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style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >Charterer</font></td><td style='width:9pt;text-align:left;vertical-align:top;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:top;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >2018</font></td><td style='width:9pt;text-align:left;vertical-align:top;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:top;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >2017</font></td><td 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style='font-family:Calibri;font-size:10pt;color:#000000;' >16%</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >14%</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >15%</font></td></tr><tr style='height:12.75pt;' ><td style='width:255.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:255.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >B </font></td><td style='width:9pt;text-align:left;vertical-align:top;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >15%</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >17%</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:255.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:255.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >C </font></td><td style='width:9pt;text-align:left;vertical-align:top;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >14%</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >12%</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >10%</font></td></tr><tr style='height:12.75pt;' ><td style='width:255.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:255.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >D</font></td><td style='width:9pt;text-align:left;vertical-align:top;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >19%</font></td></tr><tr style='height:12.75pt;' ><td style='width:255.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:255.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >E</font></td><td style='width:9pt;text-align:left;vertical-align:top;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >10%</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >10%</font></td></tr></table></div> 10 year average of historical 1 year time charter rates. During the last quarter of 2017, the Company’s management considered various factors, including the recovery of the market, the worldwide demand for dry-bulk products, supply of tonnage and order book and concluded that the charter rates for the years 2008-2010 were exceptional. In this respect the Company’s management decided to exclude from the 10-year average of 1 year time charters these three years for which the rates were well above the average and which were not considered sustainable for the foreseeable future. 25 years 55 years 5 years 5 years 3 years 3 years 10 years 2013-05-20 P5Y 2015-09-09 LIBOR LIBOR 2016-08-24 2017-06-30 <div><p style='text-align:justify;margin-top:12pt;margin-bottom:12pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;margin-left:0pt;' >5</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;' >.</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;' > Vessels</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;' >, net book value</font></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >The amounts in the accompanying consolidated balance sheets are analyzed as follows:</font></p></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:25.5pt;' ><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:203.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:203.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;color:#000000;' >Vessel Cost</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;color:#000000;' >Accumulated Depreciation</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;color:#000000;' >Net Book Value</font></td></tr><tr style='height:4.5pt;' ><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:203.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:203.25pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td></tr><tr style='height:13.5pt;' ><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:203.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:203.25pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;color:#000000;' >Balance, December 31, 2016</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$</font></td><td style='width:87.75pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >1,987,419</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$</font></td><td style='width:87.75pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(583,507)</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$</font></td><td style='width:87.75pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >1,403,912</font></td></tr><tr style='height:13.5pt;' ><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:203.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:203.25pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-top-style:double;border-top-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-top-style:double;border-top-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-top-style:double;border-top-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:217.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:217.5pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >- Transfer from advances for vessels under construction and acquisition and other vessel costs </font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >104,858</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >104,858</font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:217.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:217.5pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >- Acquisitions, improvements and other vessel costs</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >67,787</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >67,787</font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:217.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:217.5pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >- Vessel disposal</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(15,349)</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >12,834</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(2,515)</font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:217.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:217.5pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >- Impairment charges</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(877,484)</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >438,573</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(438,911)</font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:217.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:217.5pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >- Depreciation for the year </font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(81,553)</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(81,553)</font></td></tr><tr style='height:13.5pt;' ><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:203.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:203.25pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;color:#000000;' >Balance, December 31, 2017</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$</font></td><td style='width:87.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >1,267,231</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$</font></td><td style='width:87.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(213,653)</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$</font></td><td style='width:87.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >1,053,578</font></td></tr><tr style='height:3.75pt;' ><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:203.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:203.25pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-top-style:double;border-top-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-top-style:double;border-top-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-top-style:double;border-top-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:217.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:217.5pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >- Improvements and other vessel costs</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2,573</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2,573</font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:217.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:217.5pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >- Vessel disposal</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(41,213)</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >25,630</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(15,583)</font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:217.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:217.5pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >- Depreciation for the year</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(49,165)</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(49,165)</font></td></tr><tr style='height:13.5pt;' ><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:203.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:203.25pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;color:#000000;' >Balance, December 31, 2018</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$</font></td><td style='width:87.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >1,228,591</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$</font></td><td style='width:87.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(237,188)</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$</font></td><td style='width:87.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >991,403</font></td></tr></table></div><p style='line-height:20pt;' /><div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >On January 4, 2017, the Company took delivery of Hull H2548 named </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;color:#000000;' >San</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;color:#000000;' >Francisco</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, and Hull H2549 named </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;color:#000000;' >Newport News</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, which were under construction until then for an aggregate contract price of $95,400. </font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >In April 2017, the Company acquired the vessels </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;color:#000000;' >Astarte</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;color:#000000;' >Electra</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;color:#000000;' >Phaidra</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > from unaffiliated third party </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >sellers for an aggregate purchase price of $67,250. All three vessels were delivered in May 2017.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >On July 25, 2017, the </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;color:#000000;' >Melite</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > run aground at </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Pulau Laut, Indonesia</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >. Following this incident, on Sep</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >tember 21, 2017, the owners served a notice of frustration of the voyage to the time-charterers and a notice of abandonment to the H&amp;M and IV insurers as it was considered that the extent of damages and the estimated cost of repairs were such that the vess</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >el constituted a constructive total loss. As of September 30, 2017, the vessel&#8217;s net book value was reduced to its scrap value of $2,515 resulting in an impairment of </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$19,807</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > which is included in &#8220;Impairment loss&#8221;, in the 2017 accompanying c</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >onsolidated statement of operations. The vessel, which was insured for a value of $14,000 to H&amp;M insurers, was sold to an unrelated third party at the recorded price in October 2017, and in November 2017, the Company received the balance of the insured val</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ue of the vessel amounting to $11,528, which is included in &#8220;Insurance recoveries, net of other loss&#8221; in the accompanying statement of operations.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >As at December 31, 2017, the Company&#8217;s </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >estimate</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >d</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > undiscounted projected net operating cash flows, excluding </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >interest charges, expected to be generated by the use of </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >certain vessels </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >over </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >their remaining useful liv</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >e</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >s</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >their </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >eventual disposition </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >was </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >less than </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >their </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >carrying amount</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > plus any unamortized dry-docking costs. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >The Company performed the exercise discus</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >sed above which resulted to recording an impairment on certain vessels&#8217; carrying value </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(Note </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >). Accordingly, the Company recognized an aggregate impairment loss of </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$422,466</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, which is included in &#8220;Impairment loss&#8221; </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >in the 2017 accompanying c</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >onsolidated statement of operations</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > of which </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$3,362</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > was written down from unamortized deferred drydocking costs.</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > The fair value of the vessels was determined through Level 2 inputs of the fair value hierarchy by taking into consideration third party valuations which were based on last done deals of sale of vessels with similar charact</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >eristics, such as type, size and age. </font></p></div><p style='line-height:20pt;' /><div><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >In November 2018, the Company entered into two Memoranda of Agreement with two unrelated third party companies to sell the vessel </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;color:#000000;' >Triton</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, for a total consideration of $7,350 and the vessel </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;color:#000000;' >Alcyon</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, for a total conside</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ration of $7,450. Both vessels were delivered to their new owners in December 2018. The vessels&#8217; total net book value at the date of sale amounted to </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$15,583</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >.</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > The aggregate loss from the vessels&#8217; sale, including unamortized deferred drydockin</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >g costs, amounted to </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$1,448</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and is reflected in &#8220;Loss from sale of vessels&#8221; in the accompanying 2018 consolidated statement of operations.</font></p><p style='text-align:justify;line-height:12pt;' ></p></div> <div><table style='border-collapse:collapse;' ><tr style='height:25.5pt;' ><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:203.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:203.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;color:#000000;' >Vessel Cost</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;color:#000000;' >Accumulated Depreciation</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;color:#000000;' >Net Book Value</font></td></tr><tr style='height:4.5pt;' ><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:203.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:203.25pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td></tr><tr style='height:13.5pt;' ><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:203.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:203.25pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;color:#000000;' >Balance, December 31, 2016</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$</font></td><td style='width:87.75pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >1,987,419</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$</font></td><td style='width:87.75pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(583,507)</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$</font></td><td style='width:87.75pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >1,403,912</font></td></tr><tr style='height:13.5pt;' ><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:203.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:203.25pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-top-style:double;border-top-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-top-style:double;border-top-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-top-style:double;border-top-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:217.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:217.5pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >- Transfer from advances for vessels under construction and acquisition and other vessel costs </font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >104,858</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >104,858</font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:217.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:217.5pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >- Acquisitions, improvements and other vessel costs</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >67,787</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >67,787</font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:217.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:217.5pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >- Vessel disposal</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(15,349)</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >12,834</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(2,515)</font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:217.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:217.5pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >- Impairment charges</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(877,484)</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >438,573</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(438,911)</font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:217.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:217.5pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >- Depreciation for the year </font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(81,553)</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(81,553)</font></td></tr><tr style='height:13.5pt;' ><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:203.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:203.25pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;color:#000000;' >Balance, December 31, 2017</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$</font></td><td style='width:87.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >1,267,231</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$</font></td><td style='width:87.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(213,653)</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$</font></td><td style='width:87.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >1,053,578</font></td></tr><tr style='height:3.75pt;' ><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:203.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:203.25pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-top-style:double;border-top-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-top-style:double;border-top-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-top-style:double;border-top-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:217.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:217.5pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >- Improvements and other vessel costs</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2,573</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2,573</font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:217.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:217.5pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >- Vessel disposal</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(41,213)</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >25,630</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(15,583)</font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:217.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:217.5pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >- Depreciation for the year</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(49,165)</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(49,165)</font></td></tr><tr style='height:13.5pt;' ><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:203.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:203.25pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;color:#000000;' >Balance, December 31, 2018</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$</font></td><td style='width:87.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >1,228,591</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$</font></td><td style='width:87.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(237,188)</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$</font></td><td style='width:87.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >991,403</font></td></tr></table></div> <div><p style='text-align:left;margin-top:12pt;margin-bottom:12pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;margin-left:0pt;' >6</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;' >.</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;' >Property and equipment, net</font></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >The amounts in the accompanying consolidated balance sheets are analyzed as follows:</font></p></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:25.5pt;' ><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:203.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:203.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;color:#000000;' >Property and Equipment</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;color:#000000;' >Accumulated Depreciation</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;color:#000000;' >Net Book Value</font></td></tr><tr style='height:3.75pt;' ><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:203.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:203.25pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td></tr><tr style='height:13.5pt;' ><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:203.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:203.25pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;color:#000000;' >Balance, December 31, 2016</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$</font></td><td style='width:87.75pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:middle;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >26,582</font></td><td style='width:9pt;text-align:center;vertical-align:middle;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$</font></td><td style='width:87.75pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:middle;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(3,468)</font></td><td style='width:9pt;text-align:center;vertical-align:middle;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$</font></td><td style='width:87.75pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:middle;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >23,114</font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:217.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:217.5pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >- Additions in property and equipment</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-top-style:double;border-top-width:3;text-align:right;vertical-align:middle;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >104</font></td><td style='width:9pt;text-align:center;vertical-align:middle;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font></td><td style='width:87.75pt;border-top-style:double;border-top-width:3;text-align:right;vertical-align:middle;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' > -&#160;</font></td><td style='width:9pt;text-align:center;vertical-align:middle;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font></td><td style='width:87.75pt;border-top-style:double;border-top-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >104</font></td></tr><tr style='height:15pt;' ><td colspan='2' rowspan='1' style='width:217.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:217.5pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >- Depreciation for the year</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;text-align:right;vertical-align:middle;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' > -&#160;</font></td><td style='width:9pt;text-align:center;vertical-align:middle;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font></td><td style='width:87.75pt;text-align:right;vertical-align:middle;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(568)</font></td><td style='width:9pt;text-align:center;vertical-align:middle;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font></td><td style='width:87.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(568)</font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:217.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:217.5pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >- Disposal of assets</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:middle;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(3)</font></td><td style='width:9pt;text-align:center;vertical-align:middle;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:middle;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >3</font></td><td style='width:9pt;text-align:center;vertical-align:middle;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >-</font></td></tr><tr style='height:13.5pt;' ><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:203.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:203.25pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;color:#000000;' >Balance, December 31, 2017</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$</font></td><td style='width:87.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >26,683</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$</font></td><td style='width:87.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(4,033)</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$</font></td><td style='width:87.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >22,650</font></td></tr><tr style='height:13.5pt;' ><td colspan='2' rowspan='1' style='width:217.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:217.5pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >- Additions in property and equipment</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-top-style:double;border-top-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >252</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-top-style:double;border-top-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-top-style:double;border-top-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >252</font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:217.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:217.5pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >- Depreciation for the year</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(477)</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(477)</font></td></tr><tr style='height:13.5pt;' ><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:203.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:203.25pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;color:#000000;' >Balance, December 31, 2018</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$</font></td><td style='width:87.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >26,935</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$</font></td><td style='width:87.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(4,510)</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$</font></td><td style='width:87.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >22,425</font></td></tr><tr style='height:15.75pt;' ><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:203.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:203.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td></tr></table></div> <div><table style='border-collapse:collapse;' ><tr style='height:25.5pt;' ><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:203.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:203.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;color:#000000;' >Property and Equipment</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;color:#000000;' >Accumulated Depreciation</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;color:#000000;' >Net Book Value</font></td></tr><tr style='height:3.75pt;' ><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:203.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:203.25pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td></tr><tr style='height:13.5pt;' ><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:203.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:203.25pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;color:#000000;' >Balance, December 31, 2016</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$</font></td><td style='width:87.75pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:middle;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >26,582</font></td><td style='width:9pt;text-align:center;vertical-align:middle;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$</font></td><td style='width:87.75pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:middle;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(3,468)</font></td><td style='width:9pt;text-align:center;vertical-align:middle;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$</font></td><td style='width:87.75pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:middle;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >23,114</font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:217.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:217.5pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >- Additions in property and equipment</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-top-style:double;border-top-width:3;text-align:right;vertical-align:middle;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >104</font></td><td style='width:9pt;text-align:center;vertical-align:middle;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font></td><td style='width:87.75pt;border-top-style:double;border-top-width:3;text-align:right;vertical-align:middle;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' > -&#160;</font></td><td style='width:9pt;text-align:center;vertical-align:middle;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font></td><td style='width:87.75pt;border-top-style:double;border-top-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >104</font></td></tr><tr style='height:15pt;' ><td colspan='2' rowspan='1' style='width:217.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:217.5pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >- Depreciation for the year</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;text-align:right;vertical-align:middle;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' > -&#160;</font></td><td style='width:9pt;text-align:center;vertical-align:middle;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font></td><td style='width:87.75pt;text-align:right;vertical-align:middle;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(568)</font></td><td style='width:9pt;text-align:center;vertical-align:middle;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font></td><td style='width:87.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(568)</font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:217.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:217.5pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >- Disposal of assets</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:middle;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(3)</font></td><td style='width:9pt;text-align:center;vertical-align:middle;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:middle;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >3</font></td><td style='width:9pt;text-align:center;vertical-align:middle;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >-</font></td></tr><tr style='height:13.5pt;' ><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:203.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:203.25pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;color:#000000;' >Balance, December 31, 2017</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$</font></td><td style='width:87.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >26,683</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$</font></td><td style='width:87.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(4,033)</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$</font></td><td style='width:87.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >22,650</font></td></tr><tr style='height:13.5pt;' ><td colspan='2' rowspan='1' style='width:217.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:217.5pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >- Additions in property and equipment</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-top-style:double;border-top-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >252</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-top-style:double;border-top-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-top-style:double;border-top-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >252</font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:217.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:217.5pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >- Depreciation for the year</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(477)</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(477)</font></td></tr><tr style='height:13.5pt;' ><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:203.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:203.25pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;color:#000000;' >Balance, December 31, 2018</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$</font></td><td style='width:87.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >26,935</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$</font></td><td style='width:87.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(4,510)</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$</font></td><td style='width:87.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >22,425</font></td></tr><tr style='height:15.75pt;' ><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:203.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:203.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:87.75pt;border-top-style:double;border-top-width:3;text-align:left;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td></tr></table></div> <div><p style='text-align:left;margin-top:12pt;margin-bottom:12pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;margin-left:0pt;' >7</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;' >.</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;' > Long-term debt, current and non-current</font></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >The amo</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >unt of long-term debt shown in the accompanying consolidated balance sheets is analyzed as follows:</font></p></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:12.75pt;' ><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:282pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:282pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:98.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >2018</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:98.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >2017</font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:296.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:296.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >8.5% Senior Unsecured Notes</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:98.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:98.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >63,250</font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:296.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:296.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >9.5% Senior Unsecured Bond</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:98.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >100,000</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:98.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >-</font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:296.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:296.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >Secured Term Loans</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:98.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >434,850</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:98.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >541,543</font></td></tr><tr style='height:16.5pt;' ><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:282pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:282pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >Total debt outstanding</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</font></td><td style='width:98.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >534,850</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</font></td><td style='width:98.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >604,793</font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:296.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:296.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >Less related deferred financing costs </font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:98.25pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >(4,303)</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:98.25pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >(3,409)</font></td></tr><tr style='height:16.5pt;' ><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:282pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:282pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >Total debt, net of deferred financing costs</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</font></td><td style='width:98.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >530,547</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</font></td><td style='width:98.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >601,384</font></td></tr><tr style='height:15.75pt;' ><td colspan='2' rowspan='1' style='width:296.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:296.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >Less: Current portion of long term debt, net of deferred financing costs current</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:98.25pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >(96,434)</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:98.25pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >(60,763)</font></td></tr><tr style='height:15.75pt;' ><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:282pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:282pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >Long-term debt, net of current portion and deferred financing costs, non-current</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</font></td><td style='width:98.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >434,113</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</font></td><td style='width:98.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >540,621</font></td></tr></table></div><p style='line-height:20pt;' /><div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >8.5% Unsecured Senior Notes</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >: On May 20, 2015, the Company offered $63,250 aggregate principal amount of 8.5% Senior Notes due 2020 (the &#8220;Notes&#8221;), including an overallotment, at the price of $25.0 per Note, pursuant to an approval obtained by a special </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >committee of the Board of Directors. As part of the offering, the underwriters sold $12,750 aggregate principal amount of the Notes to, or to entities affiliated with, the Company&#8217;s chief executive officer, Mr. Simeon Palios, and other executive officers a</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >nd certain directors of the Company at the public offering price. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >On October 29, 2018, the Company completed the redemption of all of its outstanding 8.50% Senior Notes due 2020 </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >which until then had </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >traded</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > on the NYSE under the ticker symbol &#8220;DSXN&#8221;</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >. The redemp</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >tion price was equal to 100% of the principal amount of the Notes, plus accrued and unpaid interest to, but excluding, the date of redemption</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >The Notes </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >bore</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > interest at a rate of 8.5% per year</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >payable quarterly in arrears on the 15th day of February, May</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, August and November of each year</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >.</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > The Notes include</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >d</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > financial and other covenants, including maximum net borrowings and minimum tangible net worth. </font></p></div><p style='line-height:20pt;' /><div><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >9.5% Senior Unsecured Bond</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >: On September 27, 2018, the Company issued a $100,000 senior unsecured bond </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(the &#8220;Bond&#8221;) maturing in September 2023 and may issue up to an additional $25,000 of the Bond on one or more occasions. Entities affiliated with the Company&#8217;s chief executive officer, Mr. Simeon Palios, and other executive officers and directors of the Com</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >pany purchased $16,200 aggregate principal amount of the Bond. The Bond bears interest from September 27, 2018 at a US Dollar fixed-rate coupon of 9.50% and is payable semi-annually in arrears in March and September of each year. The Bond is callable in th</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ree years and includes financial and other covenants. The </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Bond is trading </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >on the Oslo Stock Exchange</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > under the ticker symbol &#8220;DIASH01&#8221;</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >. </font></p><p style='text-align:justify;line-height:12pt;' ></p></div><p style='line-height:20pt;' /><div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;' >Secured Term Loans: </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >The Company, through its subsidiaries, has entered into various long term loan agreements with ban</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >k institutions to partly finance or, as the case may be, refinance part of the acquisition cost of certain of its fleet vessels. The loan agreements are repayable in quarterly or semi</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >-</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >annual installments plus one balloon installment per loan agreement to b</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >e paid together with the last installment and bear interest at LIBOR plus margin</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > ranging from 1% to 3%</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >.</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Their maturities </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >range </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >from </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >January</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > 201</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >9</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > to </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >January 2032</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >.</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > For </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2018</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2017</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, the weighted average interest rates of the secured term loans were </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >4.31%</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >3.38%</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, respectively.</font></p><p style='text-align:justify;line-height:12pt;' ></p></div><p style='line-height:20pt;' /><div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >As at </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >December 31</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2018</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, the Company </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >had the </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >following agreements</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > with banks</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >:</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >On October 22, 2009, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >the Company, through a wholly-owned subsidiary,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > entered into a $40</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >,00</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >0 loan agreement with Bremer</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > Landesbank (&#8220;Bremer&#8221;) to partly finance the acquisition cost of the </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;color:#000000;' >Houston</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >. The loan is repayable in 40 quarterly installments of $900 </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >each </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >plus one balloon installment of $4,000 to be paid together with the last installment on November 1</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, 2019. The loa</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >n bears interest at LIBOR plus a margin of 2.15% per annum.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >On October 2, 2010, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >the Company, through two wholly-owned subsidiaries,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > entered into a loan agreement with Export-Import Bank of China (&#8220;CEXIM Bank&#8221;) and DnB NOR Bank ASA (&#8220;DnB&#8221;) to finance part </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >of the construction cost of the </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;color:#000000;' >Los Angeles</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and the </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;color:#000000;' >Philadelphia</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, for an amount of up to $82</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >6</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >00</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, of which $72</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >1</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >00</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > was drawn</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >on delivery. The </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;color:#000000;' >Los Angeles</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >advance is repayable in 40 quarterly installments of approximately $6</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >28</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >each </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >and a balloon of $12</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >3</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >32</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >payable together with the last installment on February 15, 2022. The </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;color:#000000;' >Philadelphia</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >advance is repayable in 40 quarterly installments of approximately $</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >581</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >each and a balloon of $11,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >4</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >10</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > payable together with the last installment on May 18, 2022. The loan bea</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >rs interest at LIBOR plus a margin of 2.50% per annum.</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > Pursuant to an amendment of the loan agreement dated </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >May 18, 2017, each of the individual banks </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >were</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > allowed </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >to demand repayment in full of such bank&#39;s contribution in any or all advances on August </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >16, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2019. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >On March 1, 2019, the banks waived their right to exercise such a prepayment option.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >On September 13, 2011, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >the Company through one</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > wholly-owned subsidiary entered into a loan agreement </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >with Emporiki Bank of Greece S.A. (&#8220;Emporiki&#8221;) for a loan o</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >f up to $15</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >,00</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >0 to refinance part of the acquisition cost of the </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;color:#000000;' >Arethusa</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >. On December 13, 2012, Bikar, the Company, DSS and Credit Agricole Corporate and Investment Bank (&#8220;Credit Agricole&#8221;) entered into a supplemental loan agreement to transfer the outsta</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >nding loan balance, the ISDA master swap agreement and the existing security documents from Emporiki to Credit Agricole. The loan is repayable in 20 equal semiannual installments of $5</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >00</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > each and a balloon payment of $5</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >0</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >00</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > to be paid together with the las</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >t installment on September 15, 2021. The loan bears interest at LIBOR plus a margin of 2.5% per annum, or 1% for such loan amount that is equivalently secured by cash pledge in favor of the bank. </font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >On May 24, 2013, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >the Company through two </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >wholly-owned subs</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >idiaries entered into a loan agreement with CEXIM Bank and DnB to finance part of the construction cost of </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;color:#000000;' >Crystalia</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;color:#000000;' >Atalandi</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > for an amount of up to $15</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >,000</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > for each vessel, drawn on May 22, 2014. Each advance is repayable in 19 quarterly installments </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >of $250</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > each and a balloon of $10,250</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > payable together with the last installment on February 22, 2019. The loan bears interest at LIBOR plus a margin of 3.0% per annum.</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > In February 2019, the loan was repaid in full.</font></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' > </font></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >On January 9, 2014, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >the </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Company through two </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >wholly-owned subsidiaries entered into a loan agreement with Commonwealth Bank of Australia, London Branch</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > for a loan facility of up to $18</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >,000</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > to finance part of the acquisition cost of the </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;color:#000000;' >Melite</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;color:#000000;' >Artemis</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >. The loan bears interest </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >at LIBOR plus a margin of 2.25%. The loan was drawn in two tranches, one of $8</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >5</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >00</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > assigned to </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;color:#000000;' >Melite</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and one of $9</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >5</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >00</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > assigned to </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;color:#000000;' >Artemis</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >. Tranche A </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >was</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >repaid in full in October 2017, as a result of the sale of the vessel following its grounding inciden</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >t (Note </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >5</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >). </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Tranche B is repayable in 32 equal consecutive quarterly inst</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >allments of $156</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > each and a balloon of $4</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >5</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >00</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > payable on January 13, 2022.</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >On December 18, 2014, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >the Company through two </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >wholly-owned subsidiaries entered into a loan agreem</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ent with BNP Paribas (&#8220;BNP&#8221;), for a loan facility of up to $55</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >,00</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >0 to finance part of the acquisition cost of the </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;color:#000000;' >G. P.</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;color:#000000;' >Zafirakis</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and the </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;color:#000000;' >P. S. Palios</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, of which $53</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >5</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >00</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > was drawn. The loan bears interest at LIBOR plus a margin of 2%, and is repayable in 14</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > equal semi-annual installments of approximately $</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >1,574 and a balloon of $31,466</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > payable on November 30, 2021.</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >On March 17, 2015, the Company, through eight separate </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >wholly-owned</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > subsidiaries, entered into a loan agreement with Nordea Bank</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > AB, London Bra</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >nch,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > for a secured term loan facility of up to $110,000</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > of which o</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >n March 19, 2015, the Company drew down $93,080 and repaid the then existing indebtedness with the bank</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >.</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > The loan is repayable in 24 equal consecutive </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >quarterly </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >installments of </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >about </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$1,862 </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >each </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >and a balloon of </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >about </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$48,402 payable together with the last installment on March 19, 2021. The loan bears interest at </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >LIBOR </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >plus a margin of 2.1%</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >.</font></p><p style='text-align:justify;line-height:12pt;' ></p></div><p style='line-height:20pt;' /><div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >On March 26, 2015, the Company, through three </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >wholly-owned</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > subsidiaries</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > entered into a loan agreemen</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >t with ABN AMRO Bank N</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >.</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >V</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >.</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > for a secured term loan facility of up to $53,000, to refinance part of the acquisition cost of the vessels </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;color:#000000;' >New York</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;color:#000000;' >Myrto</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;color:#000000;' >Maia</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >. On March 30, 2015, the Company drew down</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > the amount of</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > $50,160 </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >under the</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > loan </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >facility, which is</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > repayable in 24 equal consecutive </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >quarterly </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >installments of </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >about </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$994 </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >each </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >and a balloon of $26,310 payable together with the last installment on March 30, 2021. The loan bears interest at </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >LIBOR </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >plus a margin of 2.0%</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >On April 29, 2015, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >the Company, thr</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ough </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >one</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >wholly-owned</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > subsidiar</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >y,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >entered into a term loan agreement with Danish Ship</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Finance </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >A/S </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >for a loan facility of $30</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >0</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >00, drawn </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >on April 30, 2015 to</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >partly finance the acquisition cost of the </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;color:#000000;' >Santa Barbara</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, which was delivered in January 2015. The </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >loan is</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >repayable in 28 equal consecutive quarterly installments of $</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >500</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > each and a balloon of $16</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >,00</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >0 payable together with the last installment on April 30, 2022. The loan bears interest at LIBOR plus a margin of</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2.15%.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ></p></div><p style='line-height:20pt;' /><div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >On July 22, 2015, the Company ent</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ered into a term loan agreement with BNP Paribas for a loan of $165,000 </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >drawn on July 24, 2015. This loan, having a balance of $130,000 on July 16, 2018, was repaid in full with $75,000 of proceeds under a new loan agreement entered into with BNP Paribas o</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >n July 13, 2018 and with cash on hand. The original loan of $165,000 was repayable </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >in 20 consecutive quarterly installments, the first eight installments in an amount of $2,500 each, followed by four installments in an amount of $5,000 each; eight installm</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ents in an amount of $7,000 each; and</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >a balloon installment of $69,000</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > payable together with the last installment on July 24, 2020.</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >The loan bore interest at LIBOR plus a margin of 2.35% per annum for the first two years; 2.3% per annum for the third year a</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >nd 2.25% per annum until the final maturity of the loan. The new loan of $75,000, dated July 13, 2018, has a term of five years and is repayable in 20 consecutive quarterly installments of $1,562.5 and a balloon installment of $43,750 payable together with</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > the last installment on July 16, 2023. The loan bears interest at LIBOR plus a margin of 2.3%.</font></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ></p></div><p style='line-height:20pt;' /><div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >On </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >September</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >30</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, 2015, the Company</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, through two wholly-owned</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >subsidiaries,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > entered into a term loan agreement with </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ING Bank N.V. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >for a loan of </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >up to </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >39,683,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >available in two advances to finance part of the acquisition cost of the </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;color:#000000;' >New Orleans</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >the</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;color:#000000;' >Medusa</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Advance A of $27,950</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >was drawn on November 19, 2015 and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >is repayable </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >in 28</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > consecutive quarterly insta</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >l</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >lments </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >of about $466 each </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >and a balloon installment of </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >about </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >14,907</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > payable together with the last installment</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > on November 19, 2022. Advance B of $11,733 was drawn on October 6, 2015 and is repayable in 28 </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >consecutive quarterly insta</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >l</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >lments </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >of</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >about </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >293 each </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >and a balloon install</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ment of </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >about </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >3,520</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > payable together with the last installment </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >on October 6, 2022. The loan bears interest at LIBOR plus a margin of 1.65%.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >On January 7, 2016, the Company, through three wholly-owned subsidiaries, entered into a secured loan agreement </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >with the Export-Import Bank of China for a loan of up to $75,735 in order to finance part of the co</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >nstruction cost of </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;color:#000000;' >Newport New</font><font style='font-family:Calibri;font-size:11pt;font-style:italic;color:#000000;' >s,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;color:#000000;' >San Francisco</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > (Note </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >5</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >) and </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;color:#000000;' >Hull DY6006</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >. T</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >he tranche for Hull DY6006</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >was cancelled</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > pursuant to a </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Deed of Release</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > date</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >d </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >February 6, 2017, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >as a result of the cancelation of its </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >shipbuilding contract on October 31, 2016</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >.</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >On January 4, 2017, the Company drew down </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$57,240</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >The loan is</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > repayable in 60 equal quarterly instalments</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > of $954 each </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >by </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >January 4</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, 2032</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >be</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ar</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >s</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > interest at L</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >I</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >BOR plus a margin of 2.3%.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >On March 29, 2016, the Company, through two wholly-owned subsidiaries, entered into a term loan agreement with ABN AMRO Bank N.V. for a loan of $25,755, drawn on March 30, 2016, to finance the acquisition cost </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >of the </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;color:#000000;' >Selina</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and the </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;color:#000000;' >Ismene</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >The loan </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >is</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > payable in eight consecutive quarterly installments of $855 each and</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > a balloon installment of $18,915 payable together with the last installment by June </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >30, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2019. The first repayment installment </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >was</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > repaid on September 30, 2017. The loan bears interest at LIBOR plus a margin of 3%.</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >On May 10, 2016, the Company</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, through one wholly-owned subsidiary, entered into a term loan agreement with </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >DNB Bank ASA and the Export-Import Bank of China for a loan of</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > $13,510,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > drawn on the same date,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > being the purchase price of the </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;color:#000000;' >Maera</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >The loan</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >is payable</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > in seven equal</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >consecutive</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > quarterly installments of about $20 each</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > four equal </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >consecutive </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >quarterly installments of </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >about $283</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and a balloon of</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > about</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > $</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >12,242</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > pay</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >able together with the last installment on January 4, 2019. The loan bear</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >s</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > interest at LIBOR plus a margin of 3% per annum.</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >According to the terms of the loan agreement, the Company prepaid an amount of $360 during </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2018</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > which was deducted from the final</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > balloon payment.</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > In January 2019, the loan was repaid in full</font></p></div><p style='line-height:20pt;' /><div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >Under the secured term loans outstanding as of </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >December 31</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2018</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >33</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > vessels of the Company&#8217;s fleet are mortgaged with first preferred or priority </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ship mortga</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ges, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >having an aggregate carrying value of </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$813,387</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >.</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Additional securities required by the banks include first priority assignment of all earnings, insurances, first assignment of time charter contracts that exceed a certain period, pledge over the s</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >hares of the borrowers, manager&#8217;s undertaking and subordination and requisition compensation and either a corporate guarantee by DSI (the &#8220;Guarantor&#8221;) or a guarantee by the ship owning companies (where applicable), financial covenants, as well as operating</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > account assignments. The lenders may also require </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >additional security in the future in the event the borrowers breach certain covenants under the loan agreements. The secured term loans generally include restrictions as to changes in management and owners</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >hip of the vessels, additional indebtedness, as well as minimum requirements regarding hull cover ratio and minimum liquidity per vessel owned by the borrowers, or the guarantor, maintained in the bank accounts of the borrowers, or the guarantor.</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >As at </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >December 31</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2018</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2017</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, the </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >minimum cash deposits required to be maintained at all times under the Company&#8217;s loan facilities</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >amounted to </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$24,000</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$25,000</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, respectively</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and is included in &#8220;Restricted cash&#8221; in the ac</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >companying consolidated balance sheets</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >.</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Furthermore, the secured term loans contain cross default provisions and additionally the Company is not permitted to pay any dividends following the occurrence of an event of default. </font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ></p></div><p style='line-height:20pt;' /><div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >A</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >s </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >at</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >December 31</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2018</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2017</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, the Company was in compliance with </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >all of its loan covenants.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >The maturities of the Company&#8217;s debt facilities described above, as at </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >December 31</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2018</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, and throughout their term, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >are shown in the table below</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >:</font></p></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:12.75pt;' ><td colspan='3' rowspan='1' style='width:422.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:422.25pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >Period</font></td><td style='width:12pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:100.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:100.5pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >Principal Repayment</font></td></tr><tr style='height:12.75pt;' ><td style='width:81.75pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:81.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >Year 1</font></td><td style='width:22.5pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:22.5pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:318pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:318pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:12pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</font></td><td style='width:100.5pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:100.5pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >97,521</font></td></tr><tr style='height:12.75pt;' ><td style='width:81.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:81.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >Year 2</font></td><td style='width:22.5pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:22.5pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:318pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:318pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:12pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:100.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:100.5pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >36,132</font></td></tr><tr style='height:12.75pt;' ><td style='width:81.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:81.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >Year 3</font></td><td style='width:22.5pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:22.5pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:318pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:318pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:12pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:100.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:100.5pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >138,744</font></td></tr><tr style='height:12.75pt;' ><td style='width:81.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:81.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >Year 4</font></td><td style='width:22.5pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:22.5pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:318pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:318pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:12pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:100.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:100.5pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >78,717</font></td></tr><tr style='height:12.75pt;' ><td style='width:81.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:81.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >Year 5</font></td><td style='width:22.5pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:22.5pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:318pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:318pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:12pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:100.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:100.5pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >152,254</font></td></tr><tr style='height:12.75pt;' ><td style='width:81.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:81.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >Year 6</font></td><td colspan='2' rowspan='1' style='width:340.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:340.5pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >and thereafter</font></td><td style='width:12pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:100.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:100.5pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >31,482</font></td></tr><tr style='height:13.5pt;' ><td style='width:81.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:81.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:22.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:22.5pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:318pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:318pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >Total</font></td><td style='width:12pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >$</font></td><td style='width:100.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:100.5pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >534,850</font></td></tr></table></div> <div><table style='border-collapse:collapse;' ><tr style='height:12.75pt;' ><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:282pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:282pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:98.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >2018</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:98.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >2017</font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:296.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:296.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >8.5% Senior Unsecured Notes</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:98.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:98.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >63,250</font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:296.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:296.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >9.5% Senior Unsecured Bond</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:98.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >100,000</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:98.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >-</font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:296.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:296.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >Secured Term Loans</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:98.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >434,850</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:98.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >541,543</font></td></tr><tr style='height:16.5pt;' ><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:282pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:282pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >Total debt outstanding</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</font></td><td style='width:98.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >534,850</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</font></td><td style='width:98.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >604,793</font></td></tr><tr style='height:12.75pt;' ><td colspan='2' rowspan='1' style='width:296.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:296.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >Less related deferred financing costs </font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:98.25pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >(4,303)</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:98.25pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >(3,409)</font></td></tr><tr style='height:16.5pt;' ><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:282pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:282pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >Total debt, net of deferred financing costs</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</font></td><td style='width:98.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >530,547</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</font></td><td style='width:98.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >601,384</font></td></tr><tr style='height:15.75pt;' ><td colspan='2' rowspan='1' style='width:296.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:296.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >Less: Current portion of long term debt, net of deferred financing costs current</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:98.25pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >(96,434)</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:98.25pt;border-top-style:solid;border-top-width:2;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >(60,763)</font></td></tr><tr style='height:15.75pt;' ><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:282pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:282pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >Long-term debt, net of current portion and deferred financing costs, non-current</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</font></td><td style='width:98.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >434,113</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</font></td><td style='width:98.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >540,621</font></td></tr></table></div> <div><table style='border-collapse:collapse;' ><tr style='height:12.75pt;' ><td colspan='3' rowspan='1' style='width:422.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:422.25pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >Period</font></td><td style='width:12pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:100.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:100.5pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >Principal Repayment</font></td></tr><tr style='height:12.75pt;' ><td style='width:81.75pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:81.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >Year 1</font></td><td style='width:22.5pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:22.5pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:318pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:318pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:12pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</font></td><td style='width:100.5pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:100.5pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >97,521</font></td></tr><tr style='height:12.75pt;' ><td style='width:81.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:81.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >Year 2</font></td><td style='width:22.5pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:22.5pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:318pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:318pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:12pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:100.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:100.5pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >36,132</font></td></tr><tr style='height:12.75pt;' ><td style='width:81.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:81.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >Year 3</font></td><td style='width:22.5pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:22.5pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:318pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:318pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:12pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:100.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:100.5pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >138,744</font></td></tr><tr style='height:12.75pt;' ><td style='width:81.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:81.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >Year 4</font></td><td style='width:22.5pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:22.5pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:318pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:318pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:12pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:100.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:100.5pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >78,717</font></td></tr><tr style='height:12.75pt;' ><td style='width:81.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:81.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >Year 5</font></td><td style='width:22.5pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:22.5pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:318pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:318pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:12pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:100.5pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:100.5pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >152,254</font></td></tr><tr style='height:12.75pt;' ><td style='width:81.75pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:81.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >Year 6</font></td><td colspan='2' rowspan='1' style='width:340.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:340.5pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >and thereafter</font></td><td style='width:12pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:100.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:100.5pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >31,482</font></td></tr><tr style='height:13.5pt;' ><td style='width:81.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:81.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:22.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:22.5pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:318pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:318pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >Total</font></td><td style='width:12pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >$</font></td><td style='width:100.5pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:100.5pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >534,850</font></td></tr></table></div> 2019-01-31 LIBOR plus margin ranging from 1% to 3% 2032-01-31 2015-05-20 quarterly 2015-03-17 LIBOR plus a margin 2021-03-19 2015-03-26 LIBOR plus a margin 2021-03-30 2015-04-29 2022-04-30 quarterly LIBOR plus a margin 2015-07-22 quarterly 2020-07-24 LIBOR plus a margin 2015-09-30 LIBOR plus a margin DSXN quarterly quarterly 2022-11-19 quarterly 2022-10-06 quarterly 2016-01-07 LIBOR plus a margin 2032-01-04 2016-05-10 2016-03-29 LIBOR plus a margin 2019-01-04 quarterly quarterly quarterly 2019-06-30 2017-09-30 LIBOR plus a margin quarterly or semi-annual installments plus one balloon installment LIBOR plus a margin 2019-11-12 quarterly 2009-10-22 2010-10-02 LIBOR plus a margin quarterly 2022-02-15 2022-05-18 quarterly 2011-09-13 semi-annual 2021-09-15 LIBOR plus a margin of 2.5% per annum, or 1% for such loan amount that is equivalently secured by cash pledge in favor of the bank 2013-05-24 LIBOR plus a margin quarterly quarterly 2014-12-18 LIBOR plus a margin semi-annual 2021-11-30 2014-01-09 LIBOR plus a margin 2022-01-13 quarterly quarterly 2019-02-22 2019-02-22 P3Y <div><table style='border-collapse:collapse;' ><tr style='height:12.75pt;' ><td style='width:283.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:283.5pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >Period</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:93pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:93pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:93pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:93pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >Amount</font></td></tr><tr style='height:12.75pt;' ><td style='width:283.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:283.5pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >Year 1</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:93pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:93pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</font></td><td style='width:93pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:93pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >131,917</font></td></tr><tr style='height:12.75pt;' ><td style='width:283.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:283.5pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >Year 2</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:93pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:93pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:93pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:93pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >5,211</font></td></tr><tr style='height:13.5pt;' ><td style='width:283.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:283.5pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' > Total</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:93pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:93pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</font></td><td style='width:93pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:93pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >137,128</font></td></tr></table></div> Holders of series B preferred shares have no voting rights other than the ability, subject to certain exceptions, to elect one director if dividends for six quarterly dividend periods (whether or not consecutive) are in arrears and certain other limited protective voting rights. <div><table style='border-collapse:collapse;' ><tr style='height:12.75pt;' ><td style='width:292.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:98.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;color:#000000;' >Number of Shares</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:98.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;color:#000000;' >Weighted Average Grant Date Price</font></td></tr><tr style='height:12.75pt;' ><td style='width:292.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;color:#000000;' >Outstanding at December 31, 2015</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:98.25pt;border-top-style:solid;border-top-width:2;text-align:right;vertical-align:middle;border-color:#000000;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2,764,312</font></td><td style='width:9pt;text-align:left;vertical-align:middle;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$</font></td><td style='width:98.25pt;border-top-style:solid;border-top-width:2;text-align:right;vertical-align:middle;border-color:#000000;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >8.27</font></td></tr><tr style='height:12.75pt;' ><td style='width:292.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Granted</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:98.25pt;text-align:right;vertical-align:middle;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2,150,000</font></td><td style='width:9pt;text-align:left;vertical-align:middle;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font></td><td style='width:98.25pt;text-align:right;vertical-align:middle;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2.26</font></td></tr><tr style='height:12.75pt;' ><td style='width:292.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Vested</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:98.25pt;text-align:right;vertical-align:middle;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(971,646)</font></td><td style='width:9pt;text-align:left;vertical-align:middle;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font></td><td style='width:98.25pt;text-align:right;vertical-align:middle;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >8.67</font></td></tr><tr style='height:13.5pt;' ><td style='width:292.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;color:#000000;' >Outstanding at December 31, 2016</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:98.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:middle;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >3,942,666</font></td><td style='width:9pt;text-align:left;vertical-align:middle;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$</font></td><td style='width:98.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:middle;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >4.89</font></td></tr><tr style='height:13.5pt;' ><td style='width:292.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Granted</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:98.25pt;border-top-style:double;border-top-width:3;text-align:right;vertical-align:middle;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >1,310,000</font></td><td style='width:9pt;text-align:left;vertical-align:middle;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font></td><td style='width:98.25pt;border-top-style:double;border-top-width:3;text-align:right;vertical-align:middle;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >3.95</font></td></tr><tr style='height:12.75pt;' ><td style='width:292.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Vested</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:98.25pt;text-align:right;vertical-align:middle;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(1,611,549)</font></td><td style='width:9pt;text-align:left;vertical-align:middle;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font></td><td style='width:98.25pt;text-align:right;vertical-align:middle;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >5.46</font></td></tr><tr style='height:13.5pt;' ><td style='width:292.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;color:#000000;' >Outstanding at December 31, 2017</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:98.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:middle;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >3,641,117</font></td><td style='width:9pt;text-align:left;vertical-align:middle;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$</font></td><td style='width:98.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:middle;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >4.30</font></td></tr><tr style='height:13.5pt;' ><td style='width:292.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Granted</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:98.25pt;border-top-style:double;border-top-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >1,800,000</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:98.25pt;border-top-style:double;border-top-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >3.82</font></td></tr><tr style='height:12.75pt;' ><td style='width:292.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Vested</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:98.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(1,679,484)</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:98.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >4.38</font></td></tr><tr style='height:13.5pt;' ><td style='width:292.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;color:#000000;' >Outstanding at December 31, 2018</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:98.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >3,761,633</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$</font></td><td style='width:98.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >4.04</font></td></tr></table></div> P0Y10M15D <div><p style='text-align:left;margin-top:12pt;margin-bottom:12pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;margin-left:0pt;' >10</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;' >.</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;' > Interest and Finance Costs</font></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;' >The amounts in the accompanying</font><font style='font-family:Calibri;font-size:11pt;' > </font><font style='font-family:Calibri;font-size:11pt;' >consolidated statements of </font><font style='font-family:Calibri;font-size:11pt;' >operations</font><font style='font-family:Calibri;font-size:11pt;' > are analyzed as follows:</font></p></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:15pt;' ><td style='width:14.25pt;text-align:left;vertical-align:top;border-color:Black;min-width:14.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:255.75pt;text-align:left;vertical-align:top;border-color:Black;min-width:255.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:top;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >2018</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >2017</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >2016</font></td></tr><tr style='height:15pt;' ><td colspan='2' rowspan='1' style='width:270pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:270pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >Interest expense </font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</font></td><td style='width:72pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >28,299</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</font></td><td style='width:72pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >24,978</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</font></td><td style='width:72pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >19,523</font></td></tr><tr style='height:15pt;' ><td colspan='2' rowspan='1' style='width:270pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:270pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >Amortization of financing costs </font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >1,939</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >1,455</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >1,503</font></td></tr><tr style='height:15pt;' ><td colspan='2' rowspan='1' style='width:270pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:270pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >Loan expenses </font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >268</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >195</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >923</font></td></tr><tr style='height:13.5pt;' ><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:255.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:255.75pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >Total </font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</font></td><td style='width:72pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >30,506</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</font></td><td style='width:72pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >26,628</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</font></td><td style='width:72pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >21,949</font></td></tr></table></div><p style='line-height:20pt;' /><div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >Total interest on long-term debt for</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2018</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2017</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2016</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > amounted to </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$28,299</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$24,991</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$21,009</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, respectively, of which </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$0</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$13</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$1,486</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, respectively, w</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ere capitalized and included &#8220;Vessels, net book value&#8221;, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >in the accompanying consolidated balance sheets</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >.</font></p></div> <div><p style='text-align:left;margin-top:12pt;margin-bottom:12pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;margin-left:0pt;' >11</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;' >.</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;' >Earnings/(l</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;' >oss</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;' >)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;' > per Share</font></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >All </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >common </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >shares issued (including the restricted shares issued under the Company&#8217;s</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > i</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ncentive </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >p</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >lan</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >s)</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > are the Company&#8217;s common stock and have equal rights to vote and participate in dividends. The calculation of basic </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >earnings/(loss)</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > per share does not treat the non-vested shares (not considered participating securities) as outstanding until the time/service-based vesting restriction has lapsed.</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >For </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2018</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, the denominator</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > of </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >the</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > diluted earnings per share </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >calculation </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >includes </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >979,141</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > shares, being the</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > number of incremental shares assumed issued </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >under</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > the treasury stock method</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > weighted for the periods the non-vested shares </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >were outstanding.</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >For</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2017</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2016</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >on the basis that the Company i</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ncurred losses, the effect of incremental shares</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > would be </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >anti-dilutive and therefore basic and diluted loss per share </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >was</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > the same.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >Profit or loss attributable to common equity holders is adjusted by the amount of dividends </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >on Series B Preferred Stock</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > as</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > follows:</font></p></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:12.75pt;' ><td style='width:255.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:255.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >2018</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >2017</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >2016</font></td></tr><tr style='height:6.75pt;' ><td style='width:255.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:255.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:255.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:255.75pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >Net income/(loss)</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</font></td><td style='width:72pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >16,580</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</font></td><td style='width:72pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >(511,714)</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</font></td><td style='width:72pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >(164,237)</font></td></tr><tr style='height:12.75pt;' ><td style='width:255.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:255.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >Less dividends on series B preferred shares</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</font></td><td style='width:72pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >(5,769)</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</font></td><td style='width:72pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >(5,769)</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</font></td><td style='width:72pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >(5,769)</font></td></tr><tr style='height:13.5pt;' ><td style='width:255.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:255.75pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >Net income/(loss) attributed to common stockholders</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >10,811</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >(517,483)</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >(170,006)</font></td></tr><tr style='height:12.75pt;' ><td style='width:255.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:255.75pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-top-style:solid;border-top-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-top-style:solid;border-top-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-top-style:solid;border-top-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:6pt;' ><td style='width:255.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:255.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:13.5pt;' ><td style='width:255.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:255.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >Weighted average number of common shares, basic </font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >103,736,742</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >95,731,093</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >80,441,517</font></td></tr><tr style='height:13.5pt;' ><td style='width:255.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:255.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >Incremental shares </font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-top-style:double;border-top-width:3;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >979,141</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-top-style:double;border-top-width:3;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-top-style:double;border-top-width:3;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >-</font></td></tr><tr style='height:13.5pt;' ><td style='width:255.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:255.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >Weighted average number of common shares, diluted </font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:72pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >104,715,883</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >95,731,093</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >80,441,517</font></td></tr><tr style='height:12.75pt;' ><td style='width:255.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:255.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-top-style:solid;border-top-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-top-style:solid;border-top-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-top-style:solid;border-top-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:13.5pt;' ><td style='width:255.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:255.75pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >Earnings/(loss) per share, basic and diluted</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</font></td><td style='width:72pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >0.10</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</font></td><td style='width:72pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >(5.41)</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</font></td><td style='width:72pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >(2.11)</font></td></tr></table></div> <div><table style='border-collapse:collapse;' ><tr style='height:12.75pt;' ><td style='width:255.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:255.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >2018</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >2017</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >2016</font></td></tr><tr style='height:6.75pt;' ><td style='width:255.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:255.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:255.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:255.75pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >Net income/(loss)</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</font></td><td style='width:72pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >16,580</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</font></td><td style='width:72pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >(511,714)</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</font></td><td style='width:72pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >(164,237)</font></td></tr><tr style='height:12.75pt;' ><td style='width:255.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:255.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >Less dividends on series B preferred shares</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</font></td><td style='width:72pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >(5,769)</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</font></td><td style='width:72pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >(5,769)</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</font></td><td style='width:72pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >(5,769)</font></td></tr><tr style='height:13.5pt;' ><td style='width:255.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:255.75pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >Net income/(loss) attributed to common stockholders</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >10,811</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >(517,483)</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >(170,006)</font></td></tr><tr style='height:12.75pt;' ><td style='width:255.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:255.75pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-top-style:solid;border-top-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-top-style:solid;border-top-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-top-style:solid;border-top-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:6pt;' ><td style='width:255.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:255.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:13.5pt;' ><td style='width:255.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:255.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >Weighted average number of common shares, basic </font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >103,736,742</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >95,731,093</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >80,441,517</font></td></tr><tr style='height:13.5pt;' ><td style='width:255.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:255.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >Incremental shares </font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-top-style:double;border-top-width:3;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >979,141</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-top-style:double;border-top-width:3;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >-</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-top-style:double;border-top-width:3;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >-</font></td></tr><tr style='height:13.5pt;' ><td style='width:255.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:255.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >Weighted average number of common shares, diluted </font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:72pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >104,715,883</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >95,731,093</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >80,441,517</font></td></tr><tr style='height:12.75pt;' ><td style='width:255.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:255.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-top-style:solid;border-top-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-top-style:solid;border-top-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-top-style:solid;border-top-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:13.5pt;' ><td style='width:255.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:255.75pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >Earnings/(loss) per share, basic and diluted</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</font></td><td style='width:72pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >0.10</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</font></td><td style='width:72pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >(5.41)</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</font></td><td style='width:72pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >(2.11)</font></td></tr></table></div> <div><p style='text-align:left;margin-top:12pt;margin-bottom:12pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;margin-left:0pt;' >12</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;' >.</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;' > Income Taxes</font></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >Under the laws of the countries of the companies&#8217; incorporation and / or vessels&#8217; registration, the companies are not subject to tax on international shipping income; however, they are subject to registration and tonnage taxes, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >which are included in vessel operating expenses in the accompanying consolidated statements of </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >operations</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >Pursuant to the Internal Revenue Code of the United States (the &#8220;Code&#8221;), U.S. source income from the international operations of ships is generally </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >exempt from U.S. tax if the company operating the ships meets both of the following requirements, (a) the Company is organized in a foreign country that grants an equivalent exception to corporations organized in the United States and (b) either (</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >i</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >) more t</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >han </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >50</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >%</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > of the value of the Company&#8217;s stock is owned, directly or indirectly, by individuals who are &#8220;residents&#8221; of the Company&#8217;s country of organization or of another foreign country that grants an &#8220;equivalent exemption&#8221; to corporations organized in the U</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >nited States (50% Ownership Test) or (ii) the Company&#8217;s stock is &#8220;primarily and regularly traded on an established securities market&#8221; in its country of organization, in another country that grants an &#8220;equivalent exemption&#8221; to United States corporations, or</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > in the United States (Publicly</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >-Traded Test). </font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >Notwithstanding the foregoing, the regulations provide, in pertinent part, that each class of the Company&#8217;s stock will not be considered to be &#8220;regularly traded&#8221; on an established securities market for any ta</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >xable year in which </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >50</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >%</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > or more of the vote and value of the outstanding shares of such class are owned, actually or constructively under specified stock attribution rules, on more than half the days during the taxable year by persons who each own </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >5</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >%</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > or mo</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >re of the value of such class of the Company&#8217;s outstanding stock, (&#8220;5 Percent Override Rule&#8221;).</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >The Company and each of its subsidiaries expects to qualify for this statutory tax exemption for the </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2018</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2017</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2016</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > taxable years, and the Compa</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ny takes this position for United States federal income tax return reporting purposes. However, there are factual circumstances beyond the Company&#8217;s control that could cause it to lose the benefit of this tax exemption in future years and thereby become s</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ubject to United States federal income tax on its United States source income such as if, for a particular taxable year, other shareholders with a five percent or greater interest in the Company&#8217;s stock were, in combination with the Company&#8217;s existing 5% </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >shareholders, to own 50% or more of the Company&#8217;s outstanding shares of its stock on more than half the days during the taxable year. </font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >The Company estimates that since no more than the 50% of its shipping income would be treated as being United States so</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >urce income, the effective tax rate is expected to be </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >%</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and accordingly it anticipates that the impact on its results of operations will not be material. The Company believes that it satisfies the Publicly-Traded Test and all of its United States source s</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >hipping income is exempt from U.S. federal income tax. Based on its U.S. source Shipping Income for </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2018</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2017</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2016</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, the Company would be subject to U.S. federal income tax of approximately </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$172</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$136</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$80</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, respectiv</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ely, in the absence of an exemption under Section</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > 883.</font></p></div> <div><p style='text-align:left;margin-top:12pt;margin-bottom:12pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;margin-left:0pt;' >13</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;' >.</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;' > Financial Instruments and Fair Value Disclosures</font></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;' >The carrying values of temporary cash investments, accounts receivable and accounts payable approximate their fair value due to the short-term nature of these financial instruments.</font><font style='font-family:Calibri;font-size:11pt;' > The fair values of long-term bank loans approximate the recorded values, due to their variable interest rates.</font><font style='font-family:Calibri;font-size:11pt;' > </font><font style='font-family:Calibri;font-size:11pt;' >The fair value of the </font><font style='font-family:Calibri;font-size:11pt;' >Bond </font><font style='font-family:Calibri;font-size:11pt;' >(Note</font><font style='font-family:Calibri;font-size:11pt;' > </font><font style='font-family:Calibri;font-size:11pt;' >7</font><font style='font-family:Calibri;font-size:11pt;' >) having a fixed interest rate amounted to </font><font style='font-family:Calibri;font-size:11pt;' >$97,500 </font><font style='font-family:Calibri;font-size:11pt;' >as of </font><font style='font-family:Calibri;font-size:11pt;' >December 31</font><font style='font-family:Calibri;font-size:11pt;' >, </font><font style='font-family:Calibri;font-size:11pt;' >2018</font><font style='font-family:Calibri;font-size:11pt;' >, and was determined through the </font><font style='font-family:Calibri;font-size:11pt;' >Level 1 input of the fair value hierarchy as defined in FASB guidance for Fair Value Measurements based on the quoted price of the instrument on that date as </font><font style='font-family:Calibri;font-size:11pt;' >provided by the selling bank</font><font style='font-family:Calibri;font-size:11pt;' >.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ></p></div><p style='line-height:20pt;' /><div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;' >The Company is exposed to interest rate fluctuations associated wit</font><font style='font-family:Calibri;font-size:11pt;' >h its variable rate borrowings. Currently</font><font style='font-family:Calibri;font-size:11pt;' >,</font><font style='font-family:Calibri;font-size:11pt;' > the company doe</font><font style='font-family:Calibri;font-size:11pt;' >s not have any derivative instruments to manage such fluctuations.</font></p></div> 4 530547000 0.02 5769000 40 26628000 32 847000 0.03 106131017 1013828000 65000 -90000 22650000 27950000 24582000 0 -296000 0 109000 1 500000 0 4303000 5000000 2 60 29518000 8822000 -55333000 63250000 583507000 2 57240000 1187796000 36132000 26935000 93080000 2 2515000 2512000 65809000 582000 0.06 0.1 55000000 11362000 4.3 2096000 40 141972000 200000000 161897000 994000 -447123000 7000 0.14 -517483000 131917000 -511605000 0.1 260000 40000000 4.04 2515000 7 57240000 28 5000000 -5607000 69000000 1187796000 169943000 250000 2600000 87003000 294000 0 0.5 81553000 12242000 4500000 843000 7000000 0.05 2573000 8 82617000 72100000 40227000 8232000 73587000 2032000 1 500000 0.19 152254000 0 109000 6418000 0 -5656000 877484000 -4510000 628000 3000000 4.89 77311000 200000 95400000 0.023 0.01 -511714000 1611549 4256000 422466000 30000000 2600000 3.82 172000 25000000 50160000 23413000 96434000 14907000 20 106131017 -966000 250000 19 26332000 1382000 5211000 542000 434850000 923000 0 15000000 360000 0.01 0 0.025 95510000 -1989000 18915000 1038000 85598000 2500000 0.0431 26000 10879000 1939000 1 1061000 3 0.025 0 26683000 252000 77311000 28299000 263000 0.0225 0 477000 0 0.1 12834000 31482000 182000 3.95 900000 25 5000000 67250000 0.02 3119000 30000000 4 16580000 50000000 63000 5769000 0 3520000 5000000 10811000 15157000 1056589000 24 4151000 195000 0 5000000 100000000 4090000 13510000 156000 49000 109000 2 1197000 2.21875 119000 7279000 1062645000 14578000 138744000 24991000 1000000 3 32500000 151407000 -3468000 0.12 213653000 4508000 0 8500000 2 0.03 1679484 2253000 883000 26310000 -5607000 624758000 27950000 1574000 10250000 0 11528000 2948000 0.1 4 0.02 2833000 125781000 20 90358000 185000 28 2573000 0.03 6364000 -511714000 1883000 99370000 24503000 110000000 0 125156000 42617000 855000 15349000 104000 28 0.0235 25755000 14000 568000 1862000 106131017 53500000 12332000 0 226189000 -5.41 40 1850000 813387000 0.03 293000 11733000 5769000 3641117 2320000 82600000 438911000 100000000 26000 23000000 991403000 10250000 9500000 28299000 434113000 985171000 20000 0.5 22425000 0.01 0 1053578000 15000000 25 -21670000 0.0335 -43000 38250000 0 0.0165 1070500000 1 8 0 97521000 16000000 31000 10106000 1267231000 0 75735000 2385000 165000000 -142000 121142000 12750000 103764351 13377000 3 8617000 0.17 0.0225 3942666 5.46 25 103764351 24 14000 4000000 -89000 3761633 24582000 627684000 0.1 24000000 8 0 70360000 2600000 16573000 26000 581000 136000 268000 158000 283000 13510000 126825000 2394000 0.5 15000000 0.085 1883000 67787000 442274000 0 13000 534850000 954000 0.08875 55164000 31466000 79930000 -436312000 1455000 0.01 -56465000 0.021 0 1228591000 2394000 78717000 165000000 5131000 237188000 3362000 2 0.15 1310000 200000000 -27727000 5000000 1800000 287000 25 19807000 0.01 453000 11073000 2600000 15000000 5835000 -152333000 0.0215 0 53000000 25755000 -483987000 466000 141000 11410000 137128000 246000 0.03 4.38 84696017 0 19 24978000 5769000 49165000 52206000 9124759 14000 15000000 39683000 25683000 1987419000 1 30506000 0.01 0.023 1 1692000 48402000 0 103764351 1800000 7055000 -93702000 14000000 14 18000000 7405000 0.0215 11733000 8 0.16 1076228000 25582000 1246722000 138761000 1246722000 902000 60763000 1061000 26000 271000 2902000 3207000 1070500000 82660000 4937000 5167000 80441000 540621000 0 8246000 -447123000 294000 7954000 5770000 98142000 25582000 0 19265000 21949000 253000 -170006000 81578000 -164237000 25510000 2410000 -56377000 85955000 1464000 -2.11 13826000 0 -75916000 -88321000 5769000 5769000 -84000 22000 8291000 -84000 5769000 -164237000 2150000 8313000 -164321000 -391000 -72076000 -715000 0 39265000 -56377000 8313000 -9459000 0 2489000 -20998000 1391000 -2391000 9413000 0 5769000 50911000 217000 466000 -1592000 -620000 15000 0 0 42489000 1503000 278000 84000 -41619000 -3334000 -39000 825000 2600000 1218366000 269000 26000 976880000 240366000 82546017 1403912000 23114000 26582000 82660000 0.01 0.01 25000000 25000000 2600000 26000 1800000 103764351 7261000 1038000 -7000 287000 5769000 -436312000 7279000 5769000 -7000 16580000 193218000 -4033000 20125000 1310000 201000 77110000 77311000 5769000 5769000 104858000 15583000 438573000 25630000 41213000 1062645000 114259000 -1448000 0 0 103736742 104715883 95731093 95731093 80441517 80441517 96000 0 0 0 40000000 0 0.5546875 1442000 2019-01-14 10675 0.01 1066000 1000 The Series C Preferred Stock will vote with the common shares of the Company, and each share entitles the holder thereof to 1,000 votes on all matters submitted to a vote of the stockholders of the Company. 582000 0 0 0 -757000 3124000 17568000 96000 8 249000 88000 0.15 0.14 0.1 162000 10509000 19523000 601384000 3409000 541543000 604793000 63250000 0.09 3855000 1680000 0 1464000 0.0338 33 0 5500000 the Republic of the Marshall Islands 1999-03-08 18000 100000000 2018-10-29 25000000 130000000 2018-07-13 75000000 LIBOR plus a margin 0.023 2023-07-16 20 quarterly 43750000 P5Y 8.27 971646 2.26 8.67 2150000 2764312 20-F FY 0001318885 Yes No Accelerated Filer No 21009000 0 -109000 3000 3000 80000 1486000 87617000 0 0 124000 0 1562500 13000000 25000000 0.01 2600000 2600000 0.01 25 25 979141 4166666 -41000 -15116000 -15157000 0.1 -5000000 0 0 2 15583000 1448000 0 0 <div><table style='border-collapse:collapse;' ><tr style='height:15pt;' ><td style='width:14.25pt;text-align:left;vertical-align:top;border-color:Black;min-width:14.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:255.75pt;text-align:left;vertical-align:top;border-color:Black;min-width:255.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:top;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >2018</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >2017</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >2016</font></td></tr><tr style='height:15pt;' ><td colspan='2' rowspan='1' style='width:270pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:270pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >Interest expense </font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</font></td><td style='width:72pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >28,299</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</font></td><td style='width:72pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >24,978</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</font></td><td style='width:72pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >19,523</font></td></tr><tr style='height:15pt;' ><td colspan='2' rowspan='1' style='width:270pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:270pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >Amortization of financing costs </font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >1,939</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >1,455</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >1,503</font></td></tr><tr style='height:15pt;' ><td colspan='2' rowspan='1' style='width:270pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:270pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >Loan expenses </font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >268</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >195</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-bottom-style:solid;border-bottom-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >923</font></td></tr><tr style='height:13.5pt;' ><td style='width:14.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:14.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:255.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:255.75pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >Total </font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</font></td><td style='width:72pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >30,506</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</font></td><td style='width:72pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >26,628</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</font></td><td style='width:72pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >21,949</font></td></tr></table></div> <div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >b)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Use of Estimates: </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues a</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >nd expenses during the reporting period. Actual results could differ from those estimates.</font></p><p style='text-align:justify;line-height:12pt;' ></p></div> <div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >c)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Other Comprehensive Income / (</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >L</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >oss): </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >The Company separately presents certain transactions, which are recorded directly as components of stockholders&#8217; equity. Ot</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >her Comprehensive Income / (Loss) is presented in a separate statement.</font></p><p style='text-align:justify;line-height:12pt;' ></p></div> <div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >d)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Foreign Currency Translation: </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >The functional currency of the Company is the U.S. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >d</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ollar because the Company&#8217;s vessels operate in international shipping markets, and therefore prima</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >rily transact business in U.S. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >d</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ollars. The Company&#8217;s accounting records are maintained in U.S. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >d</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ollars. Transactions involving other currencies during the year are converted into U.S. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >d</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ollars using the exchange rates in effect at the time of the transacti</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ons. At the balance sheet dates, monetary assets and liabilities which are denominated in other currencies are translated into U.S. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >d</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ollars at the year-end exchange rates. Resulting gains or losses are reflected separately in the accompanying consolidated </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >statements of operations. </font></p><p style='text-align:justify;line-height:12pt;' ></p></div> <div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >e)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Cash and Cash Equivalents</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > and Restricted Cash</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >: </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >The Company considers highly liquid investments such as time deposits, certificates of deposit and their equivalents with an original maturity of three months or less to be cash </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >equivalents. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Restricted cash consists mainly of cash </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >deposits required to be maintained at all times under the Company&#8217;s loan facilities (Note </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >7</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >).</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > As of December 31, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2018</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2017</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, restricted cash also included $582 of cash guarantee which was </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >restricted to withdrawal or usage.</font></p><p style='text-align:justify;line-height:12pt;' ></p></div> <div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >f)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Accounts Receivable, Trade: </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >The amount shown as accounts receivable, trade, at each balance sheet </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >date, includes receivables from charterers for hire, net of any provision for doubtful accounts. At each balance sheet </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. No provision for doubtful accounts was established as of December 31, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2018</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2017</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >. </font></p><p style='text-align:justify;line-height:12pt;' ></p></div> <div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >g)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Loan Receiva</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >ble from </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Related Party</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >: The amount shown as Due from related parties in the consolidated&#160;balance sheet as at December 31, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2017</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, represent</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >s</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >a </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >receivable from Diana Containerships</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >with respect to a loan agreement, net of any provision for credit losses</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > an</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >d does not include the $5,000 discount premium which was received in 2018 when the loan was fully collected </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(Note </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >4</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(b)). Interest income and fees, deriving from the agreement </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >were</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > recorded in the accounts as incurred. At each balance sheet d</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ate, amounts due under the aforementioned loan agreement </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >were</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > assessed for purposes of determining the appropriate provision for credit losses. As</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > at</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > December 31, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2017</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, the Company assess</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ed </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >the ability of Diana Containerships to meet its obligations und</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >er the loan agreement by taking into consideration existing economic conditions, the current financial condition of Diana Containerships</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, equity offerings, sale plans,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > historical losses, and other risks/factors that </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >could</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > affect </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Diana Containerships&#8217;</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > futur</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >e financial condition and its ability to meet its obligations</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >. As a result of this assessment, the Company did not record any provision for credit losses, as it determined that Diana Containerships would be able to meet its obligations under the loan in th</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >e near future.</font></p><p style='text-align:justify;line-height:12pt;' ></p></div> <div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >i)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Vessel Cost</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >: Vessels are stated at cost which consists of the contract price and any material expenses incurred upon acquisition or during construction. Expenditures for conversions and major improvements are also capitalized when they appreciably ex</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >tend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise these amounts are charged to expense as incurred. Interest cost incurred during the assets&#39; construction periods that theoretically could have been a</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >voided if expenditure for the assets had not been made is also capitalized. The capitalization rate, applied on accumulated expenditures for the vessel, is based on interest rates applicable to outstanding borrowings of the period.</font></p><p style='text-align:justify;line-height:12pt;' ></p></div> <div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >j)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Property and </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >equipment:</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > The Company </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >owns t</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >he land and building where its offices are located. Land is presented in its fair value on the date of acquisition and it is not subject to depreciation. The building has an estimated useful life of </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >55 years with no residual va</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >lue. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Depreciation is calculated on a straight-line basis. Equipment consists of office furniture and equipment, computer software and hardware</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and vehicles which consist of motor scooters and a car</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >. The useful life of the </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >car is 10 years, of the </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >office fur</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >niture, equipment and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >the scooters </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >is 5 years; and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >of </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >the computer software and hardware is 3 years. Depreciation is calculated on a straight-line basis.</font></p><p style='text-align:justify;line-height:12pt;' ></p></div> <div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >k)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Impairment of Long-Lived Assets: </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Long-lived assets (vessels, land, and building) and certain ident</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ifiable intangibles held and used by an entity are reviewed for impairment whenever events or changes in circumstances (such as market conditions, obsolesce or damage to the asset, potential sales and other business plans) indicate that the carrying amount</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > of the assets</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >plus unamortized dry-docking costs</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >may not be recoverable. When the estimate of undiscounted projected net operating cash flows, excluding interest charges, expected to be generated by the use of the asset over its remaining useful life an</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >d its eventual disposition is less than its carrying amount, the Company should evaluate the asset for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset. The Company determines the fair value of its assets based</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > on management </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >estimates and assumptions</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > by making use of available market data and taking into consideration third party valuations. </font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >With respect to the vessels, the Company determines undiscounted projected net operating cash flows for each vessel by </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >considering the historical and estimated vessels&#8217; performance and utilization, assuming (i) future revenues calculated for the fixed days, using the fixed charter rate of each vessel from existing time charters and for the unfixed days, the most recent 10 </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >year average of historical 1 year time charter rates available for each type of vessel over the remaining estimated life of each vessel, net of commissions. Historical ten-year blended average one-year time charter rates are in line with the Company&#8217;s over</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >all chartering strategy, they reflect the full operating history of vessels of the same type and particulars with the Company&#8217;s operating fleet and they cover at least a full business cycle, where applicable; (ii) expected outflows for scheduled vessels&#8217; m</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >aintenance; (iii) vessel operating expenses; and (iv) fleet utilization; assumptions in line with the Company&#8217;s historical performance and its expectations for future fleet utilization under its current fleet deployment strategy. </font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >During the last quarter </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >of 2017, the Company&#8217;s management considered various factors, including the recovery of the market, the worldwide demand for dry-bulk products, supply of tonnage and order book and concluded that the charter rates for the years 2008-2010 </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >were</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >exceptional</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >In this respect the Company&#8217;s management decided to exclude from the 10-year average of 1 year time charters these three years for which the rates were well above the average and which were not considered sustainable for the foreseeable future. The Company</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > performed the exercise discussed above which resulted to recording an impairment on certain vessels&#8217; carrying value (Note </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >5</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >). No impairment loss </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >was</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > identified or recorded for </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2018</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > (by excluding similarly to 2017 the charter rates for the years</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > 2009-2010)</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2016</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >With respect to the land and building, the Company determines undiscounted projected net operating cash flows by considering an estimated monthly rent the Company would have to pay in order to lease a similar property, during the</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > useful life of the building. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >N</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >o impairment loss was identified or recorded</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > for </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2018</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2017</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2016</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and the Company has not identified any other facts or circumstances that would require the write down of the value of its land or building in the </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >near future.</font></p><p style='text-align:justify;line-height:12pt;' ></p></div> <div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >l</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Vessel Depreciation: </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Depreciation is computed using the straight-line method over the estimated useful life of the vessels, after considering the estimated salvage (scrap) value. Each vessel&#8217;s salvage value is equal to the product of its </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >lightweight tonnage and estimated scrap rate. Management estimates the useful life of the Company&#8217;s vessels to be 25 years from the date of initial delivery from the shipyard. Second hand vessels are depreciated from the date of their acquisition through t</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >heir remaining estimated useful life. When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its remaining useful life is adjusted at the date such regulations are adopted</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >.</font></p><p style='text-align:justify;line-height:12pt;' ></p></div> <div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >m</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Accounting for Dry-Docking Costs</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >: The </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Company follows the deferral method of accounting for dry-docking costs whereby actual costs incurred are deferred and are amortized on a straight-line basis over the period through the date the next dry-docking is scheduled to become due. Unamortized dry-</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >docking costs of vessels that are sold or impaired are written off and included in the calculation of the resulting gain or loss in the year of the vessel&#8217;s sale or impairment.</font></p><p style='text-align:justify;line-height:12pt;' ></p></div> <div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >n)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Financing Costs</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >: Fees paid to lenders for obtaining new loans or refinancin</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >g existing ones are deferred and recorded as a contra to debt. Other fees paid for obtaining loan facilities not used at the balance sheet date are capitalized as deferred financing costs. Fees relating to drawn loan facilities are amortized to interest an</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >d finance costs over the life of the related debt using the effective interest method and fees incurred for loan facilities not used at the balance sheet date are amortized using the straight line method according to their availability terms. Unamortized f</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ees relating to loans repaid or refinanced as debt extinguishment are expensed as interest and finance costs in the period the repayment or extinguishment is made. Loan commitment fees are </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >charged to expense in the period incurred, unless they relate to lo</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ans obtained to finance vessels under construction, in which case they are capitalized to the vessels&#8217; cost.</font></p></div> <div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >q</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Repairs and Maintenance:</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > All repair and maintenance expenses including underwater inspection expenses are expensed in the year incurred. Such costs are included in vessel operating expenses in the accompanying consolidated statements of operations.</font></p><p style='text-align:justify;line-height:12pt;' ></p></div> <div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >r)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >E</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >arnings / (loss) per Common Share:</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > Basic earnings / (loss) per common share are computed by dividing net income / (loss) available to common stockholders by the weighted average number of common shares outstanding during the year. Diluted earnings per comm</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >on share, reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised. </font></p><p style='text-align:justify;line-height:12pt;' ></p></div> <div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >s)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Segmental Reporting: </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >The Company has determined that it operates under one reportable segment, relating to its operations</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > of the dry-bulk vessels. The Company reports financial information and evaluates the operations of the segment by charter revenues and not by the length of ship employment for its customers, i.e. spot or time charters. The Company does not use discrete fi</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >nancial information to evaluate the operating results for each such type of charter. Although revenue can be identified for these types of charters, management cannot and does not identify expenses, profitability or other financial information for these ch</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >arters. As a result, management, including the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable.</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font></p><p style='text-align:justify;line-height:12pt;' ></p></div> <div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >t)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Fair Value Measurements</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >: </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >T</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >he Company classifies and discloses its assets and liabilities carried at the fair </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >value in one of the following categori</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >es:</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Level 1: Quoted market prices in active markets for identical assets or liabilities;</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data;</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > Level 3: </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Unobservable inputs that are not corroborated by market d</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ata.</font></p><p style='text-align:justify;line-height:12pt;' ></p></div> <div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >u)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Share Based Payments:</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > The Company</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >issues </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >restricted share</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > awards</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >which </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >are measured at their grant date fair value and are not subsequently re</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >-</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >measured. That cost is recognized over the period during which an employee is required to provide servi</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ce in exchange for the award&#8212;the requisite service period (usually the vesting period). No compensation cost is recognized for equity instruments for which employees do not render the requisite service.</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > Forfeitures of awards are accounted for when and if t</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >hey occur. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >If an equity award is modified after the grant date, incremental compensation cost will be recognized in an amount equal to the excess of the fair value of the modified award over the fair value of the original award immediately before the modif</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ication. </font></p><p style='text-align:justify;line-height:12pt;' ></p></div> <div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >v)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Equity method investments:</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > Investments in common stock in entities over which the Company exercises significant influence, but does not exercise control are accounted for by the equity method of accounting. Under this method, the Company reco</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >rds such an investment at cost and adjusts the carrying amount for its share of the earnings or losses of the entity subsequent to the date of investment and reports the recognized earnings or losses in income. Dividends received</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, if any,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > reduce the carryi</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ng amount of the investment. When the Company&#8217;s share of losses in an entity accounted for by the equity method equals or exceeds its interest in the entity, the Company does not recognize further losses, unless the Company has made advances, incurred obli</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >gations and made payments on behalf of the entity.</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >The Company also evaluates whether a</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > loss in value of an investment that is other than a temporary decline should be recognized. Evidence of a loss in value might include absence of an ability to recover t</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >he carrying amount of the investment or inability of the investee to sustain an earnings capacity that would justify the carrying amount of the investment. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >T</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >he Company assessed the financial condition of Diana Containerships</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > (Note </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >3</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(a))</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, the ma</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >rket conditions that could affect its operations in the near future and historical losses of its investment and as a result the Company recorded impairment </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >in 2017 and 2016, which is included in Gain/(loss) from equity method investments in the accompanyin</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >g statements of operations.</font></p><p style='text-align:justify;line-height:12pt;' ></p></div> <div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >w)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Going concern: </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >M</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >anagement evaluate</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >s, at </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >each reporting period, whether there are conditions or events that raise substantial doubt about </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >the C</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ompany&#39;s ability to continue as a going concern within one year from the date the </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >financial statements are issued.</font></p><p style='text-align:justify;line-height:12pt;' ></p></div> <div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >h)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Inventories</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >: </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Inventories consist of lubricants and victualling which are stated at the lower of cost or net realizable value. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Net realizable value is the estimated selling prices</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >in the ordinary course of business, less reasonably predic</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >table costs of completion,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >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. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Cost is determined by the </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >first in, first out method. Inventories may also consist of bunkers when on the balance sheet date a vessel remains idle. Bunkers</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, if any,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > are also stated at the lower of cost or net realizable value and cost is determined by the first in, first out method</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >.</font></p><p style='text-align:justify;line-height:12pt;' ></p></div> -5000000 8500000 1000000 0 0 5000000 2018-12-31 2019-06-28 2019-04-15 <div><p style='text-align:left;margin-top:12pt;margin-bottom:12pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;margin-left:0pt;' >1</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;' >.</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;' > Basis of Presentation and General Information</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;' > </font></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >The accompanying consolidated financial statements include the ac</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >counts of Diana Shipping Inc., or </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >DSI</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and its wholly-owned and beneficially-owned subsidiaries (collectively, the &#8220;Company&#8221;). </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >DSI</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > was formed on March 8, 1999 as Diana Shipping Investment Corp. under the laws of the Republic of Liberia. In February 2005, the Company&#8217;s articles of incorporation were amended. Under the amended articles of incorporation, the Company was renamed Diana</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > Shipping Inc. and was re</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >-</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >domiciled from the Republic of Liberia to the Republic of the Marshall Islands.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >The Company is engaged in the ocean transportation of dry bulk cargoes worldwide </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >mainly </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >through the </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ownership</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >of </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >dry bulk carrier vessels. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >The Compan</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >y also operates the majority of its own fleet through Diana Shipping Services S.A., or DSS, a wholly-owned subsidiary and a limited number of vessels through a 50% owned joint venture (Notes </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >3</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >4</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >).</font></p></div><p style='line-height:20pt;' /><div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >Diana Shipping Services S.A.</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >,</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > or DSS</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >,</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >provides the Company and its vessels with management services since November 12, 2004, pursuant to management agreements</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and since October 1, 2013 administrative services with regards to services related to DSI&#8217;s</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > operations and its subsidiaries</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >. Such costs are eliminated in consolidation. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >As at </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >December 31</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2018</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, DSS does not provide management services to eight vessels in the Company&#8217;s fleet whose management has been transferred progressively since August 2015 to D</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >iana Wilhelmsen Management Limited, or DWM, (Notes </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >3</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(b) and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >4</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(d)). </font></p><p style='text-align:justify;line-height:12pt;' ></p></div><p style='line-height:20pt;' /><div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >During</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2018</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2017</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2016</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > c</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >harterers</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > that </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >individually accounted for 10% </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >or more </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >of the Company&#8217;s time charter revenues </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >were </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >as follows:</font></p><p style='text-align:justify;line-height:12pt;' ></p></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:12.75pt;' ><td style='width:255.75pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:top;border-color:Black;min-width:255.75pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >Charterer</font></td><td style='width:9pt;text-align:left;vertical-align:top;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:top;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >2018</font></td><td style='width:9pt;text-align:left;vertical-align:top;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:top;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >2017</font></td><td style='width:9pt;text-align:left;vertical-align:top;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:top;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >2016</font></td></tr><tr style='height:12.75pt;' ><td style='width:255.75pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:255.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >A </font></td><td style='width:9pt;text-align:left;vertical-align:top;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >16%</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >14%</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >15%</font></td></tr><tr style='height:12.75pt;' ><td style='width:255.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:255.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >B </font></td><td style='width:9pt;text-align:left;vertical-align:top;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >15%</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >17%</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td></tr><tr style='height:12.75pt;' ><td style='width:255.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:255.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >C </font></td><td style='width:9pt;text-align:left;vertical-align:top;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >14%</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >12%</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >10%</font></td></tr><tr style='height:12.75pt;' ><td style='width:255.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:255.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >D</font></td><td style='width:9pt;text-align:left;vertical-align:top;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >19%</font></td></tr><tr style='height:12.75pt;' ><td style='width:255.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:255.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >E</font></td><td style='width:9pt;text-align:left;vertical-align:top;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >10%</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:72pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >10%</font></td></tr></table></div> <div><p style='text-align:left;margin-top:12pt;margin-bottom:12pt;line-height:13.8pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;margin-left:0pt;' >2</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;' >.</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;' > Significant </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;' >Accounting</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;' > Policies</font></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >a)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Principles of Consolidation</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >: The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and include the accounts of Diana Shipping Inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation. Under Accounting Standards Codification (&#8220;ASC&#8221;) 810 &#8220;Consolidation&#8221;, the Company consoli</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >dates entities in which it has a controlling financial interest, by first considering if an entity meets the definition of a variable interest entity (&quot;VIE&quot;) for which the Company is deemed to be the primary beneficiary under the VIE model, or if the Compa</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ny controls an entity through a majority of voting interest based on the voting interest model. The Company evaluates financial instruments, service contracts, and other arrangements to determine if any variable interests relating to an entity exist. For e</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ntities in which the Company has a variable interest, the Company determines if the entity is a VIE by considering whether the entity&#8217;s equity investment at risk is sufficient to finance its activities without additional subordinated financial support and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >whether the entity&#8217;s at-risk equity holders have the characteristics of a controlling financial interest. In performing the analysis of whether the Company is the primary beneficiary of a VIE, the Company considers whether it individually has the power to </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >direct the activities of the VIE that most significantly affect the entity&#8217;s performance and also has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The Company reconsiders the </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >initial determination of whether an entity is a VIE if certain types of events (&#8220;reconsideration events&#8221;) occur. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >I</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >f the Company holds a variable interest in an entit</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >y that previously was not a VIE, it </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >reconsiders whether the entity has become a VIE. The Co</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >mpany has identified that it has variable interests in Diana Containerships Inc. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(renamed to Performance Shipping Inc. in February 2019), or Diana Containerships, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >and Diana Wilhelmsen Management Limited. The Company </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >has </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >assessed that Diana Containerships </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >i</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >s</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > a VIE</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > since 2017</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >but the Company is </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >not the primary beneficiary (Notes </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >3</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(a)</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >4</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(b)</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >).</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >b)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Use of Estimates: </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues a</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >nd expenses during the reporting period. Actual results could differ from those estimates.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >c)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Other Comprehensive Income / (</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >L</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >oss): </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >The Company separately presents certain transactions, which are recorded directly as components of stockholders&#8217; equity. Ot</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >her Comprehensive Income / (Loss) is presented in a separate statement.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >d)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Foreign Currency Translation: </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >The functional currency of the Company is the U.S. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >d</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ollar because the Company&#8217;s vessels operate in international shipping markets, and therefore prima</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >rily transact business in U.S. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >d</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ollars. The Company&#8217;s accounting records are maintained in U.S. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >d</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ollars. Transactions involving other currencies during the year are converted into U.S. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >d</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ollars using the exchange rates in effect at the time of the transacti</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ons. At the balance sheet dates, monetary assets and liabilities which are denominated in other currencies are translated into U.S. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >d</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ollars at the year-end exchange rates. Resulting gains or losses are reflected separately in the accompanying consolidated </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >statements of operations. </font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >e)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Cash and Cash Equivalents</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > and Restricted Cash</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >: </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >The Company considers highly liquid investments such as time deposits, certificates of deposit and their equivalents with an original maturity of three months or less to be cash </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >equivalents. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Restricted cash consists mainly of cash </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >deposits required to be maintained at all times under the Company&#8217;s loan facilities (Note </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >7</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >).</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > As of December 31, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2018</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2017</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, restricted cash also included $582 of cash guarantee which was </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >restricted to withdrawal or usage.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >f)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Accounts Receivable, Trade: </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >The amount shown as accounts receivable, trade, at each balance sheet </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >date, includes receivables from charterers for hire, net of any provision for doubtful accounts. At each balance sheet </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >date, all potentially uncollectible accounts are assessed individually for purposes of determining the appropriate provision for doubtful accounts. No provision for doubtful accounts was established as of December 31, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2018</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2017</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >. </font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >g)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Loan Receiva</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >ble from </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Related Party</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >: The amount shown as Due from related parties in the consolidated&#160;balance sheet as at December 31, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2017</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, represent</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >s</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >a </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >receivable from Diana Containerships</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >with respect to a loan agreement, net of any provision for credit losses</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > an</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >d does not include the $5,000 discount premium which was received in 2018 when the loan was fully collected </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(Note </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >4</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(b)). Interest income and fees, deriving from the agreement </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >were</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > recorded in the accounts as incurred. At each balance sheet d</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ate, amounts due under the aforementioned loan agreement </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >were</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > assessed for purposes of determining the appropriate provision for credit losses. As</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > at</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > December 31, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2017</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, the Company assess</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ed </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >the ability of Diana Containerships to meet its obligations und</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >er the loan agreement by taking into consideration existing economic conditions, the current financial condition of Diana Containerships</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, equity offerings, sale plans,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > historical losses, and other risks/factors that </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >could</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > affect </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Diana Containerships&#8217;</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > futur</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >e financial condition and its ability to meet its obligations</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >. As a result of this assessment, the Company did not record any provision for credit losses, as it determined that Diana Containerships would be able to meet its obligations under the loan in th</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >e near future.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >h)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Inventories</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >: </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Inventories consist of lubricants and victualling which are stated at the lower of cost or net realizable value. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Net realizable value is the estimated selling prices</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >in the ordinary course of business, less reasonably predic</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >table costs of completion,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >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. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Cost is determined by the </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >first in, first out method. Inventories may also consist of bunkers when on the balance sheet date a vessel remains idle. Bunkers</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, if any,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > are also stated at the lower of cost or net realizable value and cost is determined by the first in, first out method</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >i)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Vessel Cost</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >: Vessels are stated at cost which consists of the contract price and any material expenses incurred upon acquisition or during construction. Expenditures for conversions and major improvements are also capitalized when they appreciably ex</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >tend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise these amounts are charged to expense as incurred. Interest cost incurred during the assets&#39; construction periods that theoretically could have been a</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >voided if expenditure for the assets had not been made is also capitalized. The capitalization rate, applied on accumulated expenditures for the vessel, is based on interest rates applicable to outstanding borrowings of the period.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >j)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Property and </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >equipment:</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > The Company </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >owns t</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >he land and building where its offices are located. Land is presented in its fair value on the date of acquisition and it is not subject to depreciation. The building has an estimated useful life of </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >55 years with no residual va</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >lue. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Depreciation is calculated on a straight-line basis. Equipment consists of office furniture and equipment, computer software and hardware</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and vehicles which consist of motor scooters and a car</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >. The useful life of the </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >car is 10 years, of the </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >office fur</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >niture, equipment and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >the scooters </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >is 5 years; and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >of </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >the computer software and hardware is 3 years. Depreciation is calculated on a straight-line basis.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >k)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Impairment of Long-Lived Assets: </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Long-lived assets (vessels, land, and building) and certain ident</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ifiable intangibles held and used by an entity are reviewed for impairment whenever events or changes in circumstances (such as market conditions, obsolesce or damage to the asset, potential sales and other business plans) indicate that the carrying amount</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > of the assets</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >plus unamortized dry-docking costs</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >may not be recoverable. When the estimate of undiscounted projected net operating cash flows, excluding interest charges, expected to be generated by the use of the asset over its remaining useful life an</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >d its eventual disposition is less than its carrying amount, the Company should evaluate the asset for an impairment loss. Measurement of the impairment loss is based on the fair value of the asset. The Company determines the fair value of its assets based</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > on management </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >estimates and assumptions</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > by making use of available market data and taking into consideration third party valuations. </font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >With respect to the vessels, the Company determines undiscounted projected net operating cash flows for each vessel by </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >considering the historical and estimated vessels&#8217; performance and utilization, assuming (i) future revenues calculated for the fixed days, using the fixed charter rate of each vessel from existing time charters and for the unfixed days, the most recent 10 </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >year average of historical 1 year time charter rates available for each type of vessel over the remaining estimated life of each vessel, net of commissions. Historical ten-year blended average one-year time charter rates are in line with the Company&#8217;s over</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >all chartering strategy, they reflect the full operating history of vessels of the same type and particulars with the Company&#8217;s operating fleet and they cover at least a full business cycle, where applicable; (ii) expected outflows for scheduled vessels&#8217; m</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >aintenance; (iii) vessel operating expenses; and (iv) fleet utilization; assumptions in line with the Company&#8217;s historical performance and its expectations for future fleet utilization under its current fleet deployment strategy. </font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >During the last quarter </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >of 2017, the Company&#8217;s management considered various factors, including the recovery of the market, the worldwide demand for dry-bulk products, supply of tonnage and order book and concluded that the charter rates for the years 2008-2010 </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >were</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >exceptional</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >In this respect the Company&#8217;s management decided to exclude from the 10-year average of 1 year time charters these three years for which the rates were well above the average and which were not considered sustainable for the foreseeable future. The Company</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > performed the exercise discussed above which resulted to recording an impairment on certain vessels&#8217; carrying value (Note </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >5</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >). No impairment loss </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >was</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > identified or recorded for </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2018</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > (by excluding similarly to 2017 the charter rates for the years</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > 2009-2010)</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2016</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >With respect to the land and building, the Company determines undiscounted projected net operating cash flows by considering an estimated monthly rent the Company would have to pay in order to lease a similar property, during the</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > useful life of the building. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >N</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >o impairment loss was identified or recorded</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > for </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2018</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2017</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2016</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and the Company has not identified any other facts or circumstances that would require the write down of the value of its land or building in the </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >near future.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >l</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Vessel Depreciation: </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Depreciation is computed using the straight-line method over the estimated useful life of the vessels, after considering the estimated salvage (scrap) value. Each vessel&#8217;s salvage value is equal to the product of its </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >lightweight tonnage and estimated scrap rate. Management estimates the useful life of the Company&#8217;s vessels to be 25 years from the date of initial delivery from the shipyard. Second hand vessels are depreciated from the date of their acquisition through t</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >heir remaining estimated useful life. When regulations place limitations over the ability of a vessel to trade on a worldwide basis, its remaining useful life is adjusted at the date such regulations are adopted</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >m</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Accounting for Dry-Docking Costs</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >: The </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Company follows the deferral method of accounting for dry-docking costs whereby actual costs incurred are deferred and are amortized on a straight-line basis over the period through the date the next dry-docking is scheduled to become due. Unamortized dry-</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >docking costs of vessels that are sold or impaired are written off and included in the calculation of the resulting gain or loss in the year of the vessel&#8217;s sale or impairment.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >n)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Financing Costs</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >: Fees paid to lenders for obtaining new loans or refinancin</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >g existing ones are deferred and recorded as a contra to debt. Other fees paid for obtaining loan facilities not used at the balance sheet date are capitalized as deferred financing costs. Fees relating to drawn loan facilities are amortized to interest an</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >d finance costs over the life of the related debt using the effective interest method and fees incurred for loan facilities not used at the balance sheet date are amortized using the straight line method according to their availability terms. Unamortized f</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ees relating to loans repaid or refinanced as debt extinguishment are expensed as interest and finance costs in the period the repayment or extinguishment is made. Loan commitment fees are </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >charged to expense in the period incurred, unless they relate to lo</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ans obtained to finance vessels under construction, in which case they are capitalized to the vessels&#8217; cost.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >o)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Concentration of Credit Risk</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >: Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consis</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >t principally of cash and trade accounts receivable. The Company places its temporary cash investments, consisting mostly of deposits, with various qualified financial institutions and performs periodic evaluations of the relative credit standing of those </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >financial institutions that are considered in the Company&#8217;s investment strategy. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers&#8217; financial condition and generally does not require colla</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >teral for its accounts receivable and does not have any agreements to mitigate credit risk.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >p)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Accounting for Revenues and Expenses</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >: </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Revenues are generated from time charter agreements which contain a lease as they meet the criteria of a lease under ASC 8</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >42. Agreements with the same charterer are accounted for as separate agreements according to their specific terms and conditions. All agreements contain a minimum non-cancellable period and an extension period at the option of the charterer. Each lease ter</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >m is assessed at the inception of that lease. Under a time charter agreement, the charterer pays a daily hire for the use of the vessel and reimburses the owner for hold cleanings, extra insurance premi</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ums</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > for navigating in restricted areas and damages cau</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >sed by the charterers. Additionally, the charter</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >er</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > pays to third parties port, canal and bunkers consumed during the term of the time charter agreement. Such costs are considered direct costs and are not recorded as they are directly paid by charterers, un</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >less they are for the account of the owner, in which case they are included in voyage expenses. Additionally, the owner pays commissions on the hire revenue, to both the charterer and to brokers, which are direct costs and are recorded in voyage expenses. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Under a time charter agreement, the owner pays for the operation and the maintenance of the vessel, including crew, insurance, spares and repairs, which are recognized in operating expenses. The Company</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, as lessor,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > has elected not to allocate the considera</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >tion in the </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >agreement</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > to the separate lease and non-lease components </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(operation and maintenance of the vessel) </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >as their timing and pattern of transfer to the </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >charterer, as the </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >lessee</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > are the same and the lease component, if accounted for separately, would</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > be classified as an operating lease. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Additionally, th</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >e lease component i</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >s</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > considered the predominant component</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > as th</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >e Company </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >has </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >assessed that more value is ascribed to the vessel rather than to the services provided under the time charter </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >contracts</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >.</font></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' > </font></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >q</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Repairs and Maintenance:</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > All repair and maintenance expenses including underwater inspection expenses are expensed in the year incurred. Such costs are included in vessel operating expenses in the accompanying consolidated statements of operations.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >r)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >E</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >arnings / (loss) per Common Share:</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > Basic earnings / (loss) per common share are computed by dividing net income / (loss) available to common stockholders by the weighted average number of common shares outstanding during the year. Diluted earnings per comm</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >on share, reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised. </font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >s)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Segmental Reporting: </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >The Company has determined that it operates under one reportable segment, relating to its operations</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > of the dry-bulk vessels. The Company reports financial information and evaluates the operations of the segment by charter revenues and not by the length of ship employment for its customers, i.e. spot or time charters. The Company does not use discrete fi</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >nancial information to evaluate the operating results for each such type of charter. Although revenue can be identified for these types of charters, management cannot and does not identify expenses, profitability or other financial information for these ch</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >arters. As a result, management, including the chief operating decision maker, reviews operating results solely by revenue per day and operating results of the fleet. Furthermore, when the Company charters a vessel to a charterer, the charterer is free to </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >trade the vessel worldwide and, as a result, the disclosure of geographic information is impracticable.</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >t)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Fair Value Measurements</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >: </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >T</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >he Company classifies and discloses its assets and liabilities carried at the fair </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >value in one of the following categori</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >es:</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Level 1: Quoted market prices in active markets for identical assets or liabilities;</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Level 2: Observable market based inputs or unobservable inputs that are corroborated by market data;</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > Level 3: </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Unobservable inputs that are not corroborated by market d</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ata.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >u)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Share Based Payments:</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > The Company</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >issues </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >restricted share</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > awards</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >which </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >are measured at their grant date fair value and are not subsequently re</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >-</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >measured. That cost is recognized over the period during which an employee is required to provide servi</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ce in exchange for the award&#8212;the requisite service period (usually the vesting period). No compensation cost is recognized for equity instruments for which employees do not render the requisite service.</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > Forfeitures of awards are accounted for when and if t</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >hey occur. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >If an equity award is modified after the grant date, incremental compensation cost will be recognized in an amount equal to the excess of the fair value of the modified award over the fair value of the original award immediately before the modif</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ication. </font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >v)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Equity method investments:</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > Investments in common stock in entities over which the Company exercises significant influence, but does not exercise control are accounted for by the equity method of accounting. Under this method, the Company reco</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >rds such an investment at cost and adjusts the carrying amount for its share of the earnings or losses of the entity subsequent to the date of investment and reports the recognized earnings or losses in income. Dividends received</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, if any,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > reduce the carryi</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ng amount of the investment. When the Company&#8217;s share of losses in an entity accounted for by the equity method equals or exceeds its interest in the entity, the Company does not recognize further losses, unless the Company has made advances, incurred obli</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >gations and made payments on behalf of the entity.</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >The Company also evaluates whether a</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > loss in value of an investment that is other than a temporary decline should be recognized. Evidence of a loss in value might include absence of an ability to recover t</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >he carrying amount of the investment or inability of the investee to sustain an earnings capacity that would justify the carrying amount of the investment. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >T</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >he Company assessed the financial condition of Diana Containerships</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > (Note </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >3</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(a))</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, the ma</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >rket conditions that could affect its operations in the near future and historical losses of its investment and as a result the Company recorded impairment </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >in 2017 and 2016, which is included in Gain/(loss) from equity method investments in the accompanyin</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >g statements of operations.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >w)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Going concern: </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >M</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >anagement evaluate</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >s, at </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >each reporting period, whether there are conditions or events that raise substantial doubt about </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >the C</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ompany&#39;s ability to continue as a going concern within one year from the date the </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >financial statements are issued.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >x)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Financial Instruments, Recognition and Measurement:</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > Equity securities with no determinable value, such as the Company&#8217;s investment in Diana Containerships (Note </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >3</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >) are recorded at their </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >cost and they are assessed for impairment, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >in accordance with ASU 2016-01 Financial Instruments-Overall, Recognition and Measurement of Financial Assets and Financial Liabilities</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >. The Company will continue to account its investment at cost minus impairment</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, if any, unless it determines that an observable transaction for a similar security took place, as determined in ASU 2018-03 Technical Corrections and Improvements to Financial Instruments &#8211; Overall. As at December 31, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2018</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2017</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >based on the Co</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >mpany&#8217;s qualitative assessment as of these dates, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >no impairment has been recognized. </font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >y)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Shares repurchased and retired: </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Company&#8217;s shares repurchased for retirement, are immediately cancelled and the Company&#8217;s share capital is accordingly reduced. Any </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >excess of the cost of the shares over their par value is allocated in additional paid-in capital, in accordance with ASC 505-30-30, Treasury Stock.</font></p><p style='text-align:justify;line-height:12pt;' ></p></div> 2000000 5980000 0 0 7350000 7450000 0 0 The holders of the common shares are entitled to one vote on all matters submitted to a vote of stockholders and to receive all dividends, if any. 13000 8219000 8232000 <div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >a)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Principles of Consolidation</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >: The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and include the accounts of Diana Shipping Inc. and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated upon consolidation. Under Accounting Standards Codification (&#8220;ASC&#8221;) 810 &#8220;Consolidation&#8221;, the Company consoli</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >dates entities in which it has a controlling financial interest, by first considering if an entity meets the definition of a variable interest entity (&quot;VIE&quot;) for which the Company is deemed to be the primary beneficiary under the VIE model, or if the Compa</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ny controls an entity through a majority of voting interest based on the voting interest model. The Company evaluates financial instruments, service contracts, and other arrangements to determine if any variable interests relating to an entity exist. For e</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ntities in which the Company has a variable interest, the Company determines if the entity is a VIE by considering whether the entity&#8217;s equity investment at risk is sufficient to finance its activities without additional subordinated financial support and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >whether the entity&#8217;s at-risk equity holders have the characteristics of a controlling financial interest. In performing the analysis of whether the Company is the primary beneficiary of a VIE, the Company considers whether it individually has the power to </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >direct the activities of the VIE that most significantly affect the entity&#8217;s performance and also has the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. The Company reconsiders the </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >initial determination of whether an entity is a VIE if certain types of events (&#8220;reconsideration events&#8221;) occur. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >I</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >f the Company holds a variable interest in an entit</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >y that previously was not a VIE, it </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >reconsiders whether the entity has become a VIE. The Co</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >mpany has identified that it has variable interests in Diana Containerships Inc. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(renamed to Performance Shipping Inc. in February 2019), or Diana Containerships, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >and Diana Wilhelmsen Management Limited. The Company </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >has </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >assessed that Diana Containerships </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >i</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >s</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > a VIE</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > since 2017</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >but the Company is </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >not the primary beneficiary (Notes </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >3</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(a)</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >4</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(b)</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >).</font></p><p style='text-align:justify;line-height:12pt;' ></p></div> <div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >o)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Concentration of Credit Risk</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >: Financial instruments, which potentially subject the Company to significant concentrations of credit risk, consis</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >t principally of cash and trade accounts receivable. The Company places its temporary cash investments, consisting mostly of deposits, with various qualified financial institutions and performs periodic evaluations of the relative credit standing of those </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >financial institutions that are considered in the Company&#8217;s investment strategy. The Company limits its credit risk with accounts receivable by performing ongoing credit evaluations of its customers&#8217; financial condition and generally does not require colla</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >teral for its accounts receivable and does not have any agreements to mitigate credit risk.</font></p><p style='text-align:justify;line-height:12pt;' ></p></div> <div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >p)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Accounting for Revenues and Expenses</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >: </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Revenues are generated from time charter agreements which contain a lease as they meet the criteria of a lease under ASC 8</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >42. Agreements with the same charterer are accounted for as separate agreements according to their specific terms and conditions. All agreements contain a minimum non-cancellable period and an extension period at the option of the charterer. Each lease ter</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >m is assessed at the inception of that lease. Under a time charter agreement, the charterer pays a daily hire for the use of the vessel and reimburses the owner for hold cleanings, extra insurance premi</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ums</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > for navigating in restricted areas and damages cau</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >sed by the charterers. Additionally, the charter</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >er</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > pays to third parties port, canal and bunkers consumed during the term of the time charter agreement. Such costs are considered direct costs and are not recorded as they are directly paid by charterers, un</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >less they are for the account of the owner, in which case they are included in voyage expenses. Additionally, the owner pays commissions on the hire revenue, to both the charterer and to brokers, which are direct costs and are recorded in voyage expenses. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Under a time charter agreement, the owner pays for the operation and the maintenance of the vessel, including crew, insurance, spares and repairs, which are recognized in operating expenses. The Company</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, as lessor,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > has elected not to allocate the considera</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >tion in the </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >agreement</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > to the separate lease and non-lease components </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(operation and maintenance of the vessel) </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >as their timing and pattern of transfer to the </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >charterer, as the </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >lessee</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > are the same and the lease component, if accounted for separately, would</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > be classified as an operating lease. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Additionally, th</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >e lease component i</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >s</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > considered the predominant component</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > as th</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >e Company </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >has </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >assessed that more value is ascribed to the vessel rather than to the services provided under the time charter </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >contracts</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >.</font></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' > </font></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ></p></div> P3Y false <div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >x)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Financial Instruments, Recognition and Measurement:</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > Equity securities with no determinable value, such as the Company&#8217;s investment in Diana Containerships (Note </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >3</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >) are recorded at their </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >cost and they are assessed for impairment, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >in accordance with ASU 2016-01 Financial Instruments-Overall, Recognition and Measurement of Financial Assets and Financial Liabilities</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >. The Company will continue to account its investment at cost minus impairment</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, if any, unless it determines that an observable transaction for a similar security took place, as determined in ASU 2018-03 Technical Corrections and Improvements to Financial Instruments &#8211; Overall. As at December 31, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2018</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2017</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >based on the Co</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >mpany&#8217;s qualitative assessment as of these dates, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >no impairment has been recognized. </font></p><p style='text-align:justify;line-height:12pt;' ></p></div> <div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;margin-left:0pt;' >Recent Accounting Pronouncements</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;' > not yet adopted</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;' >On August 2018, the FASB issued ASU No. 2018-13, &#8220;Fair Value Measurement (Topic 820)&#8212;Disclosure Framework&#8212;Changes to the Disclosure Requirements for Fair Value Measurement&#8221;, which improves the</font><font style='font-family:Calibri;font-size:11pt;' > 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, Concept</font><font style='font-family:Calibri;font-size:11pt;' >ual Framework for Financial Reporting&#8212;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 GAAP, to make disclosures about recurring</font><font style='font-family:Calibri;font-size:11pt;' > and non-recurring fair value measurements. ASU No. 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 </font><font style='font-family:Calibri;font-size:11pt;' >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</font><font style='font-family:Calibri;font-size:11pt;' > 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 modi</font><font style='font-family:Calibri;font-size:11pt;' >fied 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 consolidated financial stat</font><font style='font-family:Calibri;font-size:11pt;' >ements and related disclosures.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;' >On October 2018, the FASB issued ASU No. 2018-17, &#8220;Consolidation (Topic 810)&#8212;Targeted Improvements to Related Party Guidance for Variable Interest Entities&#8221;. The Board is issuing this Update in response to stakeholders&#8217; obs</font><font style='font-family:Calibri;font-size:11pt;' >ervations that Topic 810, Consolidation, could be improved in the following areas: i) applying the variable interest entity (VIE) guidance to private companies under common control, ii) considering indirect interests held through related parties under comm</font><font style='font-family:Calibri;font-size:11pt;' >on control for determining whether fees paid to decision makers and service providers are variable interests. The amendments in this Update improve the accounting for those areas, thereby improving general purpose financial reporting. ASU No. 2018-17 is ef</font><font style='font-family:Calibri;font-size:11pt;' >fective for annual periods, including interim periods within those annual periods, beginning after December 15, 2019. All entities are required to apply the amendments in this Update retrospectively with a cumulative-effect adjustment to retained earnings </font><font style='font-family:Calibri;font-size:11pt;' >at the beginning of the earliest period presented. Early adoption is permitted. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements and related disclosures.</font></p><p style='text-align:justify;line-height:12pt;' ></p></div> <div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;margin-left:0pt;' >Recent Accounting Pronouncements</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;' > adopted</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;' >On January 1, 2018, the Company adopted ASU No. 2016-13 &#8220;Financial Instruments &#8211; Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments&#8221; which amends guidance on reporting credit losses </font><font style='font-family:Calibri;font-size:11pt;' >for assets held at amortized cost basis and available for sale debt securities. On the same date, the Company adopted ASU No. 2018-19, &#8220;Codification Improvements to Topic 326, Financial Instruments&#8212;Credit Losses&#8221;. The amendments in this update clarify tha</font><font style='font-family:Calibri;font-size:11pt;' >t 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. The adoption of ASU No. 2016-13 and ASU </font><font style='font-family:Calibri;font-size:11pt;' >No. 2018-19 did not have any effect in the Company&#8217;s financial statements and disclosures. </font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;' >On January 1, 2018, the Company adopted the ASU No. 2017-09, &quot;Compensation &#8212; Stock Compensation (Topic 718), Scope of Modification Accounting&quot;, which clarifies and</font><font style='font-family:Calibri;font-size:11pt;' > reduces both (1) diversity in practice and (2) cost and complexity when applying the guidance in Topic 718, Compensation&#8212;Stock Compensation, to a change to the terms or conditions of a share-based payment award. The adoption of ASU 2017-09 did not have a </font><font style='font-family:Calibri;font-size:11pt;' >material effect in the Company&#39;s financial statements.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;' >On January 1, 2018, the Company adopted the provisions of ASU 2014-09 (Topic 606 &#8211; Revenue from Contracts with Customers), as amended from time to time, using the modified retrospective method to cont</font><font style='font-family:Calibri;font-size:11pt;' >racts that were </font><font style='font-family:Calibri;font-size:11pt;' >in effect</font><font style='font-family:Calibri;font-size:11pt;' > at January 1, 2018. The standard, outlines a single comprehensive model for entities to use in accounting for revenue from contracts with customers, supersedes most legacy revenue recognition guidance, and expands disclosure requi</font><font style='font-family:Calibri;font-size:11pt;' >rements. The core principle of the guidance in Topic 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in</font><font style='font-family:Calibri;font-size:11pt;' > exchange for those goods or services by applying the following five step method: (1) identify the contract(s) with a customer; (2) identify the performance obligations in each contract; (3) determine the transaction price; (4) allocate the transaction pri</font><font style='font-family:Calibri;font-size:11pt;' >ce to the performance obligations in each contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The Company&#8217;s time charter agreements were determined to contain a lease and were accounted for under ASC 842 as discu</font><font style='font-family:Calibri;font-size:11pt;' >ssed below. </font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;' >The prior period comparative information has not been restated </font><font style='font-family:Calibri;font-size:11pt;' >for Topic 606 </font><font style='font-family:Calibri;font-size:11pt;' >and continues to be reported under the accounting guidance in effect for those periods. Implementation of the new revenue standard did not have any impact on revenue recognition. </font><font style='font-family:Calibri;font-size:11pt;' >There was no cumulative effect from the adoption of the </font><font style='font-family:Calibri;font-size:11pt;' >new revenue </font><font style='font-family:Calibri;font-size:11pt;' >standard to opening accumulated deficit as at January 1, 2018, and no impact on any of the line items reported in the Company&#8217;s consolidated financial statements. </font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;' >In the fourth quarter of 2018, the </font><font style='font-family:Calibri;font-size:11pt;' >Company early adopted the ASU No. 2016-02, Leases (ASC 842), as amended from time to time, with adoption reflected as of January 1, 2018, the beginning of the Company&#8217;s annual period in accordance with ASC 250, using the modified retrospective transition m</font><font style='font-family:Calibri;font-size:11pt;' >ethod. The Company elected to apply the additional and optional transition method to existing leases at the beginning of the period of adoption through a cumulative effect adjustment to the opening accumulated deficit as of January 1, 2018. The prior perio</font><font style='font-family:Calibri;font-size:11pt;' >d comparative information has not been restated and continues to be reported under the accounting guidance in effect for those periods (ASC 840), including the disclosure requirements. Also, the Company elected to apply a package of practical expedients un</font><font style='font-family:Calibri;font-size:11pt;' >der ASC 842 which allowed the Company, as lessor, not to reassess (i) whether any existing contracts, on the date of adoption, </font><font style='font-family:Calibri;font-size:11pt;' >contained a lease, (ii) lease classification of existing leases classified as operating leases in accordance with ASC 840</font><font style='font-family:Calibri;font-size:11pt;' > and (iii) initial direct costs for any existing leases. As all existing contracts with charterers, at January 1, 2018, are operating leases and </font><font style='font-family:Calibri;font-size:11pt;' >as </font><font style='font-family:Calibri;font-size:11pt;' >the Company did not account for initial direct costs related to existing leases a</font><font style='font-family:Calibri;font-size:11pt;' >t</font><font style='font-family:Calibri;font-size:11pt;' > January 1, 2018, there were </font><font style='font-family:Calibri;font-size:11pt;' >no amounts to be recorded as a cumulative effect adjustment to opening accumulated deficit on January 1, 2018. The Company did not have any material lease arrangements in which it was a lessee at the adoption date. </font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;' >Additionally, the Company, as lessor, e</font><font style='font-family:Calibri;font-size:11pt;' >lected to apply the practical expedient, to not separate lease and associated non-lease components, and instead to account for each separate lease component and the associated non-lease components as a single component, as the criteria of the paragraphs AS</font><font style='font-family:Calibri;font-size:11pt;' >C 842-10-15-42A through 42B are met (Note 2(p)). There was no cumulative effect from the adoption of the standard to opening accumulated deficit as at January 1, 2018, and no impact on any of the line items reported in the Company&#8217;s consolidated financial </font><font style='font-family:Calibri;font-size:11pt;' >statements. </font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;margin-left:0pt;' >Recent Accounting Pronouncements</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;' > not yet adopted</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;' >On August 2018, the FASB issued ASU No. 2018-13, &#8220;Fair Value Measurement (Topic 820)&#8212;Disclosure Framework&#8212;Changes to the Disclosure Requirements for Fair Value Measurement&#8221;, which improves the</font><font style='font-family:Calibri;font-size:11pt;' > 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, Concept</font><font style='font-family:Calibri;font-size:11pt;' >ual Framework for Financial Reporting&#8212;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 GAAP, to make disclosures about recurring</font><font style='font-family:Calibri;font-size:11pt;' > and non-recurring fair value measurements. ASU No. 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 </font><font style='font-family:Calibri;font-size:11pt;' >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</font><font style='font-family:Calibri;font-size:11pt;' > 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 modi</font><font style='font-family:Calibri;font-size:11pt;' >fied 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 consolidated financial stat</font><font style='font-family:Calibri;font-size:11pt;' >ements and related disclosures.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;' >On October 2018, the FASB issued ASU No. 2018-17, &#8220;Consolidation (Topic 810)&#8212;Targeted Improvements to Related Party Guidance for Variable Interest Entities&#8221;. The Board is issuing this Update in response to stakeholders&#8217; obs</font><font style='font-family:Calibri;font-size:11pt;' >ervations that Topic 810, Consolidation, could be improved in the following areas: i) applying the variable interest entity (VIE) guidance to private companies under common control, ii) considering indirect interests held through related parties under comm</font><font style='font-family:Calibri;font-size:11pt;' >on control for determining whether fees paid to decision makers and service providers are variable interests. The amendments in this Update improve the accounting for those areas, thereby improving general purpose financial reporting. ASU No. 2018-17 is ef</font><font style='font-family:Calibri;font-size:11pt;' >fective for annual periods, including interim periods within those annual periods, beginning after December 15, 2019. All entities are required to apply the amendments in this Update retrospectively with a cumulative-effect adjustment to retained earnings </font><font style='font-family:Calibri;font-size:11pt;' >at the beginning of the earliest period presented. Early adoption is permitted. The Company is currently assessing the impact that adopting this new accounting guidance will have on its consolidated financial statements and related disclosures.</font></p><p style='text-align:justify;line-height:12pt;' ></p></div> 2019-03-05 19000000 20 quarterly 477300 9454000 2.8 <div><p style='text-align:left;margin-top:12pt;margin-bottom:12pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;margin-left:0pt;' >14</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;' >.</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;' > Subsequent Events</font></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;' >a)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;' > Series B Preferred Stock Dividends</font><font style='font-family:Calibri;font-size:11pt;' >: On January 15, 2019, the Company paid a dividend on its series B preferred stock, amounting to $0.5546875 per share, or $1,442, to its stockholders of record as of January 14, 2019.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;' >b)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;' > Series C Preferred Stock</font><font style='font-family:Calibri;font-size:11pt;' >: On January 31, 2019, DSI issued 10,675 shares of its newly-designated Series C Preferred Stock, par value $0.01 per share, to an affiliate of its Chairman and Chief Executive Officer, Mr. Simeon Palios, for an aggregate purchase </font><font style='font-family:Calibri;font-size:11pt;' >price of $1,066. The Series C Preferred Stock will vote with the common shares of the Company, and each share entitles the holder thereof to 1,000 votes on all matters submitted to a vote of the stockholders of the Company. </font><font style='font-family:Calibri;font-size:11pt;' >The transaction was approved una</font><font style='font-family:Calibri;font-size:11pt;' >nimously by a committee of the Board of Directors established for the purpose of considering the transaction and consisting of the Company&#39;s independent directors. </font><font style='font-family:Calibri;font-size:11pt;' >The Series C Preferred Stock has no dividend or liquidation rights and cannot be transferred</font><font style='font-family:Calibri;font-size:11pt;' > without the consent of the Company except to the holder&#8217;s affiliates and immediate family members.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;' >c)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;' > Sale of Vessels:</font><font style='font-family:Calibri;font-size:11pt;' > On February 14 and February 15, 2019 the Company through two separate wholly-owned subsidiaries entered into two Memoranda of Agreement</font><font style='font-family:Calibri;font-size:11pt;' > to sell the vessels </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;' >Danae</font><font style='font-family:Calibri;font-size:11pt;' > and </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;' >Dione</font><font style='font-family:Calibri;font-size:11pt;' > to two affiliated parties controlled by one Director each, for the purchase price of $7,200 each. </font><font style='font-family:Calibri;font-size:11pt;' >The transaction was approved by disinterested directors of the Company and the agreed upon sale price was based, among ot</font><font style='font-family:Calibri;font-size:11pt;' >her factors, on independent third-party broker valuations obtained by the Company. </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;' >Danae</font><font style='font-family:Calibri;font-size:11pt;' > is expected to be delivered to her new owners </font><font style='font-family:Calibri;font-size:11pt;' >latest by June 28, 2019 and </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;' >Dione</font><font style='font-family:Calibri;font-size:11pt;' > by April 15, 2019</font><font style='font-family:Calibri;font-size:11pt;' >.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;' >d)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;' > Annual Incentive Bonus:</font><font style='font-family:Calibri;font-size:11pt;' > On February 20, </font><font style='font-family:Calibri;font-size:11pt;' >2019</font><font style='font-family:Calibri;font-size:11pt;' > the Company&#8217;s Bo</font><font style='font-family:Calibri;font-size:11pt;' >ard of Directors approved the grant of 2,000,000 shares of restricted common stock awards to executive management and non-executive directors, pursuant to the Company&#8217;s 2014 equity incentive plan, as amended. The fair value of the restricted shares based o</font><font style='font-family:Calibri;font-size:11pt;' >n the closing price on the date of the Board of Directors&#8217; approval was $5,980 and will be recognized in income ratably over the restricted shares vesting period which will be 3 years.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;' >e)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;' > Tender Offer:</font><font style='font-family:Calibri;font-size:11pt;' > On February </font><font style='font-family:Calibri;font-size:11pt;' >27, </font><font style='font-family:Calibri;font-size:11pt;' >2019 the Company commenced a tender offer</font><font style='font-family:Calibri;font-size:11pt;' > to purchase up to 5,178,571 shares of its outstanding common stock using funds available from cash and cash equivalents at a price of $2.80 per share</font><font style='font-family:Calibri;font-size:11pt;' >, </font><font style='font-family:Calibri;font-size:11pt;' >net to the seller, in cash, less any applicable withholding taxes and without interest. The tender offer is scheduled to expire on March 27, 2019.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;' >f)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;' > New Loan Agreement:</font><font style='font-family:Calibri;font-size:11pt;' > </font><font style='font-family:Calibri;font-size:11pt;' >On March </font><font style='font-family:Calibri;font-size:11pt;' >5</font><font style='font-family:Calibri;font-size:11pt;' >, 2019, the Company, through two wholly owned subsidiaries, entered</font><font style='font-family:Calibri;font-size:11pt;' > into a </font><font style='font-family:Calibri;font-size:11pt;' >$19,000 </font><font style='font-family:Calibri;font-size:11pt;' >loan agreement with DNB Bank ASA, for the purpose of providing the borrowers with working capital. The loan </font><font style='font-family:Calibri;font-size:11pt;' >will be available until March 20, 2019 and will be</font><font style='font-family:Calibri;font-size:11pt;' > </font><font style='font-family:Calibri;font-size:11pt;' >re</font><font style='font-family:Calibri;font-size:11pt;' >payable in </font><font style='font-family:Calibri;font-size:11pt;' >20 consecutive quarterly instalments of $477</font><font style='font-family:Calibri;font-size:11pt;' >.3</font><font style='font-family:Calibri;font-size:11pt;' > and a balloon of $</font><font style='font-family:Calibri;font-size:11pt;' >9,454</font><font style='font-family:Calibri;font-size:11pt;' >, latest by </font><font style='font-family:Calibri;font-size:11pt;' >March 20, 2024</font><font style='font-family:Calibri;font-size:11pt;' >.</font></p></div> <div><p style='text-align:left;margin-top:12pt;margin-bottom:12pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;margin-left:0pt;' >3</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;' >.</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;' > Investments in related parties</font></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >a)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > Diana Containerships Inc.</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >(renamed to Performance Shipping Inc. in February 2019), or Diana Containerships</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >: </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >In 2017, the Company gradually sold all shares owned in the common stock of Diana Containerships, realizing an aggregate loss of $757 from the sale of such shares. For 2017 and 2016, the investment in Diana Containerships resulted in loss of $5,656 (includ</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ing the loss from the sale of shares) and $56,465, respectively, of which $3,124 and $17,568, respectively was impairment, which was recorded based on Diana Containerships&#8217; market value on Nasdaq at the date of each impairment charge recognition. The loss </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >and impairment are included in &#8220;Gain/(loss) from equity method investments&#8221; in the accompanying consolidated statements of operations. In 2016, DSI received dividends from Diana Containerships amounting to $96. </font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >On May 30, 2017, the company acquired 100 s</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >hares of newly-designated Series C Preferred Stock, par value $0.01 per share, of Diana Containerships for $3,000 in exchange for a reduction of an equal amount in the principal amount of the Company&#8217;s outstanding loan to Diana Containerships at that date </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(Note </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >4</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(b)). The Series C Preferred Stock has no dividend or liquidation rights and votes with the common shares of Diana Containerships, if any. Each share of the Series C Preferred Stock entitles the holder thereof to up to 250,000 votes, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >subject to a cap such that the aggregate voting power of any holder of Series C Preferred Stock together with its affiliates does not exceed 49.0%, on all matters submitted to a vote of the stockholders of Diana Containerships. The acquisition of shares of</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > Series C Preferred Stock was approved by an independent committee of the Board of Directors of the Company. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >A</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >s at </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >December 31,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2018</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2017</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >the investment </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >amounted to $3,000 for both periods and is included in &#8220;Investments in related parties&#8221;.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >b)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > Diana Wilhelmsen Management Limited, or DWM:</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >DWM is a joint venture which was established on May 7, 2015 by Diana Ship Management Inc., a wholly owned subsidiary of DSI, and Wilhelmsen Ship Management Holding Limited, an unaffiliated third party, each hol</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ding 50% of DWM. As at </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >December 31</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2018</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, DWM provided management services to eight vessels of the Company&#8217;s fleet (Note </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >4</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(d)) following the sale of the m/v </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;color:#000000;' >Triton</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and m/v </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;color:#000000;' >Alcyon</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > in December 2018 (</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Note </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >5</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >). The DWM office is located in </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Limassol, Cyprus. As at </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >December 31</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2018</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2017</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, the </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >equity method </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >investment in DWM amounted to </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$263</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$249</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, respectively, and is included in &#8220;Investments in related parties&#8221; in the accompanying consolidated balan</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ce sheets. For </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2018</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2017</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2016</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, the investment in DWM resulted in gain of </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$14</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$49</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$88</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, respectively, and is included in &#8220;Gain/(loss) from equity method inves</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >tments&#8221; in the accompanying consolidated statements of operations.</font></p></div> <div><p style='text-align:left;margin-top:12pt;margin-bottom:12pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;margin-left:0pt;' >4</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;' >.</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;' > Transactions with related parties</font></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >a)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > Altair Travel Agency S.A. (&#8220;Altair&#8221;):</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > The Company uses the services of an affiliated travel agent, Altair, which is controlled by the Company&#8217;s CEO and Chairman of the Board. Travel expenses for </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2018</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2017</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2016</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > amounted to </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$2,253</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$2,096</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$2,320</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, respectively, and are mainly included in &#8220;Vessels, net book value&#8221;, &#8220;Vessel operating expenses&#8221; and &#8220;General and administrative expenses&#8221; in the accompanying</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > consolidated financial statements. At </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >December 31</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2018</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2017</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, an amount of </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$63</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$162</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, respectively, was payable to Altair and is included in &#8220;Due to related parties&#8221; in the accompanying consolidated balance sheets.</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >b)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > Diana Containerships Inc.</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >(renamed to Performance Shipping Inc. in February 2019), or Diana Containerships</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >:</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >On May 20, 2013, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >the Company entered into a five year unsecured loan of $50,000 with a subsidiary of Diana Containerships, drawn on August 20, 2013, for general corporate purposes and working capital. Following an amendment </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >on September 9, 2015, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >the interest was set to LIBOR plus a margin of 3% </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >per annum </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >and a fixed fee of $200 would be payable on the maturity date. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >In addition, the borrower agreed to repay the principal amount of the loan on the last day of each interest per</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >iod in amounts totalling $5,000 per annum, but not to exceed $32,500 in the aggregate. Following another amendment on August 24, 2016, the repayment of all outstanding principal amounts was deferred until a later date, the borrower was changed to another w</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >holly-owned subsidiary of Diana Containerships and the interest rate of the deferral period increased to 3.35% per annum over LIBOR.</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > On May 30, 2017, as discussed in Note </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >3</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(a), the loan was decreased by $3,000, in order to acquire the Series C </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Preferred Stock issued by Diana Containerships.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >On June 30, 2017, DSI entered into a loan facility of $82,617 with Diana Containerships to refinance the existing loan amounting to $42,617 at that date (including the above mentioned fixed fee). The loan al</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >so </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >provided</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > for an additional $5,000 interest-bearing discount premium payable on the termination date, unless </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >waived according to certain terms of the loan agreement. The loan was collected </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >in </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >full in July 2018, including the additional $5,000 interest-be</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >aring </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >discount premium. The loan </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >bore</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > interest at the rate of 6% per annum for the first twelve months, scaled to 9% </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >until full repayment.</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > The loan facility </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >was</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > secured by first preferred mortgages on Diana Containerships&#8217; vessels and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >included</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > financial an</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >d other covenants. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >As at December 31, 2017 the </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >loan </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >had an outstanding balance of </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$82,660</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, including accrued interest </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >and is separately presented in &#8220;Due from related parties&#8221; in the accompanying consolidated balance sheet. </font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >For the </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >years ended December 31</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2018</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2017</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2016</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, interest and other income amounted to </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$7,055</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > (including the $5,000 additional discount premium), </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$3,855</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$1,692</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, respectively, and is included in &#8220;Interest</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and other income&#8221; in the accompanying consolidated statements of operations. </font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >c)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > Steamship Shipbroking Enterprises Inc. or Steamship:</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > Steamship is a company controlled by the Company&#8217;s CEO and Chairman of the Board which provides brokerage services to DS</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >I pursuant to a Brokerage Services Agreement for a fixed fee amended annually on each anniversary of the agreement. The agreement was amended in November 21, 2018, to increase the fee from October 1, 2018 until expiration of the agreement in March 2019. Fo</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >r </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2018</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2017</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2016</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, brokerage fees amounted to </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$1,850</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$1,800</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$1,680</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, respectively, and are included in &#8220;General and administrative expenses&#8221; in the accompanying consolidated statements of o</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >perations. As of </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >December 31</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2018</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2017</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, there was no amount due to Steamship, included in &#8220;Due to related parties&#8221; in the accompanying consolidated balance sheets.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >d)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > Diana Wilhelmsen Management Limited:</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > As of </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >December 31</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2018</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, DWM provided managemen</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >t services to eight vessels of the Company&#8217;s fleet for a fixed monthly fee and commercial services charged as a percentage </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >of the vessels&#8217; gross revenues. Management fees for </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2018</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2017</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2016</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > amounted to </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$2,394</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$1,883</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$1,464</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, respectively, and are separately presented as &#8220;Management fees to related party&#8221; in the accompanying consolidated statements of operations, whereas commercial fees amounted to </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$453</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$260</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$124</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, respectively, and are included in &#8220;Voyage expenses&#8221; in the accompanying consolidated statements of operations. As at </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >December 31</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2018</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2017</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, there was an amount of </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$119</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$109</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, respectively, due t</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >o DWM, included in &#8220;Due to related parties&#8221; in the accompanying consolidated balance sheets.</font></p><p style='text-align:justify;line-height:12pt;' ></p></div> <div><p style='text-align:justify;margin-top:12pt;margin-bottom:12pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;margin-left:0pt;' >8</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;' >.</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;' > Commitments and </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;' >Contingencies</font></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >a)</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Various claims, suits, and complaints, including those involving government regulations and product liability, arise in the ordinary course of the shipping business. In addition, losses may arise from </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >disputes with charterers, agents, insurance and other claims with suppliers relating to the operations of the Company&#8217;s vessels. The Company accrues for the cost of environmental and other liabilities when management becomes aware that a liability is proba</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ble and is able to reasonably estimate the probable exposure. </font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >The Company&#8217;s vessels are covered for pollution in the amount of $1&#160;billion per vessel per incident, by the P&amp;I Association in which the Company&#8217;s vessels are entered. The Company&#8217;s vessels ar</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >e subject to calls payable to their P&amp;I Association and may be subject to supplemental calls which are based on estimates of premium income and anticipated and paid claims. Such estimates are adjusted each year by the Board of Directors of the P&amp;I Associat</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ion until the closing of the relevant policy year, which generally occurs within three years from the end of the policy year. Supplemental calls, if any, are expensed when they are announced and according to the period they relate to. </font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >b)</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >As </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >at</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >December 31</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2018</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >all of the Company&#8217;s vessels were fixed under time charter agreements. T</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >he</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >minimum contractual gross charter revenue </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >expected to</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > be generated from </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >fixed and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >non-cancelable time charter contracts</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >existing</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > as at </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >December 31</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2018</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >and</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > until their expirat</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ion </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >was</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > as follows:</font></p></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:12.75pt;' ><td style='width:283.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:283.5pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >Period</font></td><td style='width:9pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:93pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:93pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:93pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:93pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >Amount</font></td></tr><tr style='height:12.75pt;' ><td style='width:283.5pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:283.5pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >Year 1</font></td><td style='width:9pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:93pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:93pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</font></td><td style='width:93pt;border-top-style:solid;border-top-width:1;text-align:right;vertical-align:bottom;border-color:Black;min-width:93pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >131,917</font></td></tr><tr style='height:12.75pt;' ><td style='width:283.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:283.5pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >Year 2</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:93pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:93pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:93pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:93pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >5,211</font></td></tr><tr style='height:13.5pt;' ><td style='width:283.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:283.5pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' > Total</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:93pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:93pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</font></td><td style='width:93pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:93pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >137,128</font></td></tr></table></div> <div><p style='text-align:left;margin-top:12pt;margin-bottom:12pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;margin-left:0pt;' >9</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;' >.</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;' >Capital Stock and Changes in Capital Accounts</font></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >a)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Preferred stock</font><font style='font-family:Calibri;font-size:11pt;font-style:italic;color:#000000;' >:</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > As at </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >December 31</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2018</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2017</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, the Company&#8217;s authorized preferred stock consists</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > of 25,000,000 shares (all in registered form) of preferred stock, par value $0.01 per share, of which 1,000,000 are designated as Series A Participating Preferred Shares and 5,000,000 are designated as Series B Preferred Shares.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >As at </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >December 31</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2018</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2017</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, the Company had 2,600,000 Series B Preferred Shares issued and outstanding with par value $0.01 per share, at $25.00 per share and with liquidation preference at $25.00 per share and zero Series A Participating Preferred Shares issued and outstan</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ding. Holders of series B preferred shares have no voting rights other than the ability, subject to certain exceptions, to elect one director if dividends for six quarterly dividend periods (whether or not consecutive) are in arrears and certain other limi</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ted protective voting rights. Also, holders of series B preferred shares, rank prior to the holders of common shares with respect to dividends, distributions and payments upon liquidation.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >Dividends on the Series B preferred shares are cumulative from the</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > date of original issue and are payable on the 15th day of January, April, July and October of each year at the dividend rate of 8.875% per annum, or $2.21875 per share per annum. For </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2018</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2017</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2016</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, dividends on Series B preferred shares a</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >mounted to </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$5,769</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >. At any time on or after February 14, 2019, the Company may redeem, in whole or in part, the series B preferred shares at a redemption price of $25.00 per share plus an amount equal to all accumulated and unpaid dividends there</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >on to the date of redemption, whether or not declared. </font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >b)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > Common</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > Stock</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >:</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >The Company&#8217;s authorized capital stock consists of 200,000,000 shares (all in registered form) of common stock, par value $0.01 per share. The holders of the common shares are entitl</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ed to one vote on all matters submitted to a vote of stockholders and to receive all dividends, if any. </font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >c)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Offering of common shares: </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >On April 26, 2017, the Company issued a total 20,125,000 common shares, at a price of $4.00 per share, in a public offer</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ing. As part of the offering, entities affiliated with Simeon Palios, the Company&#8217;s Chief Executive Officer and Chairman, executive officers and certain directors, purchased an aggregate of 5,500,000 common shares at the public offering price. The net pro</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ceeds from the offering after underwriting discounts and other offering expenses were </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$77,311</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >d)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > Repurchase</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > of common shares: </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >In December</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > 201</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >8</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, the Company </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >repurchased </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >a total </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >of </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >4,166,666 </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >common shares, at a price of $</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >3</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >.</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >6</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >0 per share, in a </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ten</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >der offer which commenced in November 2018</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >The total cost from the tender offer amounted to </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$15,157</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >e)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Incentive plan</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >: </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >In November 2014, the Company</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >adopt</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ed</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > the 2014 Equity Incen</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >tive Plan to issue awards to Key Persons in the form of </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(a)&#160;non-qualified stock, (b)&#160;stock appreciation rights, (c)&#160;restricted stock, (d)&#160;restricted stock units, (e)&#160;dividend equivalents, (f)&#160;unrestricted stock and (g)&#160;other equity-based or equity-related Awards</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > for a maximum number of 5,000,000 shares of commo</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >n stock. This number was increased to 13,000,000 on May 31, 2018, after an amendment of the plan. A</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >s at </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >December 31</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2018</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >9,124,759</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > remained reserved for issuance.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >Restricted stock during </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2018</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2017</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2016</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > is analysed as follows:</font></p><p style='text-align:justify;line-height:12pt;' ></p></div><p style='line-height:20pt;' /><div><table style='border-collapse:collapse;' ><tr style='height:12.75pt;' ><td style='width:292.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:98.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;color:#000000;' >Number of Shares</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:98.25pt;border-bottom-style:solid;border-bottom-width:2;text-align:center;vertical-align:bottom;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;color:#000000;' >Weighted Average Grant Date Price</font></td></tr><tr style='height:12.75pt;' ><td style='width:292.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;color:#000000;' >Outstanding at December 31, 2015</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:98.25pt;border-top-style:solid;border-top-width:2;text-align:right;vertical-align:middle;border-color:#000000;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2,764,312</font></td><td style='width:9pt;text-align:left;vertical-align:middle;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$</font></td><td style='width:98.25pt;border-top-style:solid;border-top-width:2;text-align:right;vertical-align:middle;border-color:#000000;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >8.27</font></td></tr><tr style='height:12.75pt;' ><td style='width:292.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Granted</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:98.25pt;text-align:right;vertical-align:middle;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2,150,000</font></td><td style='width:9pt;text-align:left;vertical-align:middle;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font></td><td style='width:98.25pt;text-align:right;vertical-align:middle;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2.26</font></td></tr><tr style='height:12.75pt;' ><td style='width:292.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Vested</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:98.25pt;text-align:right;vertical-align:middle;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(971,646)</font></td><td style='width:9pt;text-align:left;vertical-align:middle;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font></td><td style='width:98.25pt;text-align:right;vertical-align:middle;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >8.67</font></td></tr><tr style='height:13.5pt;' ><td style='width:292.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;color:#000000;' >Outstanding at December 31, 2016</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:98.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:middle;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >3,942,666</font></td><td style='width:9pt;text-align:left;vertical-align:middle;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$</font></td><td style='width:98.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:middle;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >4.89</font></td></tr><tr style='height:13.5pt;' ><td style='width:292.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Granted</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:98.25pt;border-top-style:double;border-top-width:3;text-align:right;vertical-align:middle;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >1,310,000</font></td><td style='width:9pt;text-align:left;vertical-align:middle;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font></td><td style='width:98.25pt;border-top-style:double;border-top-width:3;text-align:right;vertical-align:middle;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >3.95</font></td></tr><tr style='height:12.75pt;' ><td style='width:292.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Vested</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:98.25pt;text-align:right;vertical-align:middle;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(1,611,549)</font></td><td style='width:9pt;text-align:left;vertical-align:middle;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font></td><td style='width:98.25pt;text-align:right;vertical-align:middle;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >5.46</font></td></tr><tr style='height:13.5pt;' ><td style='width:292.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;color:#000000;' >Outstanding at December 31, 2017</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:98.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:middle;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >3,641,117</font></td><td style='width:9pt;text-align:left;vertical-align:middle;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$</font></td><td style='width:98.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:middle;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >4.30</font></td></tr><tr style='height:13.5pt;' ><td style='width:292.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Granted</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:98.25pt;border-top-style:double;border-top-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >1,800,000</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:98.25pt;border-top-style:double;border-top-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >3.82</font></td></tr><tr style='height:12.75pt;' ><td style='width:292.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Vested</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:98.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(1,679,484)</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:98.25pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >4.38</font></td></tr><tr style='height:13.5pt;' ><td style='width:292.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:292.5pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;color:#000000;' >Outstanding at December 31, 2018</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' ></font></td><td style='width:98.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >3,761,633</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$</font></td><td style='width:98.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:11pt;color:#000000;' >4.04</font></td></tr></table></div><p style='line-height:20pt;' /><div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;' >The fair value of the restricted shares has been determined with reference to the closing price of the Company&#8217;s stock on the date the agreements were signed. The aggregate compensation cost is being recognized ratably in the consolidated statement of </font><font style='font-family:Calibri;font-size:11pt;' >operations over the respective vesting periods. For </font><font style='font-family:Calibri;font-size:11pt;' >2018</font><font style='font-family:Calibri;font-size:11pt;' >, </font><font style='font-family:Calibri;font-size:11pt;' >2017</font><font style='font-family:Calibri;font-size:11pt;' > and </font><font style='font-family:Calibri;font-size:11pt;' >2016</font><font style='font-family:Calibri;font-size:11pt;' >, an amount of </font><font style='font-family:Calibri;font-size:11pt;' >$7,279</font><font style='font-family:Calibri;font-size:11pt;' >, </font><font style='font-family:Calibri;font-size:11pt;' >$8,232</font><font style='font-family:Calibri;font-size:11pt;' >, and </font><font style='font-family:Calibri;font-size:11pt;' >$8,313</font><font style='font-family:Calibri;font-size:11pt;' >, respectively, was recognized in &#8220;General and administrative expenses&#8221; present</font><font style='font-family:Calibri;font-size:11pt;' >ed in the accompanying consolidated statements of operations.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;' >At </font><font style='font-family:Calibri;font-size:11pt;' >December 31</font><font style='font-family:Calibri;font-size:11pt;' >, </font><font style='font-family:Calibri;font-size:11pt;' >2018</font><font style='font-family:Calibri;font-size:11pt;' > and </font><font style='font-family:Calibri;font-size:11pt;' >2017</font><font style='font-family:Calibri;font-size:11pt;' >, the total unrecognized cost relating to restricted share awards was </font><font style='font-family:Calibri;font-size:11pt;' >$10,106</font><font style='font-family:Calibri;font-size:11pt;' > and </font><font style='font-family:Calibri;font-size:11pt;' >$10,509</font><font style='font-family:Calibri;font-size:11pt;' >, respectively. At </font><font style='font-family:Calibri;font-size:11pt;' >December 31</font><font style='font-family:Calibri;font-size:11pt;' >, </font><font style='font-family:Calibri;font-size:11pt;' >2018</font><font style='font-family:Calibri;font-size:11pt;' >, the </font><font style='font-family:Calibri;font-size:11pt;' >weighted-average period over which the total compensation cost related to non-vested awards not yet recognized is expected to be recognized is </font><font style='font-family:Calibri;font-size:11pt;' >0.86</font><font style='font-family:Calibri;font-size:11pt;' > years.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;' >f)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;' >Share Repurchase Agreement:</font><font style='font-family:Calibri;font-size:11pt;' > </font><font style='font-family:Calibri;font-size:11pt;' >On May 22, 2014, the Company&#8217;s Board of Direct</font><font style='font-family:Calibri;font-size:11pt;' >ors authorized a share repurchase plan for up to $100,000 worth of shares of the Company&#8217;s common stock. During </font><font style='font-family:Calibri;font-size:11pt;' >the </font><font style='font-family:Calibri;font-size:11pt;' >years ended December 31</font><font style='font-family:Calibri;font-size:11pt;' >, </font><font style='font-family:Calibri;font-size:11pt;' >2018</font><font style='font-family:Calibri;font-size:11pt;' > and </font><font style='font-family:Calibri;font-size:11pt;' >2017</font><font style='font-family:Calibri;font-size:11pt;' >, the Company did not repurchase any shares.</font></p></div> 2024-03-20 3.6 97500000 The bond is callable in three years DIASH01 2018-09-27 semi-annually 2023-09-27 100000000 0.095 15157000 5178571 5500000 2 16200000 <div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >y)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Shares repurchased and retired: </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Company&#8217;s shares repurchased for retirement, are immediately cancelled and the Company&#8217;s share capital is accordingly reduced. Any </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >excess of the cost of the shares over their par value is allocated in additional paid-in capital, in accordance with ASC 505-30-30, Treasury Stock.</font></p><p style='text-align:justify;line-height:12pt;' ></p></div> 7200000 7200000 1000000000 0 0 0 2019-03-27 <div><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;margin-left:0pt;' >Recent Accounting Pronouncements</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;' > adopted</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;' >On January 1, 2018, the Company adopted ASU No. 2016-13 &#8220;Financial Instruments &#8211; Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments&#8221; which amends guidance on reporting credit losses </font><font style='font-family:Calibri;font-size:11pt;' >for assets held at amortized cost basis and available for sale debt securities. On the same date, the Company adopted ASU No. 2018-19, &#8220;Codification Improvements to Topic 326, Financial Instruments&#8212;Credit Losses&#8221;. The amendments in this update clarify tha</font><font style='font-family:Calibri;font-size:11pt;' >t 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. The adoption of ASU No. 2016-13 and ASU </font><font style='font-family:Calibri;font-size:11pt;' >No. 2018-19 did not have any effect in the Company&#8217;s financial statements and disclosures. </font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;' >On January 1, 2018, the Company adopted the ASU No. 2017-09, &quot;Compensation &#8212; Stock Compensation (Topic 718), Scope of Modification Accounting&quot;, which clarifies and</font><font style='font-family:Calibri;font-size:11pt;' > reduces both (1) diversity in practice and (2) cost and complexity when applying the guidance in Topic 718, Compensation&#8212;Stock Compensation, to a change to the terms or conditions of a share-based payment award. The adoption of ASU 2017-09 did not have a </font><font style='font-family:Calibri;font-size:11pt;' >material effect in the Company&#39;s financial statements.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;' >On January 1, 2018, the Company adopted the provisions of ASU 2014-09 (Topic 606 &#8211; Revenue from Contracts with Customers), as amended from time to time, using the modified retrospective method to cont</font><font style='font-family:Calibri;font-size:11pt;' >racts that were </font><font style='font-family:Calibri;font-size:11pt;' >in effect</font><font style='font-family:Calibri;font-size:11pt;' > at January 1, 2018. The standard, outlines a single comprehensive model for entities to use in accounting for revenue from contracts with customers, supersedes most legacy revenue recognition guidance, and expands disclosure requi</font><font style='font-family:Calibri;font-size:11pt;' >rements. The core principle of the guidance in Topic 606 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in</font><font style='font-family:Calibri;font-size:11pt;' > exchange for those goods or services by applying the following five step method: (1) identify the contract(s) with a customer; (2) identify the performance obligations in each contract; (3) determine the transaction price; (4) allocate the transaction pri</font><font style='font-family:Calibri;font-size:11pt;' >ce to the performance obligations in each contract; and (5) recognize revenue when (or as) the entity satisfies a performance obligation. The Company&#8217;s time charter agreements were determined to contain a lease and were accounted for under ASC 842 as discu</font><font style='font-family:Calibri;font-size:11pt;' >ssed below. </font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;' >The prior period comparative information has not been restated </font><font style='font-family:Calibri;font-size:11pt;' >for Topic 606 </font><font style='font-family:Calibri;font-size:11pt;' >and continues to be reported under the accounting guidance in effect for those periods. Implementation of the new revenue standard did not have any impact on revenue recognition. </font><font style='font-family:Calibri;font-size:11pt;' >There was no cumulative effect from the adoption of the </font><font style='font-family:Calibri;font-size:11pt;' >new revenue </font><font style='font-family:Calibri;font-size:11pt;' >standard to opening accumulated deficit as at January 1, 2018, and no impact on any of the line items reported in the Company&#8217;s consolidated financial statements. </font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;' >In the fourth quarter of 2018, the </font><font style='font-family:Calibri;font-size:11pt;' >Company early adopted the ASU No. 2016-02, Leases (ASC 842), as amended from time to time, with adoption reflected as of January 1, 2018, the beginning of the Company&#8217;s annual period in accordance with ASC 250, using the modified retrospective transition m</font><font style='font-family:Calibri;font-size:11pt;' >ethod. The Company elected to apply the additional and optional transition method to existing leases at the beginning of the period of adoption through a cumulative effect adjustment to the opening accumulated deficit as of January 1, 2018. The prior perio</font><font style='font-family:Calibri;font-size:11pt;' >d comparative information has not been restated and continues to be reported under the accounting guidance in effect for those periods (ASC 840), including the disclosure requirements. Also, the Company elected to apply a package of practical expedients un</font><font style='font-family:Calibri;font-size:11pt;' >der ASC 842 which allowed the Company, as lessor, not to reassess (i) whether any existing contracts, on the date of adoption, </font><font style='font-family:Calibri;font-size:11pt;' >contained a lease, (ii) lease classification of existing leases classified as operating leases in accordance with ASC 840</font><font style='font-family:Calibri;font-size:11pt;' > and (iii) initial direct costs for any existing leases. As all existing contracts with charterers, at January 1, 2018, are operating leases and </font><font style='font-family:Calibri;font-size:11pt;' >as </font><font style='font-family:Calibri;font-size:11pt;' >the Company did not account for initial direct costs related to existing leases a</font><font style='font-family:Calibri;font-size:11pt;' >t</font><font style='font-family:Calibri;font-size:11pt;' > January 1, 2018, there were </font><font style='font-family:Calibri;font-size:11pt;' >no amounts to be recorded as a cumulative effect adjustment to opening accumulated deficit on January 1, 2018. The Company did not have any material lease arrangements in which it was a lessee at the adoption date. </font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;' >Additionally, the Company, as lessor, e</font><font style='font-family:Calibri;font-size:11pt;' >lected to apply the practical expedient, to not separate lease and associated non-lease components, and instead to account for each separate lease component and the associated non-lease components as a single component, as the criteria of the paragraphs AS</font><font style='font-family:Calibri;font-size:11pt;' >C 842-10-15-42A through 42B are met (Note 2(p)). There was no cumulative effect from the adoption of the standard to opening accumulated deficit as at January 1, 2018, and no impact on any of the line items reported in the Company&#8217;s consolidated financial </font><font style='font-family:Calibri;font-size:11pt;' >statements. </font></p><p style='text-align:justify;line-height:12pt;' ></p></div> 162000 -59000 117000 25000000 3263000 3249000 3000000 3000000 3000000 100 0.01 Each share of the Series C Preferred Stock entitles the holder thereof to up to 250,000 votes, subject to a cap such that the aggregate voting power of any holder of Series C Preferred Stock together with its affiliates does not exceed 49.0%, on all matters submitted to a vote of the stockholders of Diana Containerships. 250000 0.49 false 75000000