57.1pt; padding-left:7.2pt; vertical-align:bottom">—   </td><td colspan="2" style="width:55.75pt; padding-left:7.2pt; vertical-align:bottom">66 </td><td colspan="2" style="width:53pt; padding-left:7.2pt; vertical-align:bottom">20 </td></tr><tr style="height:6pt"><td style="width:95.95pt"> </td><td colspan="2" style="width:206.25pt"> </td><td colspan="2" style="width:66.8pt"> </td><td colspan="2" style="width:64.3pt"> </td><td colspan="2" style="width:62.95pt"> </td><td colspan="2" style="width:60.2pt"> </td></tr><tr><td style="width:95.95pt; vertical-align:top">Bunker swaps</td><td colspan="2" style="width:206.25pt; vertical-align:bottom">Current portion of financial instruments—Fair value</td><td colspan="2" style="width:59.6pt; padding-left:7.2pt; vertical-align:bottom">520 </td><td colspan="2" style="width:57.1pt; padding-left:7.2pt; vertical-align:bottom">—   </td><td colspan="2" style="width:55.75pt; padding-left:7.2pt; vertical-align:bottom">755 </td><td colspan="2" style="width:53pt; padding-left:7.2pt; vertical-align:bottom">—   </td></tr><tr style="height:6pt"><td style="width:95.95pt"> </td><td colspan="2" style="width:206.25pt"> </td><td colspan="2" style="width:66.8pt"> </td><td colspan="2" style="width:64.3pt"> </td><td colspan="2" style="width:62.95pt"> </td><td colspan="2" style="width:60.2pt"> </td></tr><tr><td style="width:95.95pt; vertical-align:top">Bunker swaps</td><td colspan="2" style="width:206.25pt; vertical-align:bottom">Financial instruments—Fair Value, net of current portion</td><td colspan="2" style="width:59.6pt; padding-left:7.2pt; vertical-align:bottom">27 </td><td colspan="2" style="width:57.1pt; padding-left:7.2pt; vertical-align:bottom">—   </td><td colspan="2" style="width:55.75pt; padding-left:7.2pt; vertical-align:bottom">2,642 </td><td colspan="2" style="width:53pt; padding-left:7.2pt; vertical-align:bottom">3,972 </td></tr><tr style="height:6pt"><td style="width:95.95pt"> </td><td colspan="2" style="width:206.25pt"> </td><td colspan="2" style="width:66.8pt"> </td><td colspan="2" style="width:64.3pt"> </td><td colspan="2" style="width:62.95pt"> </td><td colspan="2" style="width:60.2pt"> </td></tr><tr><td style="width:95.95pt; vertical-align:top">Bunker call options</td><td colspan="2" style="width:206.25pt; vertical-align:bottom">Current portion of financial instruments—Fair value</td><td colspan="2" style="width:59.6pt; padding-left:7.2pt; vertical-align:bottom">147 </td><td colspan="2" style="width:57.1pt; padding-left:7.2pt; vertical-align:bottom">217 </td><td colspan="2" style="width:55.75pt; padding-left:7.2pt; vertical-align:bottom">—  </td><td colspan="2" style="width:53pt; padding-left:7.2pt; vertical-align:bottom">—   </td></tr><tr style="height:6pt"><td style="width:95.95pt"> </td><td colspan="2" style="width:206.25pt"> </td><td colspan="2" style="width:66.8pt"> </td><td colspan="2" style="width:64.3pt"> </td><td colspan="2" style="width:62.95pt"> </td><td colspan="2" style="width:60.2pt"> </td></tr><tr><td style="width:95.95pt; vertical-align:top">Bunker call options</td><td colspan="2" style="width:206.25pt; vertical-align:bottom">Financial instruments—Fair Value, net of current portion</td><td colspan="2" style="width:59.6pt; padding-left:7.2pt; vertical-align:bottom">— </td><td colspan="2" style="width:57.1pt; padding-left:7.2pt; vertical-align:bottom">133 </td><td colspan="2" style="width:55.75pt; padding-left:7.2pt; vertical-align:bottom">—  </td><td colspan="2" style="width:53pt; padding-left:7.2pt; vertical-align:bottom">—   </td></tr><tr><td style="width:88.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:199.05pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:59.6pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:57.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:55.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:53pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:95.95pt; vertical-align:top">Subtotal</td><td colspan="2" style="width:199.05pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:59.6pt; padding-left:7.2pt; vertical-align:bottom">694 </td><td colspan="2" style="width:57.1pt; padding-left:7.2pt; vertical-align:bottom">350 </td><td colspan="2" style="width:55.75pt; padding-left:7.2pt; vertical-align:bottom">3,584 </td><td colspan="2" style="width:53pt; padding-left:7.2pt; vertical-align:bottom">4,010 </td></tr><tr><td style="width:88.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:199.05pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:59.6pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:57.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:55.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:53pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:95.95pt; vertical-align:top">Total derivatives</td><td colspan="2" style="width:199.05pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:59.6pt; padding-left:7.2pt; vertical-align:bottom">1,085 </td><td colspan="2" style="width:57.1pt; padding-left:7.2pt; vertical-align:bottom">350 </td><td colspan="2" style="width:55.75pt; padding-left:7.2pt; vertical-align:bottom">18,807 </td><td colspan="2" style="width:53pt; padding-left:7.2pt; vertical-align:bottom">9,010 </td></tr><tr><td style="width:88.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:199.05pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:59.6pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:57.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:55.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:53pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr style="height:0pt"><td style="width:95.95pt"></td><td style="width:192.05pt"></td><td style="width:14.2pt"></td><td style="width:53.3pt"></td><td style="width:13.5pt"></td><td style="width:58.5pt"></td><td style="width:5.8pt"></td><td style="width:57.2pt"></td><td style="width:5.75pt"></td><td style="width:54.45pt"></td><td style="width:5.75pt"></td></tr></table></div> </div>

<div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:496.8pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:13.15pt"><td style="width:177.9pt; padding-left:7.2pt; vertical-align:bottom"> </td><td rowspan="3" style="width:158.85pt; padding-left:7.2pt; vertical-align:bottom">Net Realized and Unrealized Gain(Loss) Recognized on Statement ofComprehensive Income (Loss)Location  </td><td style="width:43.35pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:40.35pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:40.35pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td rowspan="2" style="width:185.1pt; vertical-align:bottom">Derivative </td><td colspan="3" style="width:138.45pt; padding-left:7.2pt; vertical-align:bottom">Amount  </td></tr><tr><td style="width:43.35pt; padding-left:7.2pt; vertical-align:bottom">2019  </td><td style="width:40.35pt; padding-left:7.2pt; vertical-align:bottom">2018  </td><td style="width:40.35pt; padding-left:7.2pt; vertical-align:bottom">2017  </td></tr><tr><td style="width:185.1pt; vertical-align:top">Interest rate swaps</td><td style="width:166.05pt; vertical-align:bottom">Interest and finance costs, net</td><td style="width:43.35pt; padding-left:7.2pt; vertical-align:bottom">(149)</td><td style="width:40.35pt; padding-left:7.2pt; vertical-align:bottom">(39)</td><td style="width:40.35pt; padding-left:7.2pt; vertical-align:bottom">—   </td></tr><tr><td style="width:185.1pt; vertical-align:top">Bunker swaps</td><td style="width:166.05pt; vertical-align:bottom">Interest and finance costs, net</td><td style="width:43.35pt; padding-left:7.2pt; vertical-align:bottom">1,122 </td><td style="width:40.35pt; padding-left:7.2pt; vertical-align:bottom">(1,142)</td><td style="width:40.35pt; padding-left:7.2pt; vertical-align:bottom">5,903 </td></tr><tr><td style="width:185.1pt; vertical-align:top">Bunker call options</td><td style="width:166.05pt; vertical-align:bottom">Interest and finance costs, net</td><td style="width:43.35pt; padding-left:7.2pt; vertical-align:bottom">(1,672)</td><td style="width:40.35pt; padding-left:7.2pt; vertical-align:bottom">231 </td><td style="width:40.35pt; padding-left:7.2pt; vertical-align:bottom">(213)</td></tr><tr><td style="width:177.9pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:158.85pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:43.35pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:40.35pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:40.35pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:185.1pt; vertical-align:top">Total</td><td style="width:158.85pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:43.35pt; padding-left:7.2pt; vertical-align:bottom">(699)</td><td style="width:40.35pt; padding-left:7.2pt; vertical-align:bottom">(950)</td><td style="width:40.35pt; padding-left:7.2pt; vertical-align:bottom">5,690 </td></tr><tr><td style="width:177.9pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:158.85pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:43.35pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:40.35pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:40.35pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr></table></div> </div>

<div class="Section1">14.Financial Instruments (a)Interest rate risk: The Company is subject to interest rate risk associated with changing interest rates with respect to its variable interest rate term loans and credit facilities as described in Notes 6 and 7. (b)Concentration of credit risk: Financial Instruments consist principally of cash, trade accounts receivable, investments, and derivatives. The Company places its temporary cash investments, consisting mostly of deposits, primarily with high credit qualified financial institutions. The Company performs periodic evaluations of the relative credit standing of those financial institutions that are considered in the Company’s investment strategy. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers’ financial condition and generally does not require collateral for its accounts receivable and does not have any agreements to mitigate credit risk. The Company limits the exposure of non-performance by counterparties to derivative instruments by diversifying among counterparties with high credit ratings and performing periodic evaluations of the relative credit standing of the counterparties. (c)Fair value: The carrying amounts reflected in the accompanying Consolidated Balance Sheet of cash and cash equivalents, restricted cash, trade receivables, accounts payable and due from(to) related parties, approximate their respective fair values due to the short maturity of these instruments. The fair value of long-term bank loans with variable interest rates approximate the recorded values, generally due to their variable interest rates. The Company performs relevant enquiries on a periodic basis to assess the recoverability of the long-term investment (Note 3) and the long-term receivable estimates that the amount presented on the accompanying balance sheet approximates the amount that is expected to be received by the Company in the event of sale of that investment and the end of the non-cancellable lease period, respectively. The fair values of the interest rate swap agreements, bunker swap agreements and call option agreements discussed in Note 6 above are determined through Level 2 of the fair value hierarchy as defined in FASB guidance for Fair Value Measurements and are derived principally from or corroborated by observable market data, interest rates, yield curves and other items that allow value to be determined. The estimated fair values of the Company’s financial instruments, other than derivatives at December 31, 2019 and 2018, are as follows:  <a name="DM_MAP_fab653d327844439a4052db2f8072766"></a><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:496.8pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:230.8pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:122.2pt; padding-left:7.2pt; vertical-align:bottom">2019  </td><td colspan="2" style="width:122.2pt; padding-left:7.2pt; vertical-align:bottom">2018 </td></tr><tr><td style="width:230.8pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:57.5pt; padding-left:7.2pt; vertical-align:bottom">Carrying Amount  </td><td style="width:57.5pt; padding-left:7.2pt; vertical-align:bottom">Fair Value  </td><td style="width:57.5pt; padding-left:7.2pt; vertical-align:bottom">Carrying Amount  </td><td style="width:57.5pt; padding-left:7.2pt; vertical-align:bottom">Fair Value  </td></tr><tr><td style="width:238pt; vertical-align:top">Financial assets (liabilities)</td><td style="width:57.5pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:57.5pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:57.5pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:57.5pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:238pt; vertical-align:top">Cash and cash equivalents</td><td style="width:57.5pt; padding-left:7.2pt; vertical-align:bottom">184,835  </td><td style="width:57.5pt; padding-left:7.2pt; vertical-align:bottom">184,835 </td><td style="width:57.5pt; padding-left:7.2pt; vertical-align:bottom">204,763 </td><td style="width:57.5pt; padding-left:7.2pt; vertical-align:bottom">204,763 </td></tr><tr><td style="width:238pt; vertical-align:top">Restricted cash</td><td style="width:57.5pt; padding-left:7.2pt; vertical-align:bottom">12,935 </td><td style="width:57.5pt; padding-left:7.2pt; vertical-align:bottom">12,935 </td><td style="width:57.5pt; padding-left:7.2pt; vertical-align:bottom">15,763 </td><td style="width:57.5pt; padding-left:7.2pt; vertical-align:bottom">15,763 </td></tr><tr><td style="width:238pt; vertical-align:top">Investments</td><td style="width:57.5pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:57.5pt; padding-left:7.2pt; vertical-align:bottom">— </td><td style="width:57.5pt; padding-left:7.2pt; vertical-align:bottom">1,000 </td><td style="width:57.5pt; padding-left:7.2pt; vertical-align:bottom">1,000 </td></tr><tr><td style="width:238pt; vertical-align:top">Debt</td><td style="width:57.5pt; padding-left:7.2pt; vertical-align:bottom">(1,544,551)</td><td style="width:57.5pt; padding-left:7.2pt; vertical-align:bottom">(1,544,551)</td><td style="width:57.5pt; padding-left:7.2pt; vertical-align:bottom">(1,607,122)</td><td style="width:57.5pt; padding-left:7.2pt; vertical-align:bottom">(1,607,122)</td></tr></table></div> Tabular Disclosure of Derivatives Location Derivatives are recorded in the consolidated balance sheet on a net basis by counterparty when a legal right of set-off exists. The following tables present information with respect to the fair values of derivatives reflected in the consolidated balance sheet on a gross basis by transaction. The tables also present information with respect to gains and losses on derivative positions reflected in the Consolidated Statements of Comprehensive Income (Loss) or in the Consolidated Balance Sheets, as a component of Accumulated other comprehensive loss.  <div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:556.45pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:88.75pt; padding-left:7.2pt; vertical-align:bottom"><a name="DM_MAP_2ec497712ba34f66be4fc1a6b85c05e3"> </a></td><td colspan="2" style="width:199.05pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="4" style="width:123.9pt; padding-left:7.2pt; vertical-align:bottom">Asset Derivatives  </td><td colspan="4" style="width:115.95pt; padding-left:7.2pt; vertical-align:bottom">Liability Derivatives  </td></tr><tr><td style="width:88.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:199.05pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:59.6pt; padding-left:7.2pt; vertical-align:bottom">December 31, 2019 </td><td colspan="2" style="width:57.1pt; padding-left:7.2pt; vertical-align:bottom">December 31, 2018  </td><td colspan="2" style="width:55.75pt; padding-left:7.2pt; vertical-align:bottom">December 31, 2019  </td><td colspan="2" style="width:53pt; padding-left:7.2pt; vertical-align:bottom">December 31, 2018  </td></tr><tr><td style="width:95.95pt; vertical-align:bottom">Derivative </td><td colspan="2" style="width:199.05pt; padding-left:7.2pt; vertical-align:bottom">Balance Sheet Location </td><td colspan="2" style="width:59.6pt; padding-left:7.2pt; vertical-align:bottom">Fair Value  </td><td colspan="2" style="width:57.1pt; padding-left:7.2pt; vertical-align:bottom">Fair Value  </td><td colspan="2" style="width:55.75pt; padding-left:7.2pt; vertical-align:bottom">Fair Value  </td><td colspan="2" style="width:53pt; padding-left:7.2pt; vertical-align:bottom">Fair Value  </td></tr><tr><td colspan="7" style="width:433.3pt; vertical-align:top">Derivatives designated as hedging instruments</td><td colspan="2" style="width:55.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:53pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr style="height:6pt"><td style="width:95.95pt"> </td><td colspan="2" style="width:206.25pt"> </td><td colspan="2" style="width:66.8pt"> </td><td colspan="2" style="width:64.3pt"> </td><td colspan="2" style="width:62.95pt"> </td><td colspan="2" style="width:60.2pt"> </td></tr><tr><td style="width:95.95pt; vertical-align:top">Interest rate swaps</td><td colspan="2" style="width:206.25pt; vertical-align:bottom">Current portion of financial instruments—Fair value</td><td colspan="2" style="width:59.6pt; padding-left:7.2pt; vertical-align:bottom">131 </td><td colspan="2" style="width:57.1pt; padding-left:7.2pt; vertical-align:bottom">—   </td><td colspan="2" style="width:55.75pt; padding-left:7.2pt; vertical-align:bottom">3,024 </td><td colspan="2" style="width:53pt; padding-left:7.2pt; vertical-align:bottom">30 </td></tr><tr style="height:6pt"><td style="width:95.95pt"> </td><td colspan="2" style="width:206.25pt"> </td><td colspan="2" style="width:66.8pt"> </td><td colspan="2" style="width:64.3pt"> </td><td colspan="2" style="width:62.95pt"> </td><td colspan="2" style="width:60.2pt"> </td></tr><tr><td style="width:88.75pt; padding-left:7.2pt; vertical-align:top"> </td><td colspan="2" style="width:206.25pt; vertical-align:bottom">Financial instruments—Fair Value, net of current portion</td><td colspan="2" style="width:59.6pt; padding-left:7.2pt; vertical-align:bottom">260 </td><td colspan="2" style="width:57.1pt; padding-left:7.2pt; vertical-align:bottom">—   </td><td colspan="2" style="width:55.75pt; padding-left:7.2pt; vertical-align:bottom">12,199 </td><td colspan="2" style="width:53pt; padding-left:7.2pt; vertical-align:bottom">4,970 </td></tr><tr><td style="width:88.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:199.05pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:59.6pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:57.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:55.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:53pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:95.95pt; vertical-align:top">Subtotal</td><td colspan="2" style="width:199.05pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:59.6pt; padding-left:7.2pt; vertical-align:bottom">391 </td><td colspan="2" style="width:57.1pt; padding-left:7.2pt; vertical-align:bottom">—   </td><td colspan="2" style="width:55.75pt; padding-left:7.2pt; vertical-align:bottom">15,223 </td><td colspan="2" style="width:53pt; padding-left:7.2pt; vertical-align:bottom">5,000 </td></tr><tr><td style="width:88.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:199.05pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:59.6pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:57.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:55.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:53pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr style="height:12pt"><td style="width:95.95pt"> </td><td colspan="2" style="width:206.25pt"> </td><td colspan="4" style="width:131.1pt"> </td><td colspan="4" style="width:123.15pt"> </td></tr><tr><td style="width:88.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:199.05pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="4" style="width:123.9pt; padding-left:7.2pt; vertical-align:bottom">Asset Derivatives  </td><td colspan="4" style="width:115.95pt; padding-left:7.2pt; vertical-align:bottom">Liability Derivatives  </td></tr><tr><td style="width:88.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:184.85pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:60.3pt; padding-left:7.2pt; vertical-align:bottom">December 31, 2019 </td><td colspan="2" style="width:64.8pt; padding-left:7.2pt; vertical-align:bottom">December 31, 2018  </td><td colspan="2" style="width:55.8pt; padding-left:7.2pt; vertical-align:bottom">December 31, 2019  </td><td colspan="2" style="width:53pt; padding-left:7.2pt; vertical-align:bottom">December 31, 2018  </td><td style="vertical-align:top"></td></tr><tr><td style="width:95.95pt; vertical-align:bottom">Derivative </td><td colspan="2" style="width:199.05pt; padding-left:7.2pt; vertical-align:bottom">Balance Sheet Location </td><td colspan="2" style="width:59.6pt; padding-left:7.2pt; vertical-align:bottom">Fair Value  </td><td colspan="2" style="width:57.1pt; padding-left:7.2pt; vertical-align:bottom">Fair Value  </td><td colspan="2" style="width:55.75pt; padding-left:7.2pt; vertical-align:bottom">Fair Value  </td><td colspan="2" style="width:53pt; padding-left:7.2pt; vertical-align:bottom">Fair Value  </td></tr><tr><td colspan="7" style="width:433.3pt; vertical-align:top">Derivatives not designated as hedging instruments</td><td colspan="2" style="width:55.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:53pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr style="height:6pt"><td style="width:95.95pt"> </td><td colspan="2" style="width:206.25pt"> </td><td colspan="2" style="width:66.8pt"> </td><td colspan="2" style="width:64.3pt"> </td><td colspan="2" style="width:62.95pt"> </td><td colspan="2" style="width:60.2pt"> </td></tr><tr><td style="width:95.95pt; vertical-align:top">Interest rate swaps</td><td colspan="2" style="width:206.25pt; vertical-align:bottom">Current portion of financial instruments—Fair value</td><td colspan="2" style="width:59.6pt; padding-left:7.2pt; vertical-align:bottom">— </td><td colspan="2" style="width:57.1pt; padding-left:7.2pt; vertical-align:bottom">—   </td><td colspan="2" style="width:55.75pt; padding-left:7.2pt; vertical-align:bottom">121 </td><td colspan="2" style="width:53pt; padding-left:7.2pt; vertical-align:bottom">18 </td></tr><tr style="height:6pt"><td style="width:95.95pt"> </td><td colspan="2" style="width:206.25pt"> </td><td colspan="2" style="width:66.8pt"> </td><td colspan="2" style="width:64.3pt"> </td><td colspan="2" style="width:62.95pt"> </td><td colspan="2" style="width:60.2pt"> </td></tr><tr><td style="width:88.75pt; padding-left:7.2pt; vertical-align:top"> </td><td colspan="2" style="width:206.25pt; vertical-align:bottom">Financial instruments—Fair Value, net of current portion</td><td colspan="2" style="width:59.6pt; padding-left:7.2pt; vertical-align:bottom">— </td><td colspan="2" style="width:57.1pt; padding-left:7.2pt; vertical-align:bottom">—   </td><td colspan="2" style="width:55.75pt; padding-left:7.2pt; vertical-align:bottom">66 </td><td colspan="2" style="width:53pt; padding-left:7.2pt; vertical-align:bottom">20 </td></tr><tr style="height:6pt"><td style="width:95.95pt"> </td><td colspan="2" style="width:206.25pt"> </td><td colspan="2" style="width:66.8pt"> </td><td colspan="2" style="width:64.3pt"> </td><td colspan="2" style="width:62.95pt"> </td><td colspan="2" style="width:60.2pt"> </td></tr><tr><td style="width:95.95pt; vertical-align:top">Bunker swaps</td><td colspan="2" style="width:206.25pt; vertical-align:bottom">Current portion of financial instruments—Fair value</td><td colspan="2" style="width:59.6pt; padding-left:7.2pt; vertical-align:bottom">520 </td><td colspan="2" style="width:57.1pt; padding-left:7.2pt; vertical-align:bottom">—   </td><td colspan="2" style="width:55.75pt; padding-left:7.2pt; vertical-align:bottom">755 </td><td colspan="2" style="width:53pt; padding-left:7.2pt; vertical-align:bottom">—   </td></tr><tr style="height:6pt"><td style="width:95.95pt"> </td><td colspan="2" style="width:206.25pt"> </td><td colspan="2" style="width:66.8pt"> </td><td colspan="2" style="width:64.3pt"> </td><td colspan="2" style="width:62.95pt"> </td><td colspan="2" style="width:60.2pt"> </td></tr><tr><td style="width:95.95pt; vertical-align:top">Bunker swaps</td><td colspan="2" style="width:206.25pt; vertical-align:bottom">Financial instruments—Fair Value, net of current portion</td><td colspan="2" style="width:59.6pt; padding-left:7.2pt; vertical-align:bottom">27 </td><td colspan="2" style="width:57.1pt; padding-left:7.2pt; vertical-align:bottom">—   </td><td colspan="2" style="width:55.75pt; padding-left:7.2pt; vertical-align:bottom">2,642 </td><td colspan="2" style="width:53pt; padding-left:7.2pt; vertical-align:bottom">3,972 </td></tr><tr style="height:6pt"><td style="width:95.95pt"> </td><td colspan="2" style="width:206.25pt"> </td><td colspan="2" style="width:66.8pt"> </td><td colspan="2" style="width:64.3pt"> </td><td colspan="2" style="width:62.95pt"> </td><td colspan="2" style="width:60.2pt"> </td></tr><tr><td style="width:95.95pt; vertical-align:top">Bunker call options</td><td colspan="2" style="width:206.25pt; vertical-align:bottom">Current portion of financial instruments—Fair value</td><td colspan="2" style="width:59.6pt; padding-left:7.2pt; vertical-align:bottom">147 </td><td colspan="2" style="width:57.1pt; padding-left:7.2pt; vertical-align:bottom">217 </td><td colspan="2" style="width:55.75pt; padding-left:7.2pt; vertical-align:bottom">—  </td><td colspan="2" style="width:53pt; padding-left:7.2pt; vertical-align:bottom">—   </td></tr><tr style="height:6pt"><td style="width:95.95pt"> </td><td colspan="2" style="width:206.25pt"> </td><td colspan="2" style="width:66.8pt"> </td><td colspan="2" style="width:64.3pt"> </td><td colspan="2" style="width:62.95pt"> </td><td colspan="2" style="width:60.2pt"> </td></tr><tr><td style="width:95.95pt; vertical-align:top">Bunker call options</td><td colspan="2" style="width:206.25pt; vertical-align:bottom">Financial instruments—Fair Value, net of current portion</td><td colspan="2" style="width:59.6pt; padding-left:7.2pt; vertical-align:bottom">— </td><td colspan="2" style="width:57.1pt; padding-left:7.2pt; vertical-align:bottom">133 </td><td colspan="2" style="width:55.75pt; padding-left:7.2pt; vertical-align:bottom">—  </td><td colspan="2" style="width:53pt; padding-left:7.2pt; vertical-align:bottom">—   </td></tr><tr><td style="width:88.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:199.05pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:59.6pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:57.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:55.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:53pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:95.95pt; vertical-align:top">Subtotal</td><td colspan="2" style="width:199.05pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:59.6pt; padding-left:7.2pt; vertical-align:bottom">694 </td><td colspan="2" style="width:57.1pt; padding-left:7.2pt; vertical-align:bottom">350 </td><td colspan="2" style="width:55.75pt; padding-left:7.2pt; vertical-align:bottom">3,584 </td><td colspan="2" style="width:53pt; padding-left:7.2pt; vertical-align:bottom">4,010 </td></tr><tr><td style="width:88.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:199.05pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:59.6pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:57.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:55.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:53pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:95.95pt; vertical-align:top">Total derivatives</td><td colspan="2" style="width:199.05pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:59.6pt; padding-left:7.2pt; vertical-align:bottom">1,085 </td><td colspan="2" style="width:57.1pt; padding-left:7.2pt; vertical-align:bottom">350 </td><td colspan="2" style="width:55.75pt; padding-left:7.2pt; vertical-align:bottom">18,807 </td><td colspan="2" style="width:53pt; padding-left:7.2pt; vertical-align:bottom">9,010 </td></tr><tr><td style="width:88.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:199.05pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:59.6pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:57.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:55.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td colspan="2" style="width:53pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr style="height:0pt"><td style="width:95.95pt"></td><td style="width:192.05pt"></td><td style="width:14.2pt"></td><td style="width:53.3pt"></td><td style="width:13.5pt"></td><td style="width:58.5pt"></td><td style="width:5.8pt"></td><td style="width:57.2pt"></td><td style="width:5.75pt"></td><td style="width:54.45pt"></td><td style="width:5.75pt"></td></tr></table></div> Derivatives designated as Hedging Instruments-Net effect on the Consolidated Statements of Comprehensive Income (Loss) <div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:496.8pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:156.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td rowspan="3" style="width:156.75pt; padding-left:7.2pt; vertical-align:bottom"> Gain (Loss) Recognized inAccumulated Other ComprehensiveLoss on Derivative (Effective Portion) Location </td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td rowspan="2" style="width:163.95pt; vertical-align:bottom">Derivative </td><td colspan="3" style="width:161.7pt; padding-left:7.2pt; vertical-align:bottom">Amount  </td></tr><tr><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom">2019  </td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom">2018  </td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom">2017  </td></tr><tr><td style="width:163.95pt; vertical-align:top">Interest rate swaps</td><td style="width:156.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom">(9,938)</td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom">(4,316)</td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom">(3,692)</td></tr><tr><td style="width:156.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:156.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:163.95pt; vertical-align:top">Total</td><td style="width:156.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom">(9,938)</td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom">(4,316)</td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom">(3,692)</td></tr><tr><td style="width:156.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:156.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr style="height:31.95pt"><td style="width:163.95pt"> </td><td style="width:163.95pt"> </td><td style="width:56.3pt"> </td><td style="width:56.3pt"> </td><td style="width:56.3pt"> </td></tr><tr><td style="width:156.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td rowspan="3" style="width:156.75pt; padding-left:7.2pt; vertical-align:bottom">Loss Reclassified fromAccumulated Other Comprehensive Loss into Income (Effective Portion)Location </td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td rowspan="2" style="width:163.95pt; vertical-align:bottom">Derivative </td><td colspan="3" style="width:161.7pt; padding-left:7.2pt; vertical-align:bottom">Amount  </td></tr><tr><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom">2019  </td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom">2018  </td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom">2017  </td></tr><tr><td style="width:163.95pt; vertical-align:top">Interest rate swaps</td><td style="width:163.95pt; vertical-align:bottom">Depreciation expense</td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom">(189)</td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom">(189)</td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom">(189)</td></tr><tr><td style="width:163.95pt; vertical-align:top">Interest rate swaps</td><td style="width:163.95pt; vertical-align:bottom">Interest and finance costs, net</td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom">(56)</td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom">(772)</td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom">(2,511)</td></tr><tr><td style="width:156.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:156.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:163.95pt; vertical-align:top">Total</td><td style="width:156.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom">(245)</td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom">(961)</td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom">(2,700)</td></tr><tr><td style="width:156.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:156.75pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:49.1pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr></table></div>The accumulated loss from Derivatives designated as Hedging instruments recognized in Accumulated Other Comprehensive Income (Loss) as of December 31, 2019 and 2018, was $18,353 and $8,660 respectively. Derivatives not designated as Hedging Instruments – Net effect on the Consolidated Statements of Comprehensive Income (Loss) <div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:496.8pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr style="height:13.15pt"><td style="width:177.9pt; padding-left:7.2pt; vertical-align:bottom"><a name="DM_MAP_413dd2cee9f747d488d6360805f16428"> </a></td><td rowspan="3" style="width:158.85pt; padding-left:7.2pt; vertical-align:bottom">Net Realized and Unrealized Gain(Loss) Recognized on Statement ofComprehensive Income (Loss)Location  </td><td style="width:43.35pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:40.35pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:40.35pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td rowspan="2" style="width:185.1pt; vertical-align:bottom">Derivative </td><td colspan="3" style="width:138.45pt; padding-left:7.2pt; vertical-align:bottom">Amount  </td></tr><tr><td style="width:43.35pt; padding-left:7.2pt; vertical-align:bottom">2019  </td><td style="width:40.35pt; padding-left:7.2pt; vertical-align:bottom">2018  </td><td style="width:40.35pt; padding-left:7.2pt; vertical-align:bottom">2017  </td></tr><tr><td style="width:185.1pt; vertical-align:top">Interest rate swaps</td><td style="width:166.05pt; vertical-align:bottom">Interest and finance costs, net</td><td style="width:43.35pt; padding-left:7.2pt; vertical-align:bottom">(149)</td><td style="width:40.35pt; padding-left:7.2pt; vertical-align:bottom">(39)</td><td style="width:40.35pt; padding-left:7.2pt; vertical-align:bottom">—   </td></tr><tr><td style="width:185.1pt; vertical-align:top">Bunker swaps</td><td style="width:166.05pt; vertical-align:bottom">Interest and finance costs, net</td><td style="width:43.35pt; padding-left:7.2pt; vertical-align:bottom">1,122 </td><td style="width:40.35pt; padding-left:7.2pt; vertical-align:bottom">(1,142)</td><td style="width:40.35pt; padding-left:7.2pt; vertical-align:bottom">5,903 </td></tr><tr><td style="width:185.1pt; vertical-align:top">Bunker call options</td><td style="width:166.05pt; vertical-align:bottom">Interest and finance costs, net</td><td style="width:43.35pt; padding-left:7.2pt; vertical-align:bottom">(1,672)</td><td style="width:40.35pt; padding-left:7.2pt; vertical-align:bottom">231 </td><td style="width:40.35pt; padding-left:7.2pt; vertical-align:bottom">(213)</td></tr><tr><td style="width:177.9pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:158.85pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:43.35pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:40.35pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:40.35pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:185.1pt; vertical-align:top">Total</td><td style="width:158.85pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:43.35pt; padding-left:7.2pt; vertical-align:bottom">(699)</td><td style="width:40.35pt; padding-left:7.2pt; vertical-align:bottom">(950)</td><td style="width:40.35pt; padding-left:7.2pt; vertical-align:bottom">5,690 </td></tr><tr><td style="width:177.9pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:158.85pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:43.35pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:40.35pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:40.35pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr></table></div>The following tables summarize the fair values for assets and liabilities measured on a recurring basis as of December 31, 2019 and 2018, using Level 2 inputs (significant other observable inputs):  <a name="DM_MAP_4032ff90bfe54619b09b773f10c1a41c"></a><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="width:496.8pt; margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:353.7pt; vertical-align:bottom">Recurring measurements: </td><td style="width:64.35pt; padding-left:7.2pt; vertical-align:bottom">December 31, 2019 </td><td style="width:64.35pt; padding-left:7.2pt; vertical-align:bottom">December 31, 2018  </td></tr><tr><td style="width:353.7pt; vertical-align:top">Interest rate swaps</td><td style="width:64.35pt; padding-left:7.2pt; vertical-align:bottom">(15,019)</td><td style="width:64.35pt; padding-left:7.2pt; vertical-align:bottom">(5,038)</td></tr><tr><td style="width:353.7pt; vertical-align:top">Bunker swaps</td><td style="width:64.35pt; padding-left:7.2pt; vertical-align:bottom">(2,850)</td><td style="width:64.35pt; padding-left:7.2pt; vertical-align:bottom">(3,972)</td></tr><tr><td style="width:353.7pt; vertical-align:top">Bunker call options</td><td style="width:64.35pt; padding-left:7.2pt; vertical-align:bottom">147 </td><td style="width:64.35pt; padding-left:7.2pt; vertical-align:bottom">350 </td></tr><tr><td style="width:346.5pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:64.35pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:64.35pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:346.5pt; padding-left:7.2pt; vertical-align:top"> </td><td style="width:64.35pt; padding-left:7.2pt; vertical-align:bottom">(17,722)</td><td style="width:64.35pt; padding-left:7.2pt; vertical-align:bottom">(8,660)</td></tr><tr><td style="width:346.5pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:64.35pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:64.35pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr></table></div> </div>

<div class="Section1">8.Stockholders’ Equity In 2019, the Company issued 4,557,296 common shares for net proceeds of $16,552. In 2018, the Company sold 1,019,069 common shares from its treasury stock and issued 265,993 common shares for net proceeds of $4,511. In 2017, the Company sold 2,488,717 common shares from its treasury stock for net proceeds of $10,853 and 24,803 of its Series D Preferred Shares for net proceeds of $533.As of December 31, 2019, the Company was in full compliance with all the covenants contained within the terms of its Series C Preferred Shares.  There are no financial covenants in the Company’s other outstanding series of preferred shares.On July 30, 2019, the Company redeemed all of its 2,000,000 Series B Preferred Shares, with a liquidation preference of $25.00 per share along with the payment of a final dividend of $0.50 per share, declared on June 28, 2019. The difference between the carrying value and the fair value of the Series B Preferred Shares, amounting to $2,750, was recognized as a reduction of retained earnings as a deemed dividend, and has been considered in the calculations of Loss per Common Share in 2019 (Note 10). In September 2019, the Company entered into a share purchase agreement for the private placement of 3,500,000 Series G Redeemable Convertible Perpetual Preferred Shares, par value $1.00 per share and liquidation preference $10.00 per share (the “Series G Convertible Preferred Shares”), at a purchase price of $10.00 per share, raising $33,984, net of structuring fee and other expenses. The Series G Convertible Preferred Shares have a stated coupon rate of 0%, subject to adjustment in the event of a cross-default or failure to redeem on any redemption date and participate on an as-converted basis in dividends declared and paid on the Company’s common shares. The Series G Convertible Preferred Shares are convertible at any time, at the option of the holder, at a conversion price of $3.00 per share, representing a conversion rate of three and one-third common shares per Series G Convertible Preferred Share. All or a portion of the Series G Convertible Preferred Shares will automatically convert into common shares at the conversion rate if the trading price of the Company’s common shares exceed certain levels between 130% and 170% of the conversion price. The holders, however, will be prohibited from converting the Series G Convertible Preferred Shares into common shares to the extent that, as a result of such conversion, the holder would own more than 9.99% of the total number common shares then issued and outstanding, unless a 61-day notice is delivered to the Company. The conversion price is subject to customary anti-dilution and other adjustments relating to the issuance of common shares as a dividend or the subdivision, combination, or reclassification of common shares into a greater or lesser number of common shares.  The Company may also redeem in full or in part the Series G Convertible Preferred Shares prior to September 1, 2020, for cash, at the as-converted value of the Series G Convertible Preferred Shares, if the trading price of the common shares exceeds certain levels.  The Series G Convertible Preferred Shares did not generate a beneficial conversion feature (BCF) upon issuance as the fair value of the Company's common shares was lower than the conversion price. The Series G Convertible Preferred Shares did not meet the criteria for mandatorily redeemable financial instruments. Additionally, the Company determined that the nature of the Series G Convertible Preferred Shares was more akin to an equity instrument and that the economic characteristics and risks of the embedded conversion options were clearly and closely related to the Series G Convertible Preferred Shares. As such, the conversion options were not required to be bifurcated from the equity host under ASC 815, Derivatives and Hedging. The Company also determined that the redemption call option did meet the definition of a derivative, but that the value of the derivative was zero due to the expectations under which the call option would be exercised. On December 23, 2019, 875,000 Series G Convertible Preferred Shares converted into 2,916,666 common shares. The holders of the Series G Convertible Preferred Shares generally do not have voting rights. However, without the affirmative vote or consent of the holders of at least two-thirds of the outstanding Series G Convertible Preferred Shares, voting as a single class, the Company may not adopt any amendment to its memorandum of association or bye-laws that materially or adversely alters or affects the preferences, powers or rights of the Series G Convertible Preferred Shares in any respect or any amendment to the Series G Convertible Preferred Shares Certificate of Designations. The Series G Convertible Preferred Shares rank pari passu with the Company’s other outstanding series of preferred shares and senior to the Company’s common shares with respect to dividend distributions and distributions upon any liquidation event. On February 1, 2021, or, if earlier, the delivery date of the last of the Company’s  newbuilding conventional tankers i.e. Hull 8042, (the “Redemption Date”), subject to certain limitations, outstanding Series G Convertible Preferred Shares having a redemption price of up to $35,000 will be mandatorily exchanged for preferred shares (the “Shyris Shipping Preferred Shares”) to be issued by the subsidiary of the Company that will own such crude oil tankers after receipt of requisite approvals (Shyris Shipping). The redemption price at which the Series G Convertible Preferred Shares will be exchanged will be the higher of 95% of the as-converted value of the Series G Convertible Preferred Shares, based on a six-month volume weighted average price (“VWAP”) of the Company’s common shares, or a price providing for a return of 7.75% per annum on an actual/360-day basis on the Series G Convertible Preferred Shares, taking into account all dividends actually received on the Series G Convertible Preferred Shares. To the extent certain limitations result in less than $35,000 of Shyris Shipping Preferred Shares being issued on the Redemption Date, Series G Convertible Preferred Shares with an aggregate redemption price equal to such shortfall will remain subject to redemption prior to the fifth anniversary of the share purchase agreement. After such time, any Series G Convertible Preferred Shares will automatically convert into the Company’s common shares at the conversion rate or be redeemed for Shyris Shipping Preferred Shares. Any other Series G Convertible Preferred Shares not exchanged for Shyris Shipping Preferred Shares on the Redemption Date will automatically convert on such date into the Company’s common shares at the conversion rate (unless the Company elects to redeem such Series G Convertible Preferred Shares for cash). The Series G Convertible Preferred Shareholders will also have the right to require the Company to redeem the Series G Convertible Preferred Shares for cash, in the event of non-compliance with certain requirements relating to Shyris Shipping. On July 10, 2018, the Company completed an offering of 6,000,000 of its Series F Cumulative Redeemable Perpetual Preferred Shares, par value $1.00 per share, liquidation preference $25.00 per share, raising $144,280, net of underwriter’s discount and other expenses. Dividends on the Series F Preferred Shares are cumulative from the date of original issue and are payable quarterly in arrears on the 30th day of January, April, July and October of each year, commencing October 30, 2018, when, as and if declared by our board of directors. Dividends will be payable from cash available for dividends at a rate equal to 9.50% per annum of the stated liquidation preference prior to July 30, 2028 and from and including July 30, 2028, at a floating rate equal to three-month LIBOR plus spread of 6.54% per annum of the stated liquidation preference.On April 5, 2017, the Company completed an offering of 4,600,000 of its Series E Cumulative Perpetual Preferred Shares, par value $1.00 per share, liquidation preference $25.00 per share, raising $110,496, net of underwriter’s discount and other expenses. Dividends on the Series E Preferred Shares are cumulative from the date of original issue and will be payable quarterly in arrears on the 28th day of February, May, August and November of each year, commencing May 28, 2017, when, as and if declared by our board of directors. Dividends will be payable from cash available for dividends at a rate equal to 9.25% per annum of the stated liquidation preference prior to May 28, 2027 and from and including May 28, 2027, at a floating rate equal to three-month LIBOR plus a spread of 6.881% per annum of the stated liquidation preference.On October 10, 2017, under the Company’s share-based plan the Company granted 110,000 restricted share units to all non-executive directors out of the repurchased treasury stock, which vested immediately. A related amount of $0.5 million was accounted for as stock compensation expense within General and Administrative expenses in the accompanying financial statements.</div>

<div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:328.5pt; vertical-align:bottom">Year </td><td style="width:91.8pt; padding-left:7.2pt; vertical-align:bottom">Lease Commitment </td></tr><tr><td style="width:328.5pt; vertical-align:top">2020</td><td style="width:91.8pt; padding-left:7.2pt; vertical-align:bottom">$8,191 </td></tr><tr><td style="width:328.5pt; vertical-align:top">2021</td><td style="width:91.8pt; padding-left:7.2pt; vertical-align:bottom">8,191 </td></tr><tr><td style="width:328.5pt; vertical-align:top">2022</td><td style="width:91.8pt; padding-left:7.2pt; vertical-align:bottom">8,191 </td></tr><tr><td style="width:321.3pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:91.8pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:328.5pt; vertical-align:top">Minimum net lease payments</td><td style="width:91.8pt; padding-left:7.2pt; vertical-align:bottom">$24,573 </td></tr><tr><td style="width:328.5pt; vertical-align:top">Less: Present value discount</td><td style="width:91.8pt; padding-left:7.2pt; vertical-align:bottom">(3,145)</td></tr><tr><td style="width:321.3pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:91.8pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr><tr><td style="width:328.5pt; vertical-align:top">Total Obligations under operating leases (current and non-current portion)</td><td style="width:91.8pt; padding-left:7.2pt; vertical-align:bottom">$21,428 </td></tr><tr><td style="width:321.3pt; padding-left:7.2pt; vertical-align:bottom"> </td><td style="width:91.8pt; padding-left:7.2pt; vertical-align:bottom"> </td></tr></table></div> </div>

<div class="Section1"><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:150.15pt"> </td><td style="width:101.15pt"> </td><td style="width:101.15pt"> </td><td style="width:101.15pt"> </td></tr><tr><td style="width:150.15pt; vertical-align:bottom">Charterer </td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">2019  </td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">2018  </td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">2017  </td></tr><tr><td style="width:142.95pt; padding-left:7.2pt; vertical-align:top">A</td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">13%</td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">15%</td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">14%</td></tr><tr><td style="width:142.95pt; padding-left:7.2pt; vertical-align:top">B</td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">11%</td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">10%</td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">11%</td></tr><tr><td style="width:142.95pt; padding-left:7.2pt; vertical-align:top">C</td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">10%</td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">10%</td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">10%</td></tr></table></div> </div>

<div class="Section1">(h)Fixed Assets: Fixed assets consist of vessels. Vessels are stated at cost, less accumulated depreciation. The cost of vessels includes the contract price and pre-delivery costs incurred during the construction and delivery of newbuildings, including capitalized interest, and expenses incurred upon acquisition of second-hand vessels. Subsequent expenditures for conversions and major improvements are capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise they are charged to expense as incurred. Expenditures for routine repairs and maintenance are expensed as incurred. Depreciation is provided on the straight-line method based on the estimated remaining economic useful lives of the vessels, less an estimated residual value based on a scrap price. </div>

<div class="Section1">(n)Revenue from Contracts with Customers: On January 1, 2018, the Company adopted ASC 606 – Revenue from Contracts with Customers, using the modified retrospective method only to contracts that were not completed at January 1, 2018. The prior period comparative information has not been restated and continues to be reported under the accounting guidance in effect for that period. Its adoption mainly changed the method of recognizing revenue over time for voyage charters from the discharge-to-discharge method to the loading-to-discharge method. The adoption of the new accounting standard resulted in a cumulative adjustment of $1,311 in the opening balance of the retained earnings for the fiscal year of 2018. The Company has decided to apply the optional exemption not to disclose the value of the undelivered performance obligations for contracts with an original expected length of one year or less.  Accounting for Revenue and Expenses: Voyage revenues are generated from voyage charter agreements and contracts of affreightment, bareboat charter or time charter agreements (including profit sharing clauses). Voyage charters and contracts of affreightment: Voyage charters, where a contract is made in the spot market for the use of a vessel for a specific voyage in return of payment of an agreed upon freight rate per ton of cargo. Contracts of affreightment are contracts for multiple voyage charter employments. Revenues from voyage charters in the spot market or under contracts of affreightment are recognized ratably from commencement of cargo loading to completion of discharge of the current cargo. Voyage charter payments are due upon discharge of the cargo. Revenues from voyage charters and contracts of affreightment amounted to $215,197, $184,779 and $196,590 for the years ended December 31, 2019, 2018 and 2017, respectively. At December 31, 2019 and 2018, receivables from voyage charters and contracts of affreightment amounted to $26,222 and $25,206 respectively, the majority of them collected upon completion of the voyage.Demurrage revenue, which is included in voyage revenues, represents charterers’ reimbursement for any potential delays exceeding the allowed lay time as per charter party agreement and is recognized as the performance obligation is satisfied. Time charters and Bareboat revenues: For time charters and bareboat arrangements, a contract exists, and the vessel is delivered (commencement date) to the charterer, for a fixed period of time, at rates that are determined in the charter agreement and the relevant voyage expenses burden the charterer (i.e. port dues, canal tolls, pilotages and fuel consumption). The charterer has the right, upon delivery of the vessel, to control the use of the vessel as it has the enforceable right to: (i) decide the (re)delivery time of the vessel; (ii) arrange the ports from which the vessel shall pass; (iii) give directions to the master of the vessel regarding the vessel’s operations (i.e. speed, route, bunkers purchases, etc.); (iv) sub-charter the vessel and (v) consume any income deriving from the vessel’s charter. Thus, time and bareboat charter agreements are accounted for as operating leases, ratably on a straight line over the duration of the charter agreement and therefore, fall under the scope of ASC 842 (Note 1 (m)).  The charterer may charter the vessel with or without the owner’s crew and other operating services (time and bareboat charter, respectively). Thus, the agreed day rates (hire rates) in the case of time charter agreements also include compensation for part of the agreed crew and other operating services provided by the owner (non-lease components). The Company has elected to account for the lease and non-lease components of time charter agreements as a combined component in its consolidated financial statements, having taken into account that the non-lease component would be accounted for ratably on a straight-line basis over the duration of the time charter in accordance with ASC 606 and that the lease component is considered as the predominant component. In this respect, the Company qualitatively assessed that more value is ascribed to the vessel rather than to the services provided under the time charter agreements. Profit sharing contracts are accounted for as variable consideration and included in the transaction price to the extent that variable amounts earned beyond an agreed fixed minimum hire are determinable at the reporting date and when there is no uncertainty associated with the variable consideration. Profit-sharing revenues are calculated at an agreed percentage of the excess of the charter’s average daily income over an agreed amount. Revenue from time charter hire arrangements with an escalation clause is recognized on a straight-line basis over the charter term unless another systematic and rational basis is more representative of the time pattern in which the vessel is employed. Revenues from time and bareboat charter hire arrangements amounted to $382,255, $345,100 and $332,592 for the years ended December 31, 2019, 2018 and 2017 respectively. Revenues generated from time charter and bareboat arrangements are usually collected in advance.Voyage related and vessel operating costs: Voyage expenses primarily consist of port charges, canal dues and bunker (fuel) costs relating to spot charters or contract of affreightment. These voyage expenses are borne by the Company unless the vessel is on time-charter, in which case they are borne by the charterer. Commissions (i.e. brokerage and address) are included in voyage expenses under all types of employment. All voyage expenses are expensed as incurred, apart from bunker expenses which consist part of the contract fulfillment costs and are recognized as a deferred contract cost and amortized over the voyage period when the relevant criteria under ASC 340-40 are met. Unamortized deferred contract costs are included in the consolidated balance sheet under Capitalized voyage expenses. Commissions are expensed as incurred. Vessel operating costs include crew costs, insurances, repairs and maintenance, spares, stores, lubricants, quality and safety costs and other expenses such as tonnage tax, registration fees and communication costs, as well as foreign currency gains or losses. All vessel operating expenses are expensed as incurred. Under a bareboat charter, the charterer assumes responsibility for all voyage and vessel operating expenses and risk of operation. Upon adoption of ASC 842, the Company made an accounting policy election to not recognize contract fulfillment costs for time charters under ASC 340-40. Unearned revenue: Unearned revenue represents cash received prior to the year-end for which related service has not been provided primarily relating to charter hire paid in advance to be earned over the applicable charter period and to revenue resulting from charter agreements with varying rates.  Customers’ concentration: Voyage revenues for 2019, 2018 and 2017 included revenues derived from significant charterers as follows (in percentages of total voyage revenues): <a name="DM_MAP_911b775cbe924745a6c7b8e0d6531f81"> </a><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:150.15pt"> </td><td style="width:101.15pt"> </td><td style="width:101.15pt"> </td><td style="width:101.15pt"> </td></tr><tr><td style="width:150.15pt; vertical-align:bottom">Charterer </td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">2019  </td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">2018  </td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">2017  </td></tr><tr><td style="width:142.95pt; padding-left:7.2pt; vertical-align:top">A</td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">13%</td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">15%</td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">14%</td></tr><tr><td style="width:142.95pt; padding-left:7.2pt; vertical-align:top">B</td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">11%</td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">10%</td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">11%</td></tr><tr><td style="width:142.95pt; padding-left:7.2pt; vertical-align:top">C</td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">10%</td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">10%</td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">10%</td></tr></table></div>  </div>

<div class="Section1">(p)Derivative Financial Instruments: The Company regularly enters into interest rate swap contracts to manage its exposure to fluctuations of interest rates associated with its specific borrowings. Also, the Company enters into bunker swap contracts and put or call options to manage its exposure to fluctuations of bunker prices associated with the consumption of bunkers by its vessels. Interest rate and bunker price differentials paid or received under the swap agreements are recognized as part of Interest and finance costs, net. On the inception of a put or call option on bunkers an asset or liability is recognized. The subsequent changes in its fair value and realized payments or receipts upon exercise of the options are recognized in the consolidated statement of comprehensive income (loss) as part of the interest and finance costs, net. All derivatives are recognized in the consolidated financial statements at their fair value. On the inception date of the derivative contract, the Company evaluates the derivative as an accounting hedge of the variability of cash flow to be paid of a forecasted transaction (“cash flow” hedge). Changes in the fair value of a derivative that is qualified, designated and highly effective as a cash flow hedge are recorded in other comprehensive income (loss) until earnings are affected by the forecasted transaction. Changes in the fair value of undesignated derivative instruments and the ineffective portion of designated derivative instruments are reported in earnings in the period in which those fair value changes occur. Realized gains or losses on early termination of undesignated derivative instruments are also classified in earnings in the period of termination of the respective derivative instrument. The Company formally documents all relationships between hedging instruments and hedged items, as well as the risk-management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives that are designated as cash flow hedges of the variable cash flows of a forecasted transaction to a specific forecasted transaction. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flow of hedged items. When it is determined that a derivative is not highly effective as a hedge or that it has ceased to be a highly effective hedge, the Company discontinues hedge accounting prospectively. In accordance with ASC 815 “Derivatives and Hedging,” the Company may prospectively discontinue the hedge accounting for an existing hedge if the applicable criteria are no longer met, the derivative instrument expires, is sold, terminated or exercised or if the Company removes the designation of the respective cash flow hedge. In those circumstances, the net gain or loss remains in accumulated other comprehensive loss and is reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings, unless the forecasted transaction is no longer probable in which case the net gain or loss is reclassified into earnings immediately. On January 1, 2019, the Company adopted ASU No. 2017-12, Derivatives and Hedging (Topic 815). Targeted Improvements to Accounting for Hedging Activities (ASU No. 2017-12), which amends and simplifies existing guidance in order to allow companies to more accurately present the economic effects of risk management activities in the consolidated financial statements, and ASU 2018-16, “Derivatives and Hedging (Topic 815)—Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes”, which permits the use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815 in addition to the UST, the LIBOR swap rate, the OIS rate based on the Fed Funds Effective Rate and the SIFMA Municipal Swap Rate, as further amended through ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825 Financial Instruments”. The amendments have been adopted on a prospective basis for qualifying new or re-designated hedging relationships entered into on or after the date of adoption. The adoption of this new accounting guidance had no effect on the Company’s consolidated financial statements.</div>

<div class="Section1">(t)Accounting for transactions under common control: Common control transaction is any transfer of net assets or exchange of equity interests between entities or businesses that are under common control by an ultimate parent or controlling shareholder before and after the transaction. Common control transactions may have characteristics that are similar to business combinations but do not meet the requirements to be accounted for as business combinations because, from the perspective of the ultimate parent or controlling shareholder, there has not been a change in control over the acquiree. Due to the fact common control transactions do not result in a change in control at the ultimate parent or controlling shareholder level, the Company does not account for such transactions at fair value. Rather, common control transactions are accounted for at the carrying amount of the net assets or equity interests transferred.</div>

<div class="Section1">(u)Net Income (Loss) Per Share Attributable to Common Stockholders: The Company computes net income (loss) per share using the two-class method required for participating securities. The two-class method requires income available to common stockholders for the period to be allocated between common shares and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed.           The Company’s Series G Convertible Preferred Shares (Note 8) are participating securities. Any remaining earnings would be distributed to the holders of common shares and the holders of the Series G Convertible Preferred Shares on a pro-rata basis assuming conversion of all Series G Convertible Preferred Shares into common shares. This participating security does not contractually require the holders of such shares to participate in the Company’s losses. As such, net losses for the periods presented were not allocated to the Company’s participating security. </div>

<div class="Section1">New Accounting Pronouncements—Not Yet Adopted In June 2016, the FASB issued ASU No. 2016-13—Financial Instruments—Credit Losses (Topic 326) which amends the guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. The standard is effective for interim and annual periods beginning after December 15, 2019, although early adoption is permitted. In November 2018, the FASB issued ASU 2018-19, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses”. The amendments clarify that receivables arising from operating leases are not within the scope of Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases. In April 2019, the FASB issued ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825 Financial Instruments”, the amendments of which clarify the modification of accounting for available for sale debt securities excluding applicable accrued interest, which must be individually assessed for credit losses when fair value is less than the amortized cost basis. In May 2019, the FASB issued ASU 2019-05, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825 Financial Instruments”, the amendments of which provide entities that have certain instruments within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost, with an option to irrevocably elect the fair value option in Subtopic 825-10, Financial Instruments—Overall, applied on an instrument-by-instrument basis for eligible instruments, upon adoption of Topic 326. The fair value option election does not apply to held-to-maturity debt securities. An entity that elects the fair value option should subsequently apply the guidance in Subtopics 820-10, Fair Value Measurement—Overall, and 825-10. The effective date and transition requirements for the amendments in these Updates are the same as the effective dates and transition requirements in Update 2016-13, as amended by these Updates. The adoption of the new accounting guidance will not have a material impact on the Company’s consolidated financial statements.In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820)—Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement”, which improves the effectiveness of fair value measurement disclosures. In particular, the amendments in this Update modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the concepts in FASB Concepts Statement, Conceptual Framework for Financial Reporting—Chapter 8: Notes to Financial Statements, including the consideration of costs and benefits. The amendments in the Update apply to all entities that are required under existing U.S. GAAP to make disclosures about recurring and non-recurring fair value measurements. ASU 2018-13 is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted upon issuance of this Update. An entity is permitted to early adopt any removed or modified disclosures upon issuance of this Update and delay adoption of the additional disclosures until their effective date. The Company is currently assessing the impact that adopting this new accounting guidance will have on its <a name="_Hlk36030442">consolidated financial statements </a>and related disclosures.In March 2020, the FASB issued ASU 2020-04, “Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848)”, which is intended to provide temporary optional expedients and exceptions to U.S. GAAP guidance on contracts, hedge accounting and other transactions affected by the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. This ASU is effective for all entities beginning on March 12, 2020 through December 31, 2020. The Company is currently evaluating the impact this guidance may have on its consolidated financial statements and related disclosures. </div>

<div class="Section1">1.Significant Accounting Policies <a name="DM_MAP_5be0e0c6f6be407d9b61a6c457a71077">(a)Basis of presentation and description of business: The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and include the accounts of Tsakos Energy Navigation Limited (the “Holding Company”), and its wholly-owned and majority-owned subsidiaries (collectively, the “Company”). All intercompany balances and transactions have been eliminated upon consolidation. </a>The Company owns and operates a fleet of crude oil and product carriers including two vessels chartered-in and two liquified natural gas (“LNG”) carriers providing worldwide marine transportation services under long, medium or short-term charters. <a name="DM_MAP_6d344cb3b5a240a3b31f2040b4d273a2"> (b)Use of Estimates: The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities and expenses, reported in the consolidated financial statements and the accompanying notes. Although actual results could differ from those estimates, management does not believe that such differences would be material.</a> <a name="DM_MAP_7a202ec5b378467a8f2b7e001959748a">(c)Other Comprehensive Income (loss): The statement of other comprehensive income (loss), presents the change in equity (net assets) during a period from transactions and other events and circumstances from non-owner sources. It includes all changes in equity during a period except those resulting from investments by shareholders and distributions to shareholders. Reclassification adjustments are presented out of accumulated other comprehensive loss on the face of the statement in which the components of other comprehensive income (loss) are presented or in the notes to the consolidated financial statements. The Company follows the provisions of ASC 220 “Comprehensive Income”, and presents items of net income, items of other comprehensive income (“OCI”) and total comprehensive income in two separate and consecutive statements. </a><a name="DM_MAP_7c0f1ed043a14719b288dee5858eb256">(d)Foreign Currency Translation: The functional currency of the Company is the U.S. Dollar because the Company’s vessels operate in international shipping markets in which the U.S. Dollar is utilized to transact most business. The accounting books of the Company are also maintained in U.S. Dollars. Transactions involving other currencies during the year are converted into U.S. Dollars using the exchange rates in effect at the time of the transactions. At the balance sheet dates, monetary assets and liabilities, which are denominated in other currencies, are translated into U.S. Dollars at the year-end exchange rates. Resulting gains or losses are reflected within Vessel operating expenses in the accompanying Consolidated Statements of Comprehensive Income (Loss).</a> <a name="DM_MAP_2929d507616145cb842742ba5aa2c721">(e)Cash, Cash Equivalents and Restricted Cash: The Company classifies highly liquid investments such as time deposits and certificates of deposit and their equivalents with original maturities of three months or less as cash and cash equivalents. Cash deposits with certain banks that may only be used for special purposes (including loan repayments) are classified as Restricted cash.</a> <a name="DM_MAP_ed40c0baa30340409324a6de67374ff6">(f)Accounts Receivable, Net: Accounts receivable, net at each balance sheet date includes estimated recoveries from charterers for hire, freight and demurrage billings and revenue earned but not yet billed, net of an allowance for doubtful accounts (nil as of December 31, 2019 and 2018). Accounts receivable are recorded when the right to consideration becomes unconditional. The Company’s management at each balance sheet date reviews all outstanding invoices and provides allowance for receivables deemed uncollectible primarily based on the aging of such balances and any amounts in dispute. During 2019, the Company has written off $3,218 ($nil during 2018) of accounts receivable, deemed uncollectible.</a><a name="DM_MAP_127eab507ef042bbba9b14c9cbc73a18">(g)Inventories: Inventories consist of bunkers, lubricants, victualling and stores and are stated at the lower of cost or net realizable value. The cost is determined primarily by the first-in, first-out method. Net realizable value is defined as estimated selling prices in the ordinary course of business, disposal and transportation. When evidence exists that the net realizable value of inventory is lower than its cost, the difference is recognized as a loss in earnings in the period in which it occurs.</a>  <a name="DM_MAP_2204845d27734ae0831fbe7e411c3612">(h)Fixed Assets: Fixed assets consist of vessels. Vessels are stated at cost, less accumulated depreciation. The cost of vessels includes the contract price and pre-delivery costs incurred during the construction and delivery of newbuildings, including capitalized interest, and expenses incurred upon acquisition of second-hand vessels. Subsequent expenditures for conversions and major improvements are capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise they are charged to expense as incurred. Expenditures for routine repairs and maintenance are expensed as incurred. </a>Depreciation is provided on the straight-line method based on the estimated remaining economic useful lives of the vessels, less an estimated residual value based on a scrap price. <a name="DM_MAP_b3993d8b421749d089022b06e754416b">(i)Impairment of Fixed Assets: The Company reviews vessels for impairment whenever events or changes in circumstances indicate that the carrying amount of a vessel may not be recoverable. When such indicators are present, a vessel to be held and used is tested for recoverability by comparing the estimate of future undiscounted net operating cash flows expected to be generated by the use of the vessel over its remaining useful life and its eventual disposition to its carrying amount. Net operating cash flows are determined by applying various assumptions regarding the use or probability of sale of each vessel, future revenues net of commissions, operating expenses, scheduled dry-dockings, expected off-hire and scrap values, and taking into account historical revenue data and published forecasts on future world economic growth and inflation. Should the carrying value of the vessel exceed its estimated future undiscounted net operating cash flows, impairment is measured based on the excess of the carrying amount over the fair market value of the asset. The Company determines the fair value of its vessels based on management estimates and assumptions and by making use of available market data and taking into consideration third party valuations. The review of the carrying amounts in connection with the estimated recoverable amount for certain of the Company’s vessels and an advance for a vessel under construction as of December 31, 2019, 2018 and 2017, indicated an impairment charge of $18,661, $65,965 and $8,922, respectively (Note 4). </a>In addition, the Company reviews and tests its right-of use-assets for impairment at each reporting date by comparing their carrying amount with the estimated future undiscounted net operating cash flows expected to be generated by the use of the vessels over the remaining lease term (Note 4). The review of the carrying amounts in connection with the estimated recoverable amount for the Company’s right of use assets as of December 31, 2019, indicated no impairment charge. <a name="DM_MAP_afabea5148024563adf3065fe9473b96">(j)Reporting Assets held for sale: It is the Company’s policy to dispose of vessels when suitable opportunities occur and not necessarily to keep them until the end of their useful life. Long-lived assets are classified as held for sale when all applicable criteria enumerated under ASC 360 “Property, Plant, and Equipment” are met and are measured at the lower of their carrying amount or fair value less cost to sell. These assets are not depreciated once they meet the criteria to be held for sale. An impairment charge for an asset held for sale is recognized when its fair value less cost to sell is lower that its carrying value at the date it meets the held for sale criteria and upon subsequent measurement. At December 31, 2019, the Company considered that the suezmax tankers Archangel, Alaska, Silia T and the aframax tanker Izumo Princess met the criteria to be classified as held for sale, all expected to be sold within a year. An impairment charge of $7,952 was recognized in 2019. At December 31, 2018, there were no vessels held for sale.</a><a name="DM_MAP_78860a7932354e6baf51e059db0d179e">(k)Accounting for Special Survey and Dry-docking Costs: The Company follows the deferral method of accounting for dry-docking and special survey costs whereby actual costs incurred are reported in Deferred Charges and are amortized on a straight-line basis over the period through the date the next dry-docking is scheduled to become due (approximately every five years during the first fifteen years of vessels’ life and every two and a half years within the remaining useful life of the vessels). Costs relating to routine repairs and maintenance are expensed as incurred. The unamortized portion of special survey and dry-docking costs for a vessel that is sold is included as part of the carrying amount of the vessel in determining the gain or loss on sale of the vessel.</a> <a name="DM_MAP_c83ccf5bf227468789d7869a1662a76f">(l)Loan Costs: Costs incurred for obtaining new loans or refinancing of existing loans, upon application of certain criteria, are capitalized and amortized over the term of the respective loan, using the effective interest rate method. Any unamortized balance of costs relating to loans repaid or refinanced as debt extinguishments is expensed in the period the repayment or extinguishment is made. Deferred financing costs, net of accumulated amortization, are presented as a reduction of long-term debt (Note 6). </a><a name="DM_MAP_b74ebe58b19741dcb3542cc58f72f5e7">(m)Accounting for Leases: The Company adopted Accounting Standards Update 2016-02, Leases (or ASU 2016-02) and ASU No. 2018-11, Leases (ASC 842)—Targeted Improvements, on January 1, 2019, using the optional transition method. In connection with the adoption of ASC 842, the Company elected the package of practical expedients that allows companies not to reassess whether any expired or expiring contracts are or contain leases, lease classification for any expired or expiring leases and initial direct costs for any expired or expiring leases. Following the adoption and based on the Company’s analysis, there was no cumulative effect adjustment to the opening balance of retained earnings. The adoption of ASC 842 resulted in a change in the accounting method for the lease portion of the daily charter hire for the Company’s chartered-in vessels accounted for as operating leases with firm periods of greater than one year.</a>Sale and Leaseback Transactions: The Company has entered into two sale and leaseback transactions accounted for as operating leases (Note 4). According to the provisions of ASC 842-20-30-1, at the commencement date, a lessee shall measure both of the following: a) The lease liability at the present value of the lease payments not yet paid, discounted using the discount rate for the lease at lease commencement and b) The right-of-use asset, which shall consist of all of the following: i) The amount of the initial measurement of the lease liability, ii) Any lease payments made to the lessor at or before the commencement date, minus any lease incentives received and iii) Any initial direct costs incurred by the lessee.<a name="DM_MAP_382dd99116d1463d83aa6eb285f7eabd">(n)Revenue from Contracts with Customers: </a>On January 1, 2018, the Company adopted ASC 606 – Revenue from Contracts with Customers, using the modified retrospective method only to contracts that were not completed at January 1, 2018. The prior period comparative information has not been restated and continues to be reported under the accounting guidance in effect for that period. Its adoption mainly changed the method of recognizing revenue over time for voyage charters from the discharge-to-discharge method to the loading-to-discharge method. The adoption of the new accounting standard resulted in a cumulative adjustment of $1,311 in the opening balance of the retained earnings for the fiscal year of 2018. The Company has decided to apply the optional exemption not to disclose the value of the undelivered performance obligations for contracts with an original expected length of one year or less.  Accounting for Revenue and Expenses: Voyage revenues are generated from voyage charter agreements and contracts of affreightment, bareboat charter or time charter agreements (including profit sharing clauses). Voyage charters and contracts of affreightment: Voyage charters, where a contract is made in the spot market for the use of a vessel for a specific voyage in return of payment of an agreed upon freight rate per ton of cargo. Contracts of affreightment are contracts for multiple voyage charter employments. Revenues from voyage charters in the spot market or under contracts of affreightment are recognized ratably from commencement of cargo loading to completion of discharge of the current cargo. Voyage charter payments are due upon discharge of the cargo. Revenues from voyage charters and contracts of affreightment amounted to $215,197, $184,779 and $196,590 for the years ended December 31, 2019, 2018 and 2017, respectively. At December 31, 2019 and 2018, receivables from voyage charters and contracts of affreightment amounted to $26,222 and $25,206 respectively, the majority of them collected upon completion of the voyage.Demurrage revenue, which is included in voyage revenues, represents charterers’ reimbursement for any potential delays exceeding the allowed lay time as per charter party agreement and is recognized as the performance obligation is satisfied. Time charters and Bareboat revenues: For time charters and bareboat arrangements, a contract exists, and the vessel is delivered (commencement date) to the charterer, for a fixed period of time, at rates that are determined in the charter agreement and the relevant voyage expenses burden the charterer (i.e. port dues, canal tolls, pilotages and fuel consumption). The charterer has the right, upon delivery of the vessel, to control the use of the vessel as it has the enforceable right to: (i) decide the (re)delivery time of the vessel; (ii) arrange the ports from which the vessel shall pass; (iii) give directions to the master of the vessel regarding the vessel’s operations (i.e. speed, route, bunkers purchases, etc.); (iv) sub-charter the vessel and (v) consume any income deriving from the vessel’s charter. Thus, time and bareboat charter agreements are accounted for as operating leases, ratably on a straight line over the duration of the charter agreement and therefore, fall under the scope of ASC 842 (Note 1 (m)).  The charterer may charter the vessel with or without the owner’s crew and other operating services (time and bareboat charter, respectively). Thus, the agreed day rates (hire rates) in the case of time charter agreements also include compensation for part of the agreed crew and other operating services provided by the owner (non-lease components). The Company has elected to account for the lease and non-lease components of time charter agreements as a combined component in its consolidated financial statements, having taken into account that the non-lease component would be accounted for ratably on a straight-line basis over the duration of the time charter in accordance with ASC 606 and that the lease component is considered as the predominant component. In this respect, the Company qualitatively assessed that more value is ascribed to the vessel rather than to the services provided under the time charter agreements. Profit sharing contracts are accounted for as variable consideration and included in the transaction price to the extent that variable amounts earned beyond an agreed fixed minimum hire are determinable at the reporting date and when there is no uncertainty associated with the variable consideration. Profit-sharing revenues are calculated at an agreed percentage of the excess of the charter’s average daily income over an agreed amount. Revenue from time charter hire arrangements with an escalation clause is recognized on a straight-line basis over the charter term unless another systematic and rational basis is more representative of the time pattern in which the vessel is employed. Revenues from time and bareboat charter hire arrangements amounted to $382,255, $345,100 and $332,592 for the years ended December 31, 2019, 2018 and 2017 respectively. Revenues generated from time charter and bareboat arrangements are usually collected in advance.Voyage related and vessel operating costs: Voyage expenses primarily consist of port charges, canal dues and bunker (fuel) costs relating to spot charters or contract of affreightment. These voyage expenses are borne by the Company unless the vessel is on time-charter, in which case they are borne by the charterer. Commissions (i.e. brokerage and address) are included in voyage expenses under all types of employment. All voyage expenses are expensed as incurred, apart from bunker expenses which consist part of the contract fulfillment costs and are recognized as a deferred contract cost and amortized over the voyage period when the relevant criteria under ASC 340-40 are met. Unamortized deferred contract costs are included in the consolidated balance sheet under Capitalized voyage expenses. Commissions are expensed as incurred. Vessel operating costs include crew costs, insurances, repairs and maintenance, spares, stores, lubricants, quality and safety costs and other expenses such as tonnage tax, registration fees and communication costs, as well as foreign currency gains or losses. All vessel operating expenses are expensed as incurred. Under a bareboat charter, the charterer assumes responsibility for all voyage and vessel operating expenses and risk of operation. Upon adoption of ASC 842, the Company made an accounting policy election to not recognize contract fulfillment costs for time charters under ASC 340-40. Unearned revenue: Unearned revenue represents cash received prior to the year-end for which related service has not been provided primarily relating to charter hire paid in advance to be earned over the applicable charter period and to revenue resulting from charter agreements with varying rates.  Customers’ concentration: Voyage revenues for 2019, 2018 and 2017 included revenues derived from significant charterers as follows (in percentages of total voyage revenues): <a name="DM_MAP_911b775cbe924745a6c7b8e0d6531f81"> </a><div style="text-align:center"><table cellspacing="0" cellpadding="0" style="margin-right:auto; margin-left:auto; border-collapse:collapse; text-align:left"><tr><td style="width:150.15pt"> </td><td style="width:101.15pt"> </td><td style="width:101.15pt"> </td><td style="width:101.15pt"> </td></tr><tr><td style="width:150.15pt; vertical-align:bottom">Charterer </td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">2019  </td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">2018  </td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">2017  </td></tr><tr><td style="width:142.95pt; padding-left:7.2pt; vertical-align:top">A</td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">13%</td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">15%</td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">14%</td></tr><tr><td style="width:142.95pt; padding-left:7.2pt; vertical-align:top">B</td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">11%</td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">10%</td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">11%</td></tr><tr><td style="width:142.95pt; padding-left:7.2pt; vertical-align:top">C</td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">10%</td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">10%</td><td style="width:93.95pt; padding-left:7.2pt; vertical-align:bottom">10%</td></tr></table></div> <a name="DM_MAP_b515fef487064b35a752945062ea1475">(o)Segment Reporting: The Company does not evaluate the operating results by type of vessel or by type of charter or by type of cargo. Although operating results may be identified by type of vessel, management, including the chief operating decision maker, reviews operating results primarily by revenue per day and operating results of the fleet. The Company operates two LNG carriers which meet the quantitative thresholds used to determine reportable segments. The chief operating decision maker does not review the operating results of these vessels separately or make any decisions about resources to be allocated to these vessels or assess their performance separately; therefore, the LNG carriers do not constitute a separate reportable segment. The Company’s vessels operate on many trade routes throughout the world and, therefore, the provision of geographic information is considered impracticable by management. For the above reasons, the Company has determined that it operates in one reportable segment, the worldwide maritime transportation of liquid energy related products. </a><a name="DM_MAP_d1dd4b4ebaad4b7f8f6c3c9508fc2d10">(p)Derivative Financial Instruments: The Company regularly enters into interest rate swap contracts to manage its exposure to fluctuations of interest rates associated with its specific borrowings. Also, the Company enters into bunker swap contracts and put or call options to manage its exposure to fluctuations of bunker prices associated with the consumption of bunkers by its vessels. Interest rate and bunker price differentials paid or received under the swap agreements are recognized as part of Interest and finance costs, net. On the inception of a put or call option on bunkers an asset or liability is recognized. The subsequent changes in its fair value and realized payments or receipts upon exercise of the options are recognized in the consolidated statement of comprehensive income (loss) as part of the interest and finance costs, net. All derivatives are recognized in the consolidated financial statements at their fair value. On the inception date of the derivative contract, the Company evaluates the derivative as an accounting hedge of the variability of cash flow to be paid of a forecasted transaction (“cash flow” hedge). Changes in the fair value of a derivative that is qualified, designated and highly effective as a cash flow hedge are recorded in other comprehensive income (loss) until earnings are affected by the forecasted transaction. Changes in the fair value of undesignated derivative instruments and the ineffective portion of designated derivative instruments are reported in earnings in the period in which those fair value changes occur. Realized gains or losses on early termination of undesignated derivative instruments are also classified in earnings in the period of termination of the respective derivative instrument. </a>The Company formally documents all relationships between hedging instruments and hedged items, as well as the risk-management objective and strategy for undertaking various hedge transactions. This process includes linking all derivatives that are designated as cash flow hedges of the variable cash flows of a forecasted transaction to a specific forecasted transaction. The Company also formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in cash flow of hedged items. When it is determined that a derivative is not highly effective as a hedge or that it has ceased to be a highly effective hedge, the Company discontinues hedge accounting prospectively. In accordance with ASC 815 “Derivatives and Hedging,” the Company may prospectively discontinue the hedge accounting for an existing hedge if the applicable criteria are no longer met, the derivative instrument expires, is sold, terminated or exercised or if the Company removes the designation of the respective cash flow hedge. In those circumstances, the net gain or loss remains in accumulated other comprehensive loss and is reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings, unless the forecasted transaction is no longer probable in which case the net gain or loss is reclassified into earnings immediately. On January 1, 2019, the Company adopted ASU No. 2017-12, Derivatives and Hedging (Topic 815). Targeted Improvements to Accounting for Hedging Activities (ASU No. 2017-12), which amends and simplifies existing guidance in order to allow companies to more accurately present the economic effects of risk management activities in the consolidated financial statements, and ASU 2018-16, “Derivatives and Hedging (Topic 815)—Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes”, which permits the use of the OIS rate based on SOFR as a U.S. benchmark interest rate for hedge accounting purposes under Topic 815 in addition to the UST, the LIBOR swap rate, the OIS rate based on the Fed Funds Effective Rate and the SIFMA Municipal Swap Rate, as further amended through ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825 Financial Instruments”. The amendments have been adopted on a prospective basis for qualifying new or re-designated hedging relationships entered into on or after the date of adoption. The adoption of this new accounting guidance had no effect on the Company’s consolidated financial statements.  <a name="DM_MAP_5aee978c08bd4584bcb59c2d7b11c7f2">(q)Fair Value Measurements: The Company follows the provisions of ASC 820, “Fair Value Measurements and Disclosures” which defines, and provides guidance as to the measurement of fair value. ASC 820 applies when assets or liabilities in the consolidated financial statements are to be measured at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants (Note 14).</a> <a name="DM_MAP_0ca8f56fecbf4b229bc2f91aea28c42c"> (r)Going concern: The Company evaluates whether there is substantial doubt about its ability to continue as a going concern by applying the provisions of ASU No. 2014-15. In more detail, the Company evaluates whether there are conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern within one year from the date the consolidated financial statements are issued. As part of such evaluation, the Company did not identify any conditions that raise substantial doubt about the entity’s ability to continue as a going concern within one year from the date the consolidated financial statements are issued. As a result, there was no impact in the Company’s results of operations, financial position, cash flows or disclosures. </a><a name="DM_MAP_b46ed85546094a79be0cbc0d162c7c04">(s)Treasury stock: Treasury stock is stock that is repurchased by the issuing entity, reducing the number of outstanding shares in the open market. When shares are repurchased, they may either be cancelled or held for reissue. If not cancelled, such shares are referred to as treasury stock. Treasury stock is essentially the same as unissued capital and reduces ordinary share capital. The cost of the acquired shares should generally be shown as a deduction from stockholders’ equity. Dividends on such shares held in the entity’s treasury should not be reflected as income and not shown as a reduction in equity. Gains and losses on sales of treasury stock should be accounted for as adjustments to stockholders’ equity and not as part of income. Depending on whether the shares are acquired for reissuance or retirement, treasury stock is accounted for under the cost method or the constructive retirement method. The cost method is also used, when reporting entity management has not made decisions as to whether the reacquired shares will be retired, held indefinitely or reissued. The Company elected for the repurchase of its common shares to be accounted for under the cost method. Under this method, the treasury stock account is charged for the aggregate cost of shares reacquired. </a> <a name="DM_MAP_1d7ab6c787354bcea7200b9825749b0e">(t)Accounting for transactions under common control: Common control transaction is any transfer of net assets or exchange of equity interests between entities or businesses that are under common control by an ultimate parent or controlling shareholder before and after the transaction. Common control transactions may have characteristics that are similar to business combinations but do not meet the requirements to be accounted for as business combinations because, from the perspective of the ultimate parent or controlling shareholder, there has not been a change in control over the acquiree. Due to the fact common control transactions do not result in a change in control at the ultimate parent or controlling shareholder level, the Company does not account for such transactions at fair value. Rather, common control transactions are accounted for at the carrying amount of the net assets or equity interests transferred.</a><a name="DM_MAP_e8bfcf89376648468b9470942d3c36f4"></a><a name="DM_MAP_69f7ec20e48542109a3ff1520269a6d4">(u)Net Income (Loss) Per Share Attributable to Common Stockholders: The Company computes net income (loss) per share using the two-class method required for participating securities. The two-class method requires income available to common stockholders for the period to be allocated between common shares and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed.</a>           The Company’s Series G Convertible Preferred Shares (Note 8) are participating securities. Any remaining earnings would be distributed to the holders of common shares and the holders of the Series G Convertible Preferred Shares on a pro-rata basis assuming conversion of all Series G Convertible Preferred Shares into common shares. This participating security does not contractually require the holders of such shares to participate in the Company’s losses. As such, net losses for the periods presented were not allocated to the Company’s participating security.  <a name="DM_MAP_672d7e58a228411ab96e8571e295b1fa">New Accounting Pronouncements—Not Yet Adopted </a>In June 2016, the FASB issued ASU No. 2016-13—Financial Instruments—Credit Losses (Topic 326) which amends the guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. The standard is effective for interim and annual periods beginning after December 15, 2019, although early adoption is permitted. In November 2018, the FASB issued ASU 2018-19, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses”. The amendments clarify that receivables arising from operating leases are not within the scope of Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with Topic 842, Leases. In April 2019, the FASB issued ASU 2019-04, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825 Financial Instruments”, the amendments of which clarify the modification of accounting for available for sale debt securities excluding applicable accrued interest, which must be individually assessed for credit losses when fair value is less than the amortized cost basis. In May 2019, the FASB issued ASU 2019-05, “Codification Improvements to Topic 326, Financial Instruments—Credit Losses, Financial Instruments—Credit Losses, Topic 815, Derivatives and Hedging, and Topic 825 Financial Instruments”, the amendments of which provide entities that have certain instruments within the scope of Subtopic 326-20, Financial Instruments—Credit Losses—Measured at Amortized Cost, with an option to irrevocably elect the fair value option in Subtopic 825-10, Financial Instruments—Overall, applied on an instrument-by-instrument basis for eligible instruments, upon adoption of Topic 326. The fair value option election does not apply to held-to-maturity debt securities. An entity that elects the fair value option should subsequently apply the guidance in Subtopics 820-10, Fair Value Measurement—Overall, and 825-10. The effective date and transition requirements for the amendments in these Updates are the same as the effective dates and transition requirements in Update 2016-13, as amended by these Updates. The adoption of the new accounting guidance will not have a material impact on the Company’s consolidated financial statements.In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820)—Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement”, which improves the effectiveness of fair value measurement disclosures. In particular, the amendments in this Update modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the concepts in FASB Concepts Statement, Conceptual Framework for Financial Reporting—Chapter 8: Notes to Financial Statements, including the consideration of costs and benefits. The amendments in the Update apply to all entities that are required under existing U.S. GAAP to make disclosures about recurring and non-recurring fair value measurements. ASU 2018-13 is effective for annual periods, including interim periods within those annual periods, beginning after December 15, 2019. The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim or annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted upon issuance of this Update. An entity is permitted to early adopt any removed or modified disclosures upon issuance of this Update and delay adoption of the additional disclosures until their effective date. The Company is currently assessing the impact that adopting this new accounting guidance will have on its <a name="_Hlk36030442">consolidated financial statements </a>and related disclosures.In March 2020, the FASB issued ASU 2020-04, “Facilitation of the Effects of Reference Rate Reform on Financial Reporting (Topic 848)”, which is intended to provide temporary optional expedients and exceptions to U.S. GAAP guidance on contracts, hedge accounting and other transactions affected by the expected market transition from the London Interbank Offered Rate (LIBOR) and other interbank offered rates to alternative reference rates. This ASU is effective for all entities beginning on March 12, 2020 through December 31, 2020. The Company is currently evaluating the impact this guidance may have on its consolidated financial statements and related disclosures.  </div>