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27963000 28299000 24978000 195000 268000 343000 3833233 3761633 3641117 3942666 3.63 4.04 4.3 4.89 2000000 1800000 1310000 1928400 1679484 1611549 2.99 3.75 3.82 4.38 3.95 5.46 0 0 2804000 2573000 125781000 -296000 125000 252000 104000 252000 125000 2032000 2253000 2096000 30000 63000 -757000 -5656000 3124000 100 0.01 3000000 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 Performance. 2017-06-30 82617000 5000000 -5000000 42617000 1998000 1850000 1800000 0 0 180000 263000 83000 14000 49000 55000 119000 353000 453000 260000 7200000 7200000 2 7350000 7450000 2 1448000 2018-12-31 2019-04-30 2019-06-30 2019-07-31 2019-09-30 2019-11-30 7000000 6400000 6710000 7400000 7275000 10567000 6171000 1102000 14000000 2515000 11528000 19807000 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quarterly 20000 283000 4 quarterly 15000000 20 semi-annual 500000 5000000 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 0.025 0.01 9500000 32 quarterly 156000 4500000 2022-01-13 LIBOR plus a margin 0.0225 75000000 20 quarterly 1562500 43750000 2023-07-16 LIBOR plus a margin 0.023 93080000 24 quarterly 1862000 48402000 2021-03-19 LIBOR plus a margin 0.021 25000000 20 quarterly 800000 9000000 2024-06-28 LIBOR plus a margin 0.0225 30000000 28 quarterly 500000 16000000 2022-04-30 LIBOR plus a margin 0.0215 27950000 28 quarterly 466000 14907000 2022-11-19 LIBOR plus a margin 0.0165 11733000 28 quarterly 293000 3520000 2022-10-06 LIBOR plus a margin 0.0165 57240000 60 quarterly 954000 2032-01-04 LIBOR plus a margin 0.023 19000000 20 quarterly 477300 9454000 2024-03-14 LIBOR plus a margin 0.024 1.03 1.019 1 1000000000 25000000 25000000 0.01 0.01 1000000 1000000 5000000 5000000 10675 0.01 0.01 2600000 2600000 2600000 2600000 25 25 25 25 0 0 0 0 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. 0.08875 2.21875 25 0.01 10675 10675 1000 The Series C Preferred Stock votes 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. 4 77311000 5500000 3.6 15157000 3889386 2.8 3125000 3.4 3.75 2000000 2816900 3.55 3.65 2739726 49679000 5000000 13000000 7124759 7581000 7279000 8232000 8505000 10106000 100000000 0 0 0 27963000 28299000 24991000 0 0 13000 99250000 1442000 2020-01-14 9350000 2573000 2804000 979141 104715883 49679000 15157000 100553000 169943000 55164000 15583000 47370000 13987000 442274000 -6171000 -1448000 0 10879000 true false false 0 0 0.01 0.01 200000000 200000000 -0.17 0.1 -5.41 P0Y10M6D 0.5546875 0 3030303 3.3 0 0 0 0 0 0 0 0 0 0 0 0 Common Stock, $0.01 par value, Preferred Stock Purchase Rights, 8.875% Series B Cumulative Redeemable DSX NYSE 0.04 0.5 P3Y0M0D P3Y0M0D P3Y0M0D 1 2 2020-03-11 8750000 2200000 5984000 P3Y0M0D 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. Similarly, the Company performed the exercise discussed above, for 2018, by excluding from the 10-year average of 1 year time charters the years 2009-2010 and for 2019, by excluding the rates for the year 2010. 7130000 0 2858000 8822000 4508000 -1583000 14000 -5607000 2155000 2394000 1883000 7055000 3855000 12242000 2155000 2394000 1883000 <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;' >2019</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></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;' >18%</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;' >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></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;' >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;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: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;' >12%</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;' >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></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;' >12%</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><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></table></div> <div><p style='text-align:left;margin-top:12pt;margin-bottom:12pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:12pt;font-weight:bold;margin-left:0pt;' >1</font><font style='font-family:Calibri;font-size:12pt;font-weight:bold;' >.</font><font style='font-family:Calibri;font-size:12pt;font-weight:bold;' > Basis of Presentation and General Information</font><font style='font-family:Calibri;font-size:12pt;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 through the ownership of dry bulk carrier vessels. The Company opera</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >tes its own fleet through Diana Shipping Services S.A. (or &#8220;DSS&#8221;), a wholly-owned subsidiary and through Diana Wilhelmsen Management Limited, or DWM, a 50% owned joint venture (Note </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >3</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >). The fees paid to DSS are eliminated in consolidation.</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 </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2019</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;' >,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > charterers that individually accounted for 10% or more of the Company&#8217;s time charter revenues were 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;' >2019</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></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;' >18%</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;' >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></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;' >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;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: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;' >12%</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;' >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></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;' >12%</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><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></table></div> <div><p style='text-align:left;margin-top:12pt;margin-bottom:12pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:12pt;font-weight:bold;margin-left:0pt;' >3</font><font style='font-family:Calibri;font-size:12pt;font-weight:bold;' >.</font><font style='font-family:Calibri;font-size:12pt;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;' >2019</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;' > amounted to </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$2,032</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;' >$2,253</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$2,096</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;' >2019</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2018</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;' >$30</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$63</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;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Performance</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;' >Shipping Inc., or Performan</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >ce Shipping</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;' >In 2017, the Company gradually sold all shares owned in the common stock of Performance Shipping</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, which was an equity method investee until then, realizing an aggregate loss of $757 from the sale of such shares. For 20</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >17, the investment in Performance resulted in loss of $5,656 (including the loss from the sale of shares) of which $3,124 was impairment, which was recorded based on Performance Shipping</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >&#8217;s market value on </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Nasdaq</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > at the date of impairment charge recognition. The los</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >s and impairment are included in the 2017 &#8220;Gain/(loss) from investments&#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;margin-left:0pt;color:#000000;' >On June 30, 2017, DSI refinanced an existing loan amounting to $42,617, at that date, by entering into a new loan facility</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > with Performance Shipping</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >amounting to $82,617. The loan also provided for an additional $5,000 interest-bearing discount premium payable on the termination date, unless waived according to certain terms of the loan agreement. The loan was collected in full in Jul</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >y 2018, including the additional $5,000 interest-bearing discount premium. The loan bore interest at the rate of 6% per annum for the first twelve months, scaled to 9% until full repayment. The loan facility was secured by first preferred mortgages on Performance Shipping</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >&#8217;s vessels and included financial and other covenants. </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;' >, 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) and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$3,855</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, respectively, and</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > is included in &#8220;Interest and other income&#8221; in the accompanying consolidated 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;' >On May 30, 2017, the Company acquired 100 shares of Series C Preferred Stock, par value $0.01 per share, of Performance Shipping</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, for $3,000 in exchange for a re</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >duction of an equal amount in the principal amount of the Company&#8217;s outstanding loan to Performance Shipping</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > at that date. The Series C Preferred Stock has no dividend or liquidation rights and votes with the common shares of Performance Shipping</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, if any. Each share of the </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >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 v</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ote of the stockholders of Performance Shipping</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >. The acquisition of shares of 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;' >The Company has assessed that Performance Shipping</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > is a VIE due to this transaction, but</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > the Company is not the primary beneficiary. The Company&#8217;s exposure to Performance Shipping</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > is limited to the amount of the investment.</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;' >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;' >2019</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > the investment in the preferred shares of Performance Shipping</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > was reduced to </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$1,500 </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >from $3,000</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </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;' >, </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 is included in &#8220;Investments in related parties&#8221;</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >in the accompanying consolidated balance sheets. This reduction which is</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > included in the 2019 </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >&#8220;Gain/(loss) from investments&#8221; was made </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >due to management&#8217;s qualitative assessment that the carrying value of </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >the investment may not be recoverable (Note </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >13</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;' >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 DSI pursuant to a Brokerage Services Agreement for a fixed fee amended annually on each anniversary of the agreement with the exception o</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >f </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >an amendment in November 21, 2018, to increase the fee from October 1, 2018 until expiration of the agreement in March 2019. The new agreement signed on April 1, 2019 for one year maintained the fee at the same level. For </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2019</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;' > br</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >okerage fees amounted to </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$1,998</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$1,850</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$1,800</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 operations. 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;' >2019</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > an</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >d </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2018</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, there was no amount due to Steamship.</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;' >d)</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;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 H</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >olding Limited, an unaffiliated third party, each holding 50% of DWM. The DWM office is located in 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;' >2019</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2018</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, the equity method investment in DWM amounted to </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$180</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$263</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, respe</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ctively, and is included in &#8220;Investments in related parties&#8221; in the accompanying consolidated balance sheets. F</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >or </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2019</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 in DWM resulted in a loss of </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$83</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and 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;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$49</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, respectively, and is included in &#8220;Gain/(loss) from equity method investments&#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;margin-left:0pt;color:#000000;' >Until October 8, 2019, DWM provided management services to certain vessels of</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > the Company&#8217;s fleet for a fixed monthly fee and commercial services charged as a percentage of the vessels&#8217; gross revenues pursuant to management agreements between the vessels and DWM. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Since</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > October 8, 2019, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >all of the fleet </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >vessels </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >are </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >manage</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >d by</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > DSS an</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >d DSS </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >outsourced </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >the management of </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >certain </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >vessels to DWM. For the management services outsourced to DWM, DSS pays a fixed monthly fee per vessel and a percentage of those vessels&#8217; gross revenues. Management fees paid to DWM for </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2019</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;' >2017</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > amounted to </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$2,155</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$2,394</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$1,883</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. Commercial fees until </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >October 9, 2019, amounted to </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$353</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$453</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$260</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, respectively, and are included in &#8220;Voyage expenses&#8221;. 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;' >2019</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;' >2018</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;' >$55</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$119</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, respecti</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >vely, due to 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><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;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Series C Preferred Stock</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >: On January 31, 2019, DSI issued 10,675 shares of its newly-designated Series C Preferred Stock, par value $0.01 per share,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > to an affiliate of its Chairman and Chief Executive Officer, Mr. Simeon Palios, for an aggregate purchase price of $1,066 (Note </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >8</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;' >f)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > Sale of Vessels:</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >On February 14 and February 15, 2019, the Company through two separate wholly-owned subsidiaries entered into two Memoranda of Agreement to sell the vessels </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;color:#000000;' >Danae</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;' >Dione</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > to two affiliated parties, for a purchase price of $7,200 each (Note </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><p style='text-align:justify;line-height:12pt;' ></p></div> <div><p style='text-align:left;margin-top:12pt;margin-bottom:12pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:12pt;font-weight:bold;margin-left:0pt;' >4</font><font style='font-family:Calibri;font-size:12pt;font-weight:bold;' >.</font><font style='font-family:Calibri;font-size:12pt;font-weight:bold;' > Vessels</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;' >Vessel Disposals</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 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 consideration of $7,450. Both vessels were delivered to their new owners in December 2018. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >The aggregate loss from the vessels&#8217; sale, including unamortized deferred drydocking costs, amounted to $1,448 and is reflected in &#8220;Loss from sale of v</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >essels&#8221; in the related accompanying consolidated 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;' >On February 14 and February 15, 2019</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > the Company through two separate wholly-owned subsidiaries entered into two Memoranda of Agreement to sell the vessels </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;color:#000000;' >Danae</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;' >Dione</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > to two a</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ffiliated parties, for </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >a</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > purchase price of $7,200 each. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >The transaction was approved by disinterested directors of the Company and the agreed upon sale price was based, among other factors, on independent third-party broker valuations obtained by the Compa</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ny. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Both vessels were delivered to their new owners in April 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;margin-left:0pt;color:#000000;' >On April 12, 2019, the Company through a separate wholly-owned subsidiary entered into a Memorandum of Agreement to sell to an unaffiliated third party the vessel </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;color:#000000;' >Erato</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, for a sale price of $7,000 before commissions. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >The vessel was delivered to her new owners in June 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;margin-left:0pt;color:#000000;' >On June 13, 2019, the Company through a separate wholly-owned subsidiary entered into a Memorandum of Agreement to sell to an unaffiliated third part</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >y the vessel </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;color:#000000;' >Thetis</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, for a sale price of $6,400 before commissions. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >The vessel was delivered to her new owners in July 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;margin-left:0pt;color:#000000;' >On July 25, 2019, the </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Company through a separate wholly-owned subsidiary entered into a Memorandum of Agreement to sell </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >to an unaf</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >filiated third party, the vessel </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;color:#000000;' >Nirefs</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, for a sale price of $6,710 before commissions. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >The vessel was delivered to her new owners in September 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;margin-left:0pt;' >On November 7, 2019, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >the Company through a separate wholly-owned subsidiary entered into a Memorandum of </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Agreement to sell to an unaffiliated third party the vessel </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;color:#000000;' >Clio</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, for a sale price of $7,400 before commissions. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >The vessel was delivered to her new owners in November 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;margin-left:0pt;' >On December 24, 2019, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >the Company through a separate wholly-owned subsidiary ente</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >red into a Memorandum of Agreement to sell to an unaffiliated third party the vessel </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;color:#000000;' >Calipso</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, for a sale price of $7,275 before commissions. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >On December 31, 2019, the vessel </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >was measured at </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >the lower of her carrying amount or fair value less costs to sell </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >was classified in current assets as Vessel held for sale, according to the provisions of ASC 360, as all criteria required for this classification were then met. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >The vessel was </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >expected to be </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >delivered to </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >the</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > new owners in </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >January</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > 2020</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, but in February</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2020 the sale was cancelled </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(Note </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >13</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >)</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >. This cancellation does not affect</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > the classification of the vessel as held for sale on December 31, 20</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >19, according to the provisions of ASC 360</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;' >The sale of </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;color:#000000;' >Danae</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;' >Dione</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;' > </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;color:#000000;' >Thetis</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;' >Calipso </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >resulted to an</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > aggregate</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > impairment of</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$10,567</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, including the write off of the unamortized drydocking costs</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;' >$1,102</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;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >the vessels </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >were measured at </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >the lower of their carrying value and fair value (sale price) less costs to sell </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(Note </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >12</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;' >result</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ing from their classification as held for sale and is </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >included in &#8220;Impairment</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > loss</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >&#8221;</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > in the accompanying 2019 statement of operations.</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > Additionally, the Company recorded </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >a</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >n aggregate</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > loss from </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >the </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >sale </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >of vessels </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >amounting to </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$6,171</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, separa</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >tely presented in the accompanying 2019 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;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >Impairment Loss</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 Pulau Laut, Indonesia. Following this incident, on September 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 exten</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >t of damages and the estimated cost of repairs were such that the vessel 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 $19,807 which is in</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >cluded in &#8220;Impairment loss&#8221;, in the 2017 accompanying consolidated 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 20</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >17, the Company received the balance of the insured value 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 estimated </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >undiscounted projected net operating cash flows, excluding interest charges, expected to be generated by the use of certain vessels over their remaining useful lives and their eventual disposition was less than their carrying amount plus any unamortized dr</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >y-docking costs. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >This</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > exercise resulted to recording impairment </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >loss </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >on certain vessels&#8217; carrying value </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >of </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >an aggregate </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >amount</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > of $422,466, which is included in &#8220;Impairment loss&#8221; in the 2017 accompanying consolidated statement of operations of which $3,36</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2 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 the last done deals of sa</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >le of vessels with similar characteristics, such as type, size and age (Note </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >12</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;' >Similarly, as at December 31, 2019, the Company&#8217;s estimated undiscounted projected net operating cash flows, excluding interest charges, expected to be </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >generated by the use of three vessels over their remaining useful lives and their eventual disposition was less than their carrying amount. This resulted to impairment loss, net loss and net loss attributed to common stock holders of </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$3,419</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >or </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > $0.04</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > per share, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >consisting of </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$2,386</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > of vessels&#8217; net book value</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$1,033</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;' >deferred </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >drydocking costs, both included in &#8220;Impairment</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > loss</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >&#8221;</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > in the accompanying 2019 statement of operations</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 fair value of </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >two vessels </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >was determined through Level 2 inputs of the fair value hierarchy by taking into consideration third party valuations </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >and for the one vessel which was subsequently sold (Note </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >13</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >), the fair value was determined through Level 1 inputs of the fair value hierarchy</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > (Note </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >12</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;margin-left:0pt;color:#000000;' >The amounts reflected in Vessels, net in the accompanying consolidated balance sheets are analyzed 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: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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;color:#000000;' >$</font></td><td style='width:87.75pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >(213,653)</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</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:10pt;color:#000000;' >1,053,578</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:203.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:203.25pt;' ><font style='font-family:Calibri;font-size:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;color:#000000;' >- Additions for improvements</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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;color:#000000;' >$</font></td><td style='width:87.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >1,228,591</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</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:10pt;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:10pt;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:10pt;color:#000000;' >991,403</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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;color:#000000;' >- Additions for improvements</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:10pt;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:10pt;color:#000000;' >2,804</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:10pt;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:10pt;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:10pt;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:10pt;color:#000000;' >2,804</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:10pt;color:#000000;' >- Impairment </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:10pt;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:10pt;color:#000000;' >(55,396)</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:10pt;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:10pt;color:#000000;' >43,545</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:10pt;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:10pt;color:#000000;' >(11,851)</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:10pt;color:#000000;' >- Vessel held for sale</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:10pt;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:10pt;color:#000000;' >(7,130)</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:10pt;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:10pt;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:10pt;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:10pt;color:#000000;' >(7,130)</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:10pt;color:#000000;' >- Vessel disposals</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:10pt;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:10pt;color:#000000;' >(72,335)</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:10pt;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:10pt;color:#000000;' >24,965</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:10pt;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:10pt;color:#000000;' >(47,370)</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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;color:#000000;' >(45,559)</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:10pt;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:10pt;color:#000000;' >(45,559)</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:203.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:203.25pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >Balance, December 31, 2019</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:10pt;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:10pt;color:#000000;' >1,096,534</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:10pt;color:#000000;' >$</font></td><td style='width:87.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >(214,237)</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</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:10pt;color:#000000;' >882,297</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:203.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:203.25pt;' ><font style='font-family:Calibri;font-size:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;color:#000000;' >$</font></td><td style='width:87.75pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >1,267,231</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</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:10pt;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:10pt;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:10pt;color:#000000;' >1,053,578</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:203.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:203.25pt;' ><font style='font-family:Calibri;font-size:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;color:#000000;' >- Additions for improvements</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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;color:#000000;' >$</font></td><td style='width:87.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >(237,188)</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</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:10pt;color:#000000;' >991,403</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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;color:#000000;' >- Additions for improvements</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:10pt;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:10pt;color:#000000;' >2,804</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:10pt;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:10pt;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:10pt;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:10pt;color:#000000;' >2,804</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:10pt;color:#000000;' >- Impairment </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:10pt;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:10pt;color:#000000;' >(55,396)</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:10pt;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:10pt;color:#000000;' >43,545</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:10pt;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:10pt;color:#000000;' >(11,851)</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:10pt;color:#000000;' >- Vessel held for sale</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:10pt;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:10pt;color:#000000;' >(7,130)</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:10pt;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:10pt;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:10pt;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:10pt;color:#000000;' >(7,130)</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:10pt;color:#000000;' >- Vessel disposals</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:10pt;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:10pt;color:#000000;' >(72,335)</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:10pt;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:10pt;color:#000000;' >24,965</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:10pt;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:10pt;color:#000000;' >(47,370)</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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;color:#000000;' >(45,559)</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:10pt;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:10pt;color:#000000;' >(45,559)</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:203.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:203.25pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >Balance, December 31, 2019</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:10pt;color:#000000;' >$</font></td><td style='width:87.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >1,096,534</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</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:10pt;color:#000000;' >(214,237)</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:10pt;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:10pt;color:#000000;' >882,297</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:203.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:203.25pt;' ><font style='font-family:Calibri;font-size:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:12pt;font-weight:bold;margin-left:0pt;' >5</font><font style='font-family:Calibri;font-size:12pt;font-weight:bold;' >.</font><font style='font-family:Calibri;font-size:12pt;font-weight:bold;' > </font><font style='font-family:Calibri;font-size:12pt;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><p style='text-align:justify;line-height:12pt;' ></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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;color:#000000;' >26,683</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:10pt;color:#000000;' >$</font></td><td style='width:87.75pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:middle;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >(4,033)</font></td><td style='width:9pt;text-align:center;vertical-align:middle;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</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:10pt;color:#000000;' >22,650</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:10pt;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:10pt;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:10pt;color:#000000;' >252</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:10pt;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:10pt;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:10pt;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:10pt;color:#000000;' >252</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:10pt;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:10pt;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:10pt;color:#000000;' >-</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:10pt;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:10pt;color:#000000;' >(477)</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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;color:#000000;' >$</font></td><td style='width:87.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >26,935</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</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:10pt;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:10pt;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:10pt;color:#000000;' >22,425</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:10pt;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:10pt;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:10pt;color:#000000;' >125</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:10pt;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:10pt;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:10pt;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:10pt;color:#000000;' >125</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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;color:#000000;' >(473)</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:10pt;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:10pt;color:#000000;' >(473)</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:203.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:203.25pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >Balance, December 31, 2019</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:10pt;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:10pt;color:#000000;' >27,060</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:10pt;color:#000000;' >$</font></td><td style='width:87.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >(4,983)</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</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:10pt;color:#000000;' >22,077</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:203.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:203.25pt;' ><font style='font-family:Calibri;font-size:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;color:#000000;' >$</font></td><td style='width:87.75pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:middle;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >26,683</font></td><td style='width:9pt;text-align:center;vertical-align:middle;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</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:10pt;color:#000000;' >(4,033)</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:10pt;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:10pt;color:#000000;' >22,650</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:10pt;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:10pt;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:10pt;color:#000000;' >252</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:10pt;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:10pt;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:10pt;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:10pt;color:#000000;' >252</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:10pt;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:10pt;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:10pt;color:#000000;' >-</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:10pt;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:10pt;color:#000000;' >(477)</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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;color:#000000;' >$</font></td><td style='width:87.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >(4,510)</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</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:10pt;color:#000000;' >22,425</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:10pt;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:10pt;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:10pt;color:#000000;' >125</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:10pt;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:10pt;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:10pt;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:10pt;color:#000000;' >125</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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;color:#000000;' >(473)</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:10pt;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:10pt;color:#000000;' >(473)</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:203.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:203.25pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >Balance, December 31, 2019</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:10pt;color:#000000;' >$</font></td><td style='width:87.75pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:87.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >27,060</font></td><td style='width:9pt;text-align:center;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</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:10pt;color:#000000;' >(4,983)</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:10pt;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:10pt;color:#000000;' >22,077</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:203.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:203.25pt;' ><font style='font-family:Calibri;font-size:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:12pt;font-weight:bold;margin-left:0pt;' >6</font><font style='font-family:Calibri;font-size:12pt;font-weight:bold;' >.</font><font style='font-family:Calibri;font-size:12pt;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 amount 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;' >2019</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></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;' >100,000</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;' >378,298</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;' >434,850</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;' >478,298</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></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;' >(3,347)</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;' >(4,303)</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;' >474,951</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></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;' >(40,205)</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></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;' >434,746</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></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. On October 29, 2018, the Company completed the redemption of all of its outstanding 8.50% Senior Notes due 2020 which until then had traded on the NYSE under the ticker symbol &#8220;DSXN&#8221;. The re</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >demption price was equal to 100% of the principal amount of the Notes, plus accrued and unpaid interest to, but excluding, the date of redemption. The Notes bore interest at a rate of 8.5% per year, payable quarterly in arrears on the 15th day of February,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > May, August and November of each year. The Notes included financial and other covenants, including maximum net borrowings and minimum tangible net worth. </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;' >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 b</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ond (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. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >The bond ranks ahead of subordinated capital and ranks the same with all other senior unsecured obligations of the Company other tha</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >n obligations which are mandatorily preferred by law. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Entities affiliated with the Company&#8217;s chief executive officer, Mr. Simeon Palios, and other executive officers and directors of the Company purchased $16,200 aggregate principal amount of the Bond. The</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > 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 </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >in whole or in parts </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >in three years</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > at a price equal to 103% of nominal</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > value; in four years at a price equal to 101.9% of the nominal value and in four and a half years</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >at a price equal to 100% of nominal value. The bond</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > includes financial and other covenants</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and 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 </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >&#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><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;' >The Company, through its subsidiaries, has entered into various long term loan agreements with bank institutions to partly finance or, as the case may be, refinance part of the acquisition cost of certain of its fleet vesse</font><font style='font-family:Calibri;font-size:11pt;' >ls. The loan agreements are repayable in quarterly or semi</font><font style='font-family:Calibri;font-size:11pt;' >-</font><font style='font-family:Calibri;font-size:11pt;' >annual installments plus one balloon installment per loan agreement to be paid together with the last installment and bear interest at LIBOR plus margin</font><font style='font-family:Calibri;font-size:11pt;' > ranging from 1% to 2.5%</font><font style='font-family:Calibri;font-size:11pt;' >.</font><font style='font-family:Calibri;font-size:11pt;' > </font><font style='font-family:Calibri;font-size:11pt;' >Their maturities </font><font style='font-family:Calibri;font-size:11pt;' >ra</font><font style='font-family:Calibri;font-size:11pt;' >nge </font><font style='font-family:Calibri;font-size:11pt;' >from </font><font style='font-family:Calibri;font-size:11pt;' >March</font><font style='font-family:Calibri;font-size:11pt;' > 20</font><font style='font-family:Calibri;font-size:11pt;' >21</font><font style='font-family:Calibri;font-size:11pt;' > to </font><font style='font-family:Calibri;font-size:11pt;' >January 2032</font><font style='font-family:Calibri;font-size:11pt;' >.</font><font style='font-family:Calibri;font-size:11pt;' > </font><font style='font-family:Calibri;font-size:11pt;' >For 2019 and 2018, the weighted average interest rates of the secured term loans were </font><font style='font-family:Calibri;font-size:11pt;' >4.56%</font><font style='font-family:Calibri;font-size:11pt;' > and 4.31%, respectively.</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;' >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;' >2019</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </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;' >vessels of the</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Company&#8217;s fleet are mortgaged with first preferred or priority </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ship mortgages, </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;' >$765,736</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, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >first assignment of time charter contracts that exceed a certain period, pledge over the shares 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 </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >by the ship owning companies (where applicable), financial covenants, as well as operating account assignments. The lenders may also require additional security in the future in the event the borrowers breach certain covenants under the loan agreements. Th</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >e secured term loans generally include restrictions as to changes in management and ownership of the vessels, additional indebtedness, as well as minimum requirements regarding hull cover ratio and minimum liquidity per vessel owned by the borrowers, or th</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >e </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >G</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >uarantor, maintained in the bank accounts of the borrowers, or the </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >G</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >uarantor.</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;' >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;' >2019</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;' >2018</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;' >$21,000</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$24,000</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 accompanying 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 an</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >y 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;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >During the </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >year 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;' >2019</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, the Company 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, either as a borrower or as a guarantor, to guarantee the loans of its subsidiaries:</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;' >Bremer Landesbank</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 </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >November 12, 2009, the Company drew down $40,000 under a secured loan agreement, which was</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > 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 </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >payable </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >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 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 LIBOR plus a margin of 2.15% per annum.</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > The loan was prepaid in full in June 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;color:#000000;' >Export-Import Bank of China and DnB NOR Bank ASA:</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > On February 15, 2012, the Company drew down a first tranche of $37,450, under a secured loan agreement, w</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >hich </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >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;' > payable together with the last installment on February 15, 2022. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >On May 18, 2012, t</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >he </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Company drew down, under the same agreement, a second tranche of $34,64</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >0, which is </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >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 bears interest at LIBOR plus a margin of 2.50% per annum.</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 22, 2014, the </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Company drew down $15,000 under a secured loan agreement, which was repayable in 19 quarterly installments of $250 each and a balloon of $10,250 payable together with the last installment on February 22, 2019, on which date the loan was repaid. The loan bo</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >re interest at LIBOR plus a margin of 3.0% 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 May 10, 2016, the Company drew down $13,510 </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >under a secured loan agreement, which was </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >payable in seven equal consecutive quarterly installments of about $20 each, four equal consecutive quarterly in</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >stallments of about $283 and a balloon of about $12,242 payable together with the last installment on January 4, 2019, on which date it was repaid. The loan bore interest at LIBOR plus a margin of 3% 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;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >Credit Agricole Corporate and Investment Ba</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >nk (&#8220;Credit Agricole&#8221;):</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > On September 1</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >5</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, 2011, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >the Company drew down </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$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</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >under a secured loan agreement </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >with Emporiki Bank of Greece S.A</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;' >transferred to</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Credit Agricole o</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >n</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > December 13, 2012. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >The loan is repayable in 20 equal semiannual installments of</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;' > 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 last 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 favo</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >r of the bank. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >The Company maintains the equivalent of the loan balance in cash pledge in favour of the bank and pays the lower interest margin.</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;' >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;' >On January </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >13</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, 2014, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >the Company drew down $9,500 under a secur</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ed loan agreement, which </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >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><font style='font-family:Calibri;font-size:11pt;color:#000000;' >The loan bears interest at LIBOR plus a margin of 2.25%.</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;' >BNP Paribas (&#8220;BNP&#8221;):</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >On December 19, 2014, the </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Company drew down </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$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 under a secured loan agreement, which </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >is repayable in 14 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><font style='font-family:Calibri;font-size:11pt;color:#000000;' > The loan bears interest at LIBOR plus a margin of 2%</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;' >Additionally, o</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >n July 1</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >6</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, 2018, the Company </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >drew down </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$75,000 </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >under a new secured loan agreement </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >with BNP</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 20 consecutive quarterly installments of $1,562.5 and a balloon installment of $43,750 payable together with the last instal</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >lment on July 16, 2023. The loan bears interest at LIBOR 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;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >Nordea Bank AB, London Branch</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >: </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >On March 19, 2015, the Company drew down $93,080</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > under a secured loan agreement, which </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >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 </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >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><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;' >ABN AMRO Bank N.V.:</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;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$50,160</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > und</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >er a secured loan agreement, 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 $26,310 payable together with the last installment on March 30, 2021. The loan bears interest at </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >LIBOR </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >plus a margin of 2.0%</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >.</font></p><p style='text-align:justify;line-height:12pt;' ></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;margin-left:0pt;color:#000000;' >On March 30, 2016</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, the Company </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >drew down </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >25,755 </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >under a new secured loan agreement, which was re</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 </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >on</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > 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. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >The loan bore interest and LIBOR plus a margin of 3.00%. The loan was prepaid in full and was refinanced with a new loan agreement dated June 27, 2019. The Company drew down $25,000 under the new loan agreement, which is repayable in 20</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >consecutive q</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >uarterly installments of $</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >800</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > each and a balloon installment of $</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >9,000</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</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > June </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >28, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >20</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >24. The loan bears interest and LIBOR plus a margin of 2.25%,</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;' >Danish Ship Finance A/S:</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >On April 30, 2015, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >the Company </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >drew down </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$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 under a loan agreement, which </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >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 o</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >f</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;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >ING Bank N.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;color:#000000;' >On </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >November 19, 2015</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, the Company</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > drew down 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;' >under a secured loan agreement, which is </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >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 toget</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >her 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 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;' >3,520</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > payable together with the last inst</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >allment </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;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >Export-Import Bank of China:</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > On </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >January 4, 2017</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, the Company </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >drew down $57,240 under a secured loan agreement, which 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;' >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 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;font-weight:bold;font-style:italic;margin-left:0pt;color:#000000;' >DNB Bank ASA.:</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > On March 14, 2019, the Company drew down $19,000 </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >under a secured loan agreement, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >which is repayable in 20 consecutive quarterly instalments of $477.3 and a </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >balloon of $9,454 </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 </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >March 14, 2024.</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >The loan bears interest at LIBOR plus a margin of 2.</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><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;' >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;' >2019</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </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 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</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > 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;' >2019</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><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 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:left;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;' >41,242</font></td></tr><tr style='height:12.75pt;' ><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;' >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;' >143,853</font></td></tr><tr style='height:12.75pt;' ><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;' >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;' >83,827</font></td></tr><tr style='height:12.75pt;' ><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;' >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;' >157,363</font></td></tr><tr style='height:12.75pt;' ><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;' >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;' >24,347</font></td></tr><tr style='height:12.75pt;' ><td colspan='3' rowspan='1' style='width:422.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:422.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >Year 6 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;' >27,666</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;font-weight:bold;color:#000000;' >Total</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;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;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;' >478,298</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;' >2019</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></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;' >100,000</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;' >378,298</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;' >434,850</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;' >478,298</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></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;' >(3,347)</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;' >(4,303)</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;' >474,951</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></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;' >(40,205)</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></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;' >434,746</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;' >$</font></td><td style='width:98.25pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >434,113</font></td></tr></table></div> <div><table style='border-collapse:collapse;' ><tr style='height:12.75pt;' ><td colspan='3' rowspan='1' style='width:422.25pt;border-bottom-style:solid;border-bottom-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:422.25pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >Period</font></td><td style='width:12pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' ></font></td><td style='width:100.5pt;border-bottom-style:solid;border-bottom-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:100.5pt;' ><font style='font-family:Calibri;font-size:10pt;font-weight:bold;color:#000000;' >Principal Repayment</font></td></tr><tr style='height:12.75pt;' ><td style='width:81.75pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:81.75pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >Year 1</font></td><td style='width:22.5pt;border-top-style:solid;border-top-width:1;text-align:center;vertical-align:bottom;border-color:Black;min-width:22.5pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:318pt;border-top-style:solid;border-top-width:1;text-align:left;vertical-align:bottom;border-color:Black;min-width:318pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' ></font></td><td style='width:12pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:12pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</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;' >41,242</font></td></tr><tr style='height:12.75pt;' ><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;' >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;' >143,853</font></td></tr><tr style='height:12.75pt;' ><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;' >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;' >83,827</font></td></tr><tr style='height:12.75pt;' ><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;' >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;' >157,363</font></td></tr><tr style='height:12.75pt;' ><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;' >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;' >24,347</font></td></tr><tr style='height:12.75pt;' ><td colspan='3' rowspan='1' style='width:422.25pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:422.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >Year 6 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;' >27,666</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;font-weight:bold;color:#000000;' >Total</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;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;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;' >478,298</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:12pt;font-weight:bold;margin-left:0pt;' >7</font><font style='font-family:Calibri;font-size:12pt;font-weight:bold;' >.</font><font style='font-family:Calibri;font-size:12pt;font-weight:bold;' > Commitments and </font><font style='font-family:Calibri;font-size:12pt;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. 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. </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;' >2019</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, except for two which were repositioning, were fixed under time charter agreements, considered operating leases. 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 charte</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >r 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;' >2019</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 expiration </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><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: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:center;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;' >88,112</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;' >1,412</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;' >89,524</font></td></tr></table></div> <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:center;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;' >88,112</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;' >1,412</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;' >89,524</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:12pt;font-weight:bold;margin-left:0pt;' >8</font><font style='font-family:Calibri;font-size:12pt;font-weight:bold;' >.</font><font style='font-family:Calibri;font-size:12pt;font-weight:bold;' > </font><font style='font-family:Calibri;font-size:12pt;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;' >2019</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </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&#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, 5,000,000 are designated as Series B Preferred Shares and since January 2019, 10,675</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > are designated as Series C 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;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;' > Series B Preferred </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >S</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >tock:</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;' >2019</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </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 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 liquidati</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >on preference at $25.00 per share and zero Series A Participating Preferred Shares issued and outstanding. Holders of series B preferred shares have no voting rights other than the ability, subject to certain exceptions, to elect one director if dividends </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >for six quarterly dividend periods (whether or not consecutive) are in arrears and certain other limited protective voting rights. Also, holders of series B preferred shares, rank prior to the holders of common shares with respect to dividends, distributio</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ns and payments upon liquidation</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > are subordinated to all of the existing and future indebtedness.</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 date of original issue and are payable on the 15th day of January, April, July and Octo</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ber 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;' >2019</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;' >, dividends on Series B preferred shares amounted 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;' > for each year</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Since</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > February 14, 2019, the Company may rede</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >em, 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 thereon 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;' >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;' >Series C Preferred Stock</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;' >2019</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > the Company had </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >10,675 </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Series </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >C</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > Preferred Shares issued and outstanding with par value $0.01 per share</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, issued on </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >January 31, 2019 to an affiliate of its Chairman and Chief Executive Officer, Mr. Simeon Palios, for an aggregate purchase pric</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >e of $1,066. The Series C Preferred Stock votes 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. The transaction was approved unanimously</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > 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. The Series C Preferred Stock has no dividend or liquidation rights and cannot be transferred without</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > the consent of the Company except to the holder&#8217;s affiliates and immediate family members. The net proceeds from the issuance of the shares amounted to </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$960</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;' >)</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 2</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >0,125,000 common shares, at a price of $4.00 per share, in a public offering. 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 aggre</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >gate of 5,500,000 common shares at the public offering price. The net proceeds from the offering after underwriting discounts and other offering expenses were $77,311.</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;' > Repurchase of common shares: </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >In December 2018, the Company repurchased a total of </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >4,166,666 common shares, at a price of $3.60 per share, in a tender offer which commenced in November 2018. The total cost from the tender offer amounted to $15,157. I</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >n March</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > 2019</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >,</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 in a tender offer 3,889,386 </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >shares of its outstanding common stock at a price of $2.80 per share. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >I</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >n June 2019, the Company </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >repurchased 3,125,000 </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >shares of its outstanding common stock at a price of </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$3.40 </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >per share</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >. I</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >n July 2019, the Company re</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >purchased 2,000,000 shares at a price of $3.75 per share</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >.&#160;</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >In O</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ctober 2019, the Company repurchased 2,816,900 shares at a price of $3.55 per share and finally in December 2019, the Company repurchased 2,739,726 shares at a price of 3.65. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >The aggregate cost of the shares repurchased amounted to </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$49,679</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, including expenses. </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;' >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;' >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, or the 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;r</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >estricted 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 common stock. This number was increased to 13,000,000 on May 31, 2018, after an amendmen</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >t of the Plan. R</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >estricted shares vest ratably over a specified period, and are subject to forfeiture until they vest. Unless they forfeit, grantees have the right to vote, to receive and retain all dividends paid and to exercise all other rights, powers an</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >d privileges of a holder of shares. </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;' >2019</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >7,124,759</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 </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >for </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2019</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;' > </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;' > is analyzed 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: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:2;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;' >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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;color:#000000;' >4.89</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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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: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:middle;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:10pt;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: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:middle;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:10pt;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:10pt;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:10pt;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:10pt;color:#000000;' >1,800,000</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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;color:#000000;' >(1,679,484)</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:10pt;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:10pt;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:10pt;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: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:middle;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >3,761,633</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: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:middle;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >4.04</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:10pt;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:10pt;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:10pt;color:#000000;' >2,000,000</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;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:10pt;color:#000000;' >2.99</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:10pt;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: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;' >(1,928,400)</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;' >3.75</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:10pt;font-weight:bold;color:#000000;' >Outstanding at December 31, 2019</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;' >3,833,233</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;' >3.63</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;' >All restricted share awards issued during </font><font style='font-family:Calibri;font-size:11pt;' >2019</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;' > have a vesting period of three years each. </font><font style='font-family:Calibri;font-size:11pt;' >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 </font><font style='font-family:Calibri;font-size:11pt;' >agreements were signed. The aggregate compensation cost is being recognized ratably in the consolidated statement of operations over the respective vesting periods. For </font><font style='font-family:Calibri;font-size:11pt;' >2019</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;' > an amount of </font><font style='font-family:Calibri;font-size:11pt;' >$7,581</font><font style='font-family:Calibri;font-size:11pt;' >, </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;' >and </font><font style='font-family:Calibri;font-size:11pt;' >$8,232</font><font style='font-family:Calibri;font-size:11pt;' >, respectively, was recognized in &#8220;General and administrative expenses&#8221; presented in the accompanying</font><font style='font-family:Calibri;font-size:11pt;' > </font><font style='font-family:Calibri;font-size:11pt;' >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;' >2019</font><font style='font-family:Calibri;font-size:11pt;' > and </font><font style='font-family:Calibri;font-size:11pt;' >2018</font><font style='font-family:Calibri;font-size:11pt;' >, the total unrecognized cost relating to restr</font><font style='font-family:Calibri;font-size:11pt;' >icted share awards was </font><font style='font-family:Calibri;font-size:11pt;' >$8,505</font><font style='font-family:Calibri;font-size:11pt;' > and </font><font style='font-family:Calibri;font-size:11pt;' >$10,106</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;' >2019</font><font style='font-family:Calibri;font-size:11pt;' >, the weighted-average period over which the total compensation cost related to non-vested awards not yet recognized is expected to be recognized </font><font style='font-family:Calibri;font-size:11pt;' >is </font><font style='font-family:Calibri;font-size:11pt;' >0.85</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;' >g)</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 Directors 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;' >2019</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;' >, </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><font style='font-family:Calibri;font-size:11pt;' > (Note </font><font style='font-family:Calibri;font-size:11pt;' >13</font><font style='font-family:Calibri;font-size:11pt;' >(c))</font><font style='font-family:Calibri;font-size:11pt;' >.</font></p></div> <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: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:2;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;' >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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;color:#000000;' >4.89</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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;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: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:middle;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:10pt;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: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:middle;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:10pt;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:10pt;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:10pt;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:10pt;color:#000000;' >1,800,000</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:10pt;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:10pt;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:10pt;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:10pt;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:10pt;color:#000000;' >(1,679,484)</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:10pt;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:10pt;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:10pt;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: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:middle;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >3,761,633</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: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:middle;border-color:Black;min-width:98.25pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >4.04</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:10pt;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:10pt;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:10pt;color:#000000;' >2,000,000</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;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:10pt;color:#000000;' >2.99</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:10pt;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: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;' >(1,928,400)</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;' >3.75</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:10pt;font-weight:bold;color:#000000;' >Outstanding at December 31, 2019</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;' >3,833,233</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;' >3.63</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:12pt;font-weight:bold;margin-left:0pt;' >9</font><font style='font-family:Calibri;font-size:12pt;font-weight:bold;' >.</font><font style='font-family:Calibri;font-size:12pt;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><p style='text-align:left;line-height:12pt;' ></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:229.5pt;text-align:left;vertical-align:top;border-color:Black;min-width:229.5pt;' ><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;' >2019</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></tr><tr style='height:15pt;' ><td colspan='2' rowspan='1' style='width:243.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:243.75pt;' ><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;' >27,963</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></tr><tr style='height:15pt;' ><td colspan='2' rowspan='1' style='width:243.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:243.75pt;' ><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;' >1,126</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></tr><tr style='height:15pt;' ><td colspan='2' rowspan='1' style='width:243.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:243.75pt;' ><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;' >343</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: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;' >195</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:229.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:229.5pt;' ><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;' >$</font></td><td style='width:72pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >29,432</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</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></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;' >2019</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;' > amounted to </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$27,963</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$28,299</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$24,991</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;' >$0</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >$13</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >respectively</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, 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><p style='text-align:justify;line-height:12pt;' ></p></div> <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:229.5pt;text-align:left;vertical-align:top;border-color:Black;min-width:229.5pt;' ><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;' >2019</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></tr><tr style='height:15pt;' ><td colspan='2' rowspan='1' style='width:243.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:243.75pt;' ><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;' >27,963</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></tr><tr style='height:15pt;' ><td colspan='2' rowspan='1' style='width:243.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:243.75pt;' ><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;' >1,126</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></tr><tr style='height:15pt;' ><td colspan='2' rowspan='1' style='width:243.75pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:243.75pt;' ><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;' >343</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: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;' >195</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:229.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:229.5pt;' ><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;' >$</font></td><td style='width:72pt;border-top-style:solid;border-top-width:1;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >29,432</font></td><td style='width:9pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</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></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:12pt;font-weight:bold;margin-left:0pt;' >10</font><font style='font-family:Calibri;font-size:12pt;font-weight:bold;' >.</font><font style='font-family:Calibri;font-size:12pt;font-weight:bold;' > </font><font style='font-family:Calibri;font-size:12pt;font-weight:bold;' >Earnings/(l</font><font style='font-family:Calibri;font-size:12pt;font-weight:bold;' >oss</font><font style='font-family:Calibri;font-size:12pt;font-weight:bold;' >)</font><font style='font-family:Calibri;font-size:12pt;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;' > Incremental shares are </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >the</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > number of 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 treasu</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ry stock method</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > weighted for the periods the non-vested shares were outstanding.</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >For 2018, the denominator of the diluted earnings per share calculation includes 979,141 shares, being the number of incremental shares assumed issued under the treasury stock</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > method weighted for the periods the non-vested shares were outstanding. </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;' >2019</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 Company incurred losses, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >therefore </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >the effect of incremental shares</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > was </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >anti-dilutive and 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</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > 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 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:229.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:229.5pt;' ><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;' >2019</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></tr><tr style='height:6.75pt;' ><td style='width:229.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:229.5pt;' ><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:229.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:229.5pt;' ><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;' >(10,535)</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></tr><tr style='height:12.75pt;' ><td style='width:229.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:229.5pt;' ><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: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;' >(5,769)</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;' >(5,769)</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;' >(5,769)</font></td></tr><tr style='height:13.5pt;' ><td style='width:229.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:229.5pt;' ><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;' >$</font></td><td style='width:72pt;border-top-style:solid;border-top-width:1;border-bottom-style:solid;border-bottom-width:2;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >(16,304)</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</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></tr><tr style='height:12.75pt;' ><td style='width:229.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:229.5pt;' ><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:229.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:229.5pt;' ><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:12.75pt;' ><td style='width:229.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:229.5pt;' ><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;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >95,191,116</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;' >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;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></tr><tr style='height:12.75pt;' ><td style='width:229.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:229.5pt;' ><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-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-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-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:15pt;' ><td style='width:229.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:229.5pt;' ><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;' >95,191,116</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;' >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></tr><tr style='height:3.75pt;' ><td style='width:229.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:229.5pt;' ><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:229.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:229.5pt;' ><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;' >(0.17)</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></tr></table></div> <div><table style='border-collapse:collapse;' ><tr style='height:12.75pt;' ><td style='width:229.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:229.5pt;' ><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;' >2019</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></tr><tr style='height:6.75pt;' ><td style='width:229.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:229.5pt;' ><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:229.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:229.5pt;' ><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;' >$</font></td><td style='width:72pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >(10,535)</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</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></tr><tr style='height:12.75pt;' ><td style='width:229.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:229.5pt;' ><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: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;' >(5,769)</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;' >(5,769)</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;' >(5,769)</font></td></tr><tr style='height:13.5pt;' ><td style='width:229.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:229.5pt;' ><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;' >(16,304)</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></tr><tr style='height:12.75pt;' ><td style='width:229.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:229.5pt;' ><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:229.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:229.5pt;' ><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:12.75pt;' ><td style='width:229.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:229.5pt;' ><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;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >95,191,116</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;' >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;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></tr><tr style='height:12.75pt;' ><td style='width:229.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:229.5pt;' ><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-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-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-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:15pt;' ><td style='width:229.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:229.5pt;' ><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;' >95,191,116</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;' >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></tr><tr style='height:3.75pt;' ><td style='width:229.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:229.5pt;' ><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:229.5pt;text-align:left;vertical-align:bottom;border-color:Black;min-width:229.5pt;' ><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;' >$</font></td><td style='width:72pt;border-bottom-style:double;border-bottom-width:3;text-align:right;vertical-align:bottom;border-color:Black;min-width:72pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >(0.17)</font></td><td style='width:9pt;text-align:right;vertical-align:bottom;border-color:Black;min-width:9pt;' ><font style='font-family:Calibri;font-size:10pt;color:#000000;' >$</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></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:12pt;font-weight:bold;margin-left:0pt;' >11</font><font style='font-family:Calibri;font-size:12pt;font-weight:bold;' >.</font><font style='font-family:Calibri;font-size:12pt;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, which</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > 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;margin-left:0pt;color:#000000;' >The vessel-owning companies with vessels that have called on the United States are obliged to file tax returns with the Internal Revenue Service. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >However</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, p</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ursuant to the Internal Revenue Code of the United States, U.S. source income from the international operations of ships is generally exempt from U.S. tax. The applicable tax is 50% of 4% of U.S.-related gross transportation income unless an exemption a</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >pplies.</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >The Company and each of its subsidiaries expects </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >it</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > qualif</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ies</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > for this statutory tax exemption for the </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2019</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;' > taxable years, and the Company takes this position for United States federal income tax return reporting purposes. </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:12pt;font-weight:bold;margin-left:0pt;' >12</font><font style='font-family:Calibri;font-size:12pt;font-weight:bold;' >.</font><font style='font-family:Calibri;font-size:12pt;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></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 fair value of the Bond (Note </font><font style='font-family:Calibri;font-size:11pt;' >6</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;' >99,250</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;' >2019</font><font style='font-family:Calibri;font-size:11pt;' >, and was determined through th</font><font style='font-family:Calibri;font-size:11pt;' >e 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 </font><font style='font-family:Calibri;font-size:11pt;' >stated under the ticker </font><font style='font-family:Calibri;font-size:11pt;' >s</font><font style='font-family:Calibri;font-size:11pt;' >ymbol &#8220;</font><font style='font-family:Calibri;font-size:11pt;' >DIASH01</font><font style='font-family:Calibri;font-size:11pt;' >&#8221; on the </font><font style='font-family:Calibri;font-size:11pt;' >Oslo B&#248;rs</font><font style='font-family:Calibri;font-size:11pt;' >.</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;margin-left:0pt;' >During 2019, t</font><font style='font-family:Calibri;font-size:11pt;' >he </font><font style='font-family:Calibri;font-size:11pt;' >vessels </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;' >Danae</font><font style='font-family:Calibri;font-size:11pt;' >, </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;' >Dione</font><font style='font-family:Calibri;font-size:11pt;font-style:italic;' >,</font><font style='font-family:Calibri;font-size:11pt;' > </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;' >Thetis</font><font style='font-family:Calibri;font-size:11pt;' > </font><font style='font-family:Calibri;font-size:11pt;' >and </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;' >Calipso</font><font style='font-family:Calibri;font-size:11pt;' > </font><font style='font-family:Calibri;font-size:11pt;' >were measured at their fair value </font><font style='font-family:Calibri;font-size:11pt;' >determined through the Level 1 input of the fair value hierarchy as defined in FASB guidance for Fair Value Measurements based on the </font><font style='font-family:Calibri;font-size:11pt;' >agreed </font><font style='font-family:Calibri;font-size:11pt;' >price to sell the vessels, </font><font style='font-family:Calibri;font-size:11pt;' >less costs to sell</font><font style='font-family:Calibri;font-size:11pt;' >, as a</font><font style='font-family:Calibri;font-size:11pt;' > result fr</font><font style='font-family:Calibri;font-size:11pt;' >om their classification as held for sale</font><font style='font-family:Calibri;font-size:11pt;' > at the dates of their memoranda of agreement (Note </font><font style='font-family:Calibri;font-size:11pt;' >4</font><font style='font-family:Calibri;font-size:11pt;' >)</font><font style='font-family:Calibri;font-size:11pt;' >.</font><font style='font-family:Calibri;font-size:11pt;' > </font></p><p style='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 December 31, 2019, three vessels were recorded at fair value as their estimated cash flows over their remaining useful lives and their eventual dis</font><font style='font-family:Calibri;font-size:11pt;' >position was less than their carrying amount. The fair value of one vessel was determined through Level 1 input of the fair value hierarchy, </font><font style='font-family:Calibri;font-size:11pt;' >based on the </font><font style='font-family:Calibri;font-size:11pt;' >agreed </font><font style='font-family:Calibri;font-size:11pt;' >price to sell the vessel</font><font style='font-family:Calibri;font-size:11pt;' > (Notes </font><font style='font-family:Calibri;font-size:11pt;' >4</font><font style='font-family:Calibri;font-size:11pt;' > and </font><font style='font-family:Calibri;font-size:11pt;' >13</font><font style='font-family:Calibri;font-size:11pt;' >) and for the other two </font><font style='font-family:Calibri;font-size:11pt;' >through </font><font style='font-family:Calibri;font-size:11pt;' >Level </font><font style='font-family:Calibri;font-size:11pt;' >2 inputs of the fair value hierarchy by taking into consideration third party valuations which were based on the last done deals of sale of vessels with similar characteristics, such as type, size and age.</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 Company is exposed to interest rate fluctuati</font><font style='font-family:Calibri;font-size:11pt;' >ons associated with its variable rate borrowings. Currently, the company does not have any derivative instruments to manage such fluctuations.</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:12pt;font-weight:bold;margin-left:0pt;' >13</font><font style='font-family:Calibri;font-size:12pt;font-weight:bold;' >.</font><font style='font-family:Calibri;font-size:12pt;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;' > </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 </font><font style='font-family:Calibri;font-size:11pt;' >January 15, 2020</font><font style='font-family:Calibri;font-size:11pt;' >, 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 </font><font style='font-family:Calibri;font-size:11pt;' >January </font><font style='font-family:Calibri;font-size:11pt;' >1</font><font style='font-family:Calibri;font-size:11pt;' >4</font><font style='font-family:Calibri;font-size:11pt;' >, 20</font><font style='font-family:Calibri;font-size:11pt;' >20</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;' >b)</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 January 29, 2020, </font><font style='font-family:Calibri;font-size:11pt;' >the Company through a separate wholly-owned subsidiary entered into a Memorandum of Agreement to sell to an unaffiliated third party the vessel </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;' >Norfolk</font><font style='font-family:Calibri;font-size:11pt;' >, for a sale price of $9,350 before commissions.</font><font style='font-family:Calibri;font-size:11pt;' > In February 2020,</font><font style='font-family:Calibri;font-size:11pt;' > </font><font style='font-family:Calibri;font-size:11pt;' >t</font><font style='font-family:Calibri;font-size:11pt;' >he buyers </font><font style='font-family:Calibri;font-size:11pt;' >of </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;' >Calipso</font><font style='font-family:Calibri;font-size:11pt;' > (Note </font><font style='font-family:Calibri;font-size:11pt;' >4</font><font style='font-family:Calibri;font-size:11pt;' >) </font><font style='font-family:Calibri;font-size:11pt;' >and the buyers of </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;' >Norfolk</font><font style='font-family:Calibri;font-size:11pt;' > </font><font style='font-family:Calibri;font-size:11pt;' >elected to exercise their right to cancel the </font><font style='font-family:Calibri;font-size:11pt;' >c</font><font style='font-family:Calibri;font-size:11pt;' >ontract as a result of vessels</font><font style='font-family:Calibri;font-size:11pt;' >&#8217;</font><font style='font-family:Calibri;font-size:11pt;' > missing the cancelling date</font><font style='font-family:Calibri;font-size:11pt;' >s</font><font style='font-family:Calibri;font-size:11pt;' > due to unforeseen events, unrelated </font><font style='font-family:Calibri;font-size:11pt;' >to the condition of the vessels. On February 26, 2020, the Company signed a new Memorandum of Agreement to sell the vessel </font><font style='font-family:Calibri;font-size:11pt;font-style:italic;' >Norfolk</font><font style='font-family:Calibri;font-size:11pt;' > to </font><font style='font-family:Calibri;font-size:11pt;' >an unaffiliated third party for a sale price of $</font><font style='font-family:Calibri;font-size:11pt;' >8,750 before commissions and was delivered to the buyer in March 2020.</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;' > </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;' >c)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;' > Share repurchases</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;' >: </font><font style='font-family:Calibri;font-size:11pt;' >On </font><font style='font-family:Calibri;font-size:11pt;' >February</font><font style='font-family:Calibri;font-size:11pt;' > </font><font style='font-family:Calibri;font-size:11pt;' >7, 2020</font><font style='font-family:Calibri;font-size:11pt;' >, the Company </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >repurchased, in a tender offer announced in January 2020, 3,030,303 shares of its common stock at a price of $3.30 per share. Additionally, in March 2020, the Company repurchased 1,088,034 shares of co</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >mmon stock under its share repurchase plan authorized in May 2014, for $1,895 including commissions (Note </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >8</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >(g)).</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;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;' >Investment in Performance</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;' > Shipping</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;' >: </font><font style='font-family:Calibri;font-size:11pt;' >In February 2020, the Company received an offer </font><font style='font-family:Calibri;font-size:11pt;' >from</font><font style='font-family:Calibri;font-size:11pt;' > Performance </font><font style='font-family:Calibri;font-size:11pt;' >Shipping </font><font style='font-family:Calibri;font-size:11pt;' >to redeem the </font><font style='font-family:Calibri;font-size:11pt;' >Series C</font><font style='font-family:Calibri;font-size:11pt;' > Preferred Stock</font><font style='font-family:Calibri;font-size:11pt;' > </font><font style='font-family:Calibri;font-size:11pt;' >owned by the Company </font><font style='font-family:Calibri;font-size:11pt;' >for </font><font style='font-family:Calibri;font-size:11pt;' >an aggregate price of </font><font style='font-family:Calibri;font-size:11pt;' >$1,500. The Company&#8217;s Board of Directors form</font><font style='font-family:Calibri;font-size:11pt;' >ed</font><font style='font-family:Calibri;font-size:11pt;' > a special committee</font><font style='font-family:Calibri;font-size:11pt;' > to </font><font style='font-family:Calibri;font-size:11pt;' >evaluate</font><font style='font-family:Calibri;font-size:11pt;' > the </font><font style='font-family:Calibri;font-size:11pt;' >transaction </font><font style='font-family:Calibri;font-size:11pt;' >with the assistance of an independent financial advisor. The transaction was recommended</font><font style='font-family:Calibri;font-size:11pt;' > by the special committee</font><font style='font-family:Calibri;font-size:11pt;' > to the </font><font style='font-family:Calibri;font-size:11pt;' >Board of Directors, which resolved to accept the offer. The transaction was concluded on March 27, 2020 with the receipt of the related funds by Performance Shipping.</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;' > Annual Incentive Bonus</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >: On February 19, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2020</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > the </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Company&#8217;s Board of Directors approved the award of 2,200,000 shares of restricted common stock to executive management and non-executive directors, pursuant to the Company&#8217;s 2014 equity incentive plan. The fair value of the restricted shares based on the c</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >losing price on the date of the Board of Directors&#8217; approval was about $5,984 and will be recognized in income ratably over the restricted shares vesting period which will be 3 years for all directors except for two whose shares will be awarded without ves</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ting restrictions due to their resignation from the board.</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;' > Covid-19 outbreak</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >: </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >On March 11, 2020, the World Health Organization declared the 2019 Novel Coronavirus (the &#8220;Covid-19&#8221;) outbreak a pandemic. In response to the outbreak, many countries, ports and organizations, including those where the Company conducts a large part of its operations, have implemented measures to combat the outbreak, such as quarantines and travel restrictions. The Company&#8217;s financial and operating performance may be adversely affected by the recent coronavirus outbreak. Any prolonged restrictive measures in order to control the spread of Covid-19, or other adverse public health developments in Asia or in other geographies in which the Company&#8217;s vessels operate may significantly impact the demand for the Company&#8217;s vessels and in turn, may eventually </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >lead to a material and adverse effect on the Company&#8217;s business operations, and financial condition</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;line-height:12pt;' ></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;' >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, and include the accounts of Diana</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > 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 consolidates entities in which it has a c</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ontrolling 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 Company controls an entity through a ma</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >jority 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 entities in which the Company has a</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > 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 whether the entity&#8217;s at-risk equit</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >y 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 direct the activities of the VIE t</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >hat 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 initial determination of whether a</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >n 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 Company has identified that it has v</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ariable interests in </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Performance Shipping Inc., (or &#8220;Performance Shipping&#8221;) </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 </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Performance Shipping</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >is</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 (Note</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;' >(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;' >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 requires management to make estimates and assumptions that affect the reported amounts of assets and liabilit</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ies and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and 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 Compreh</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >ensive 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. Other 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</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > 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 primarily 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. Tran</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >sactions 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 transactions. At the balance sheet dates, monetary assets and liabilities which are denominated in other currencies ar</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >e 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 statements of operations. </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;' >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 li</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >quid investments such as time deposits, certificates of deposit and their equivalents with an original maturity of three months or less to be cash 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 </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >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;' >(Note </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >6</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;' >, restricted cash also included $582 of cash guarantee which was restricted to withdrawal or usage and was released in November 2019.</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</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > 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 date, all potentially uncollectible accounts are assessed individually for purposes of</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > 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;' >2019</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2018</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;' ></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;' >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 co</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >st 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 predictable 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 invent</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ory 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 first in, first out method. Inventories may also consist of bunkers when on the balance sheet date a vessel remains i</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >dle. 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></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;' >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</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > upon acquisition or during construction. Expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise these amou</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >nts are charged to expense as incurred. Interest cost incurred during the assets&#39; construction periods that theoretically could have been avoided if expenditure for the assets had not been made is also capitalized. The capitalization rate, applied on accum</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ulated 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;' >i)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > Vessels </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >held for sale:</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > The Company classifies assets as being held for sale when the respective criteria are met. Long-lived assets or di</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >sposal groups classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. These assets are not depreciated once they meet the criteria to be held for sale.</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;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Property and 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 </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >stated </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;' >cost </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >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 value. </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 furniture, 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;' > </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 identifiable 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 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 and its eventual disposition is less than its carrying amount, the Company should evaluate the asset for 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 on management 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 considering the historical and estimated vessels&#8217; performance and utiliz</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ation, 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 year average of historical 1 year time charter rates available for each </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >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 overall chartering strategy, they reflect the </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >full operating history of vess</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >els 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; maintenance; (iii) vessel operating expenses; and (iv) fleet utilization;</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > 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 of 2017, the Company&#8217;s management considered various factors, including </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >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;' >. In this respect the Company&#8217;s management decided to exclude from the 10-</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >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. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Similarly, t</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >he Company performed the exercise discussed above</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 2018</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;' >by excluding </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >from the 10-year aver</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >age of 1 year time charters the y</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ears</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > 2009-2010 and for 2019</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > by excluding the rates for the year 2010. This exercise </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >resulted to recording impairment on certain vessels&#8217; carrying value</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > in 2017 and 2019 (Note </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >4</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >)</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >. No impairme</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >nt 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;' >.</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 </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >considering an estimated monthly rent the Company would have to pay in order to lease a similar property, during the 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;' >2019</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;' > and the Company has not identi</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >fied any other facts or circumstances that would require the write down of the value of its land or building in the 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 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 their 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 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-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><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;' >)</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;' >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;' > </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 refinancing 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 deferred. Fees relating to drawn loan facilities are amortized to interest and 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 fees 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 charged to expense in the period incurred, unless they relate to loans 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></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;' > </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, consist 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 financial institutions that are considered in the Company&#8217;s investment strategy. The Company limits its credit risk with accounts receivable by performing </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ongoing credit evaluations of its customers&#8217; financial condition and generally does not require collateral 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;' > </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 842. 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 term 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 caused 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, unless 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. 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 consideration 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 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><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >The majority of the vessels are employed on short to medium-term time charter contracts, which provides flexibility in responding to market developments. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >The Company </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >monitor</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >s</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > developments in the dry bulk shipping industry on a regular basis and adjust</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >s</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > the charter hire periods for </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >the </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >vessels according to prevailing market conditions. In order to take advantage of relatively stable cash flow and high utilization rates, some of </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >the </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >vessels </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >may be fixed </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >on long-term time charters. </font></p><p style='text-align:justify;margin-top:0pt;margin-bottom:0pt;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;' >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;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Earnings / (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 common 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;' > </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 </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >engages in the </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >operation of dry-bulk vessels </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >which</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >has </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >been </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >identified </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >as </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >one</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > reportable segment.</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > The operation of the vessels is the main source of revenue generation</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > the services provided by the vessels are similar</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and they all operat</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >e</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > under the same economic environment</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;' >Additionally, the vessels do not operate in specific geographic areas</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > as they trade </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >worldwide; they do not trade in specific trade routes, as their trading (route and cargo) is dictated by the charterers; and t</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >he Company does not evaluate the operating results for each type of </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >dry bulk vessel</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >s</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > (i.e. P</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >anamax, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >C</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >apesize etc.) for the purpose of making decisions about allocating resources </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >and assessing performance.</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;' > </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 fair value in one of the following categories:</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 data.</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;' > </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 </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >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 service 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 they 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 modification. </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;' > </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 records 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 carrying 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 obligations 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 the 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 </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Performance Shipping</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;' >(b))</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, the market 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, which is included in Gain/(loss) from equity method investments in the accompanying 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;' > </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 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;' >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;' > </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 </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Performance Shipping</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;' >(b)</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 accounts for its investment at cost minus impairment, 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;' >2019</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </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 voting rights held by the shareholders of Performance Shipping compared to the voting rights held by t</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >he Company</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >. Based on the fact that the shareholders of Performance Shipping </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >increased their</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > voting power</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > the Company&#8217;s voting </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >power</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > would </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >be limited if not required. Based on this assessment, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >the Company </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >determined that the carrying value </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >of the investment</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > may not be recoverable </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >and recorded </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >impairment </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;' >(b)). For </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2018</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, no impairment was 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;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;' > </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 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> <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 </font><font style='font-family:Calibri;font-size:11pt;' >Measurement&#8221;, which improves the effectiveness of fair value measurement disclosures. In particular, the amendments in this Update modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the concepts in </font><font style='font-family:Calibri;font-size:11pt;' >FASB Concepts Statement, Conceptual 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 </font><font style='font-family:Calibri;font-size:11pt;' >make disclosures about recurring 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 </font><font style='font-family:Calibri;font-size:11pt;' >gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim o</font><font style='font-family:Calibri;font-size:11pt;' >r annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted upon issuance of this Update. An entity is permitted to</font><font style='font-family:Calibri;font-size:11pt;' > early adopt any removed or modified disclosures upon issuance of this Update and delay adoption of the additional disclosures until their effective date. </font><font style='font-family:Calibri;font-size:11pt;' >The Company has assessed the impact of this new accounting guidance and the adoption of this ASU does not have a material impact on its consolidated financial statements 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</font><font style='font-family:Calibri;font-size:11pt;' > Board is issuing this Update in response to stakeholders&#8217; observations 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) consider</font><font style='font-family:Calibri;font-size:11pt;' >ing indirect interests held through related parties under common 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 improv</font><font style='font-family:Calibri;font-size:11pt;' >ing general purpose financial reporting. ASU No. 2018-17 is effective 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 retrospecti</font><font style='font-family:Calibri;font-size:11pt;' >vely with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented. Early adoption is permitted. </font><font style='font-family:Calibri;font-size:11pt;' >The Company has assessed the impact of this new accounting guidance and the adoption of this ASU does not have a material impact on its consolidated financial statements and related 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;' > </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;' >In April 2019, the FASB issued ASU&#160;2019-04,&#160;Codification Improvements to Topic 326, Financial Instruments Credit Losses, Financial Instruments&#8212;Credit Losses, Topic 815, Der</font><font style='font-family:Calibri;font-size:11pt;' >ivatives and Hedging, and Topic 825 Financial Instruments,&#160;the amendments of which clarify the modification of accounting for available for sale debt securities excluding applicable accrued interest, which must be individually assessed for credit losses wh</font><font style='font-family:Calibri;font-size:11pt;' >en fair value is less than the amortized cost basis. In May 2019, the FASB issued ASU&#160;2019-05, Financial Instruments&#8212;Credit Losses (Topic 326)&#8212;Targeted Transition Relief, which is the final version of Proposed Accounting Standards Update 2019-100&#8212;Targeted </font><font style='font-family:Calibri;font-size:11pt;' >Transition Relief for Topic 326, Financial Instruments&#8212;Credit Losses, which has been deleted. This Update provides entities with an option to irrevocably elect the fair value option applied on an instrument-by-instrument basis for certain financial assets </font><font style='font-family:Calibri;font-size:11pt;' >upon the adoption of Topic 326. The fair value option election does not apply to held-to-maturity debt securities. The effective date and transition requirements for the amendments in these Updates are the same as the effective dates and transition require</font><font style='font-family:Calibri;font-size:11pt;' >ments in Update&#160;2016-13,&#160;as amended by these Updates. </font><font style='font-family:Calibri;font-size:11pt;' >The Company has assessed the impact of this new accounting guidance and the adoption of this ASU does not have a material impact 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;' > 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 </font><font style='font-family:Calibri;font-size:11pt;' >Measurement&#8221;, which improves the effectiveness of fair value measurement disclosures. In particular, the amendments in this Update modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the concepts in </font><font style='font-family:Calibri;font-size:11pt;' >FASB Concepts Statement, Conceptual 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 </font><font style='font-family:Calibri;font-size:11pt;' >make disclosures about recurring 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 </font><font style='font-family:Calibri;font-size:11pt;' >gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively for only the most recent interim o</font><font style='font-family:Calibri;font-size:11pt;' >r annual period presented in the initial fiscal year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. Early adoption is permitted upon issuance of this Update. An entity is permitted to</font><font style='font-family:Calibri;font-size:11pt;' > early adopt any removed or modified disclosures upon issuance of this Update and delay adoption of the additional disclosures until their effective date. </font><font style='font-family:Calibri;font-size:11pt;' >The Company has assessed the impact of this new accounting guidance and the adoption of this ASU does not have a material impact on its consolidated financial statements 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</font><font style='font-family:Calibri;font-size:11pt;' > Board is issuing this Update in response to stakeholders&#8217; observations 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) consider</font><font style='font-family:Calibri;font-size:11pt;' >ing indirect interests held through related parties under common 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 improv</font><font style='font-family:Calibri;font-size:11pt;' >ing general purpose financial reporting. ASU No. 2018-17 is effective 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 retrospecti</font><font style='font-family:Calibri;font-size:11pt;' >vely with a cumulative-effect adjustment to retained earnings at the beginning of the earliest period presented. Early adoption is permitted. </font><font style='font-family:Calibri;font-size:11pt;' >The Company has assessed the impact of this new accounting guidance and the adoption of this ASU does not have a material impact on its consolidated financial statements and related 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;' > </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;' >In April 2019, the FASB issued ASU&#160;2019-04,&#160;Codification Improvements to Topic 326, Financial Instruments Credit Losses, Financial Instruments&#8212;Credit Losses, Topic 815, Der</font><font style='font-family:Calibri;font-size:11pt;' >ivatives and Hedging, and Topic 825 Financial Instruments,&#160;the amendments of which clarify the modification of accounting for available for sale debt securities excluding applicable accrued interest, which must be individually assessed for credit losses wh</font><font style='font-family:Calibri;font-size:11pt;' >en fair value is less than the amortized cost basis. In May 2019, the FASB issued ASU&#160;2019-05, Financial Instruments&#8212;Credit Losses (Topic 326)&#8212;Targeted Transition Relief, which is the final version of Proposed Accounting Standards Update 2019-100&#8212;Targeted </font><font style='font-family:Calibri;font-size:11pt;' >Transition Relief for Topic 326, Financial Instruments&#8212;Credit Losses, which has been deleted. This Update provides entities with an option to irrevocably elect the fair value option applied on an instrument-by-instrument basis for certain financial assets </font><font style='font-family:Calibri;font-size:11pt;' >upon the adoption of Topic 326. The fair value option election does not apply to held-to-maturity debt securities. The effective date and transition requirements for the amendments in these Updates are the same as the effective dates and transition require</font><font style='font-family:Calibri;font-size:11pt;' >ments in Update&#160;2016-13,&#160;as amended by these Updates. </font><font style='font-family:Calibri;font-size:11pt;' >The Company has assessed the impact of this new accounting guidance and the adoption of this ASU does not have a material impact 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:left;margin-top:12pt;margin-bottom:12pt;line-height:13.8pt;' ><font style='font-family:Calibri;font-size:12pt;font-weight:bold;margin-left:0pt;' >2</font><font style='font-family:Calibri;font-size:12pt;font-weight:bold;' >.</font><font style='font-family:Calibri;font-size:12pt;font-weight:bold;' > Significant </font><font style='font-family:Calibri;font-size:12pt;font-weight:bold;' >Accounting</font><font style='font-family:Calibri;font-size:12pt;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, and include the accounts of Diana</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > 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 consolidates entities in which it has a c</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ontrolling 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 Company controls an entity through a ma</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >jority 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 entities in which the Company has a</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > 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 whether the entity&#8217;s at-risk equit</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >y 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 direct the activities of the VIE t</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >hat 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 initial determination of whether a</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >n 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 Company has identified that it has v</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ariable interests in </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Performance Shipping Inc., (or &#8220;Performance Shipping&#8221;) </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 </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Performance Shipping</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >is</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 (Note</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;' >(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 requires management to make estimates and assumptions that affect the reported amounts of assets and liabilit</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ies and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and 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 Compreh</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >ensive 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. Other 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</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > 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 primarily 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. Tran</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >sactions 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 transactions. At the balance sheet dates, monetary assets and liabilities which are denominated in other currencies ar</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >e 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 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 li</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >quid investments such as time deposits, certificates of deposit and their equivalents with an original maturity of three months or less to be cash 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 </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >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;' >(Note </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >6</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;' >, restricted cash also included $582 of cash guarantee which was restricted to withdrawal or usage and was released in November 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;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</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > 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 date, all potentially uncollectible accounts are assessed individually for purposes of</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > 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;' >2019</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2018</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;' >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 co</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >st 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 predictable 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 invent</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ory 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 first in, first out method. Inventories may also consist of bunkers when on the balance sheet date a vessel remains i</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >dle. 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></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;' >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</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > upon acquisition or during construction. Expenditures for conversions and major improvements are also capitalized when they appreciably extend the life, increase the earning capacity or improve the efficiency or safety of the vessels; otherwise these amou</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >nts are charged to expense as incurred. Interest cost incurred during the assets&#39; construction periods that theoretically could have been avoided if expenditure for the assets had not been made is also capitalized. The capitalization rate, applied on accum</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ulated 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;' >i)</font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' > Vessels </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >held for sale:</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > The Company classifies assets as being held for sale when the respective criteria are met. Long-lived assets or di</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >sposal groups classified as held for sale are measured at the lower of their carrying amount or fair value less cost to sell. These assets are not depreciated once they meet the criteria to be held for sale.</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;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Property and 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 </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >stated </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;' >cost </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >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 value. </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 furniture, 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;' > </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 identifiable 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 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 and its eventual disposition is less than its carrying amount, the Company should evaluate the asset for 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 on management 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 considering the historical and estimated vessels&#8217; performance and utiliz</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ation, 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 year average of historical 1 year time charter rates available for each </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >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 overall chartering strategy, they reflect the </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >full operating history of vess</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >els 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; maintenance; (iii) vessel operating expenses; and (iv) fleet utilization;</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > 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 of 2017, the Company&#8217;s management considered various factors, including </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >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;' >. In this respect the Company&#8217;s management decided to exclude from the 10-</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >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. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Similarly, t</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >he Company performed the exercise discussed above</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 2018</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;' >by excluding </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >from the 10-year aver</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >age of 1 year time charters the y</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ears</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > 2009-2010 and for 2019</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > by excluding the rates for the year 2010. This exercise </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >resulted to recording impairment on certain vessels&#8217; carrying value</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > in 2017 and 2019 (Note </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >4</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >)</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >. No impairme</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >nt 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;' >.</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 </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >considering an estimated monthly rent the Company would have to pay in order to lease a similar property, during the 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;' >2019</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;' > and the Company has not identi</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >fied any other facts or circumstances that would require the write down of the value of its land or building in the 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 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 their 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 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-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><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;' >)</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;' >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;' > </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 refinancing 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 deferred. Fees relating to drawn loan facilities are amortized to interest and 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 fees 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 charged to expense in the period incurred, unless they relate to loans 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;' > </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, consist 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 financial institutions that are considered in the Company&#8217;s investment strategy. The Company limits its credit risk with accounts receivable by performing </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >ongoing credit evaluations of its customers&#8217; financial condition and generally does not require collateral 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;' > </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 842. 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 term 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 caused 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, unless 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. 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 consideration 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 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><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >The majority of the vessels are employed on short to medium-term time charter contracts, which provides flexibility in responding to market developments. </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >The Company </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >monitor</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >s</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > developments in the dry bulk shipping industry on a regular basis and adjust</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >s</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > the charter hire periods for </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >the </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >vessels according to prevailing market conditions. In order to take advantage of relatively stable cash flow and high utilization rates, some of </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >the </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >vessels </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >may be fixed </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >on long-term time charters. </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;' > </font><font style='font-family:Calibri;font-size:11pt;font-weight:bold;font-style:italic;color:#000000;' >Earnings / (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 common 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;' > </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 </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >engages in the </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >operation of dry-bulk vessels </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >which</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >has </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >been </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >identified </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >as </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >one</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > reportable segment.</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > The operation of the vessels is the main source of revenue generation</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > the services provided by the vessels are similar</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > and they all operat</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >e</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > under the same economic environment</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;' >Additionally, the vessels do not operate in specific geographic areas</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > as they trade </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >worldwide; they do not trade in specific trade routes, as their trading (route and cargo) is dictated by the charterers; and t</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >he Company does not evaluate the operating results for each type of </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >dry bulk vessel</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >s</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > (i.e. P</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >anamax, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >C</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >apesize etc.) for the purpose of making decisions about allocating resources </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >and assessing performance.</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;' > </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 fair value in one of the following categories:</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 data.</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;' > </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 </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >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 service 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 they 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 modification. </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;' > </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 records 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 carrying 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 obligations 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 the 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 </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Performance Shipping</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;' >(b))</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, the market 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, which is included in Gain/(loss) from equity method investments in the accompanying 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;' > </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 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;' > </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 </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >Performance Shipping</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;' >(b)</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 accounts for its investment at cost minus impairment, 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;' >2019</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > </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 voting rights held by the shareholders of Performance Shipping compared to the voting rights held by t</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >he Company</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >. Based on the fact that the shareholders of Performance Shipping </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >increased their</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > voting power</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >,</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > the Company&#8217;s voting </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >power</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > would </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >be limited if not required. Based on this assessment, </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >the Company </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >determined that the carrying value </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >of the investment</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' > may not be recoverable </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >and recorded </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >impairment </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;' >(b)). For </font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >2018</font><font style='font-family:Calibri;font-size:11pt;color:#000000;' >, no impairment was 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;' > </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 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> 25755000 8 quarterly 855000 18915000 2019-06-30 LIBOR plus a margin 0.03 53500000 14 semi-annual 1574000 31466000 2021-11-30 LIBOR plus a margin 0.02 50160000 24 quarterly 994000 2021-03-30 LIBOR plus a margin 0.02 26310000 1088034 1895000 2600000 26000 2600000 26000 2600000 26000 10675 0 0 0 0 0 10675 1066000 0.01 960000 2019-01-04 3000000 1500000 three months or less 26000 2600000 0 0 10675 0.18 0.16 0.14 0.12 0.16 0.14 0.15 0.1 0.14 0.12 0.17 0.1 0.1 0.1 5769000 5769000 5769000 0 0 0 0 250000 0.49 1500000 1500000